New banknote trading booms in Khulna ahead of Eid

A lively informal market for new banknotes has emerged in Khulna ahead of Eid-ul-Fitr as people rush to buy fresh notes for giving 'Eidi' to children and relatives. The makeshift market has been set up at the Bangladesh Bank intersection in the city, where around 10 to 12 vendors are selling bundles of new currency notes of different denominations. Eid festivities in Bangladesh traditionally include giving 'Eidi'- cash gifts to younger family members and relatives. Many people prefer to present these gifts in crisp new notes, which have created a seasonal demand for fresh currency.

However, Bangladesh Bank did not release new notes this year. As a result, traders are selling previously collected new notes to meet the demand. With Eid drawing closer, the traders have become increasingly busy. The vendors have arranged small tables displaying neatly stacked bundles of shiny notes of Tk 10, Tk 20, Tk 50, Tk 100 and Tk 500. Some sellers have even decorated the notes like flower bouquets to attract customers, creating a unique and eye-catching display.

Buyers are paying extra to obtain the new notes, with additional costs ranging from Tk 150 to Tk 500 per bundle depending on the denomination Salimul Islam, a government employee, said he bought new notes to give to children during Eid so they could enjoy the festival. "I had to pay an extra Tk 500 for two bundles of new Tk 10 notes," he said.

Shafiq Hossain, who came from Magurghona area of Dumuria Upazila, said he purchased Tk 3,500 worth of new notes for children but had to pay an additional Tk 500. "It is unfair to charge excessive profit, but we have no other options," he added. Md. Sahabuddin Mia, a new notes seller, said, "We collect the notes from different commercial banks by paying higher prices. For example, we have to pay around Tk 200 extra for a bundle of Tk 1,000 notes." "So we are forced to charge a slightly higher price when selling the bundles," he added.