DHAKA: Five taka note, the lowest currency of Bangladesh Bank, will no more be controlled by the central bank. After that, banks can not be forced to pay its bearer instantly.

Ministry of Finance has decided to convert Tk 5 note into the government currencies aiming to control inflation and reduce the purchasing power.

The Ministry of Finance will instruct Bangladesh Bank soon not to issue new five taka note. According to the sources, new five taka note signed by the Secretary will be released early next year.

The sources also said that the existing notes and coins will no need to cancel after conversion of five taka bank notes into the government note. In phases, government printed new notes will replace notes of Bangladesh Bank.

Earlier in 1972, due to inflation, two taka bank notes converted into government currency, amending ‘Bangladesh coinage Order’  Until that moment, the one taka was the only official currency.

On January 18 this year, in a meeting chaired by Finance Minister AMA Muhith, the government has reached the decision unanimously to convert five-taka bank notes and coins into official notes.

BDST: 1256 HRS, JULY 12, 2015
RS/SMS