Coins now stagnant!

Dhaka, Sunday   05 April 2020


Coins now stagnant!

 Mohammad Sohel, Noakhali Daily-Bangladesh

 Published: 11:06 PM, 25 April 2018  



Metallic coins and small paper notes are all stagnant now. Even if these coins are not banned by the state, nobody is interested to take it. Even these coins are not worth the money in the banks of finances.

Noakhali businessmen have now caught up in problems with them. The retail and wholesale traders of the district have deposits worth millions of taka. These coins and notes are not accepted by public and private banks.

Companies who buy goods from them, these companies do not even take such a coin. In this situation, traders are forced to sell these coins to different places of the country with a budget of Tk12-15. As a result, the traders should `get the advantage of molasses ants` condition.

On Wednesday, some large shops in Sonpur Bazar of Noakhali District Sadar were found to have coins of different coins in small quantities. Traders have left these coins in synthetic bags, sacks and paper cartons, and the traders left the warehouse. Not only big business, small businessmen are also in trouble.

Owner of `Silver-Tree` at Sonapur Bazar, Nigar said that he got a thousand of takas of coins got within a  month from the buyers. If this money becomes lazy to a small capital trader, then how will they do business, this question is from Nigar.

BD Foods Sales Representative Alam said that, in order to deliver the goods, there are many coins and small notes from retail vendors to be forced to comply. But do not want to deposit these coins and notes in the bank. As a result, it is often to give this money to others in losses of Tk 12 to 15.

Md. Azad Uddin, grocer trader at Kalahujur in the district headquarters said that small traders usually come in small value notes. The moneylenders, companies or banks are not poor. They do not keep small notes in the hands of the poor. His complaint is that there are many private banks who do not want to keep notes of 10 takas, 20 takas.

Azad said that they have to do business in competition. All buyers do not come to the market with big notes. So they have to keep all the small notes. And in the same way, the burden of small notes is growing day by day.

Sonali Bank Ltd., Noakhali Head Branch, AGM Mohammad Harun Ur Rashid said that coins and small paper currency notes were kept in place to keep the money management normal. Small businesses will not have problems if banks and business entities take notes of coins and small money earnestly. 

He mentioned the instructions of the Bangladesh Bank and acknowledged their limitations and said that everyone wants to give small notes and coins, but not want to take it. However, he said the problem is serious, he said only the government or the Bangladesh Bank can solve the issue of coins or small notes.

When talking to Md Shafiqul Islam, a lecturer of Economics Department of Noakhali Science and Technology University, he said that notes of small coins and paper do not accept bank or large institutions, on the one hand, the small traders are facing capital crisis, while on the other hand, interest on small savings has been lost. Therefore, the government and Bangladesh Bank will have to determine the policy so that such small money coins and paper notes are forced to take all the banks and institutions.