Currency Printing and Distribution Costs 20,000 Crore Taka Annually, Cashless Transactions Must Increase: BB Governor

Bangladesh Bank Governor Ahsan H. Mansur stated that approximately 20,000 crore taka is spent annually on printing, storing, transporting, and distributing currency. He emphasized the need to reduce reliance on cash to save these substantial costs and promote cashless transactions. He made these remarks on Sunday morning during a dialogue titled “365 Days of the Interim Government” organized by the Centre for Policy Dialogue (CPD) at a hotel in Gulshan, Dhaka.

During the dialogue, Governor Mansur highlighted that the massive expenditure on currency management could be curtailed by promoting QR code-based transactions. Bangladesh Bank is already working on policy support and developing technological infrastructure to popularize such systems. He stressed that all licensed institutions must adopt QR codes, enabling faster, safer, and more transparent transactions for businesses and consumers alike, ultimately reducing state expenditure significantly.

Mansur also underscored the importance of smartphones for digital financial inclusion. He noted that smartphones are essential for financial transactions, bill payments, and internet-based services. Efforts are underway to reduce smartphone prices, aiming to make quality devices available for 6,000 to 7,000 taka to bring 100% of the population under smartphone coverage. Additionally, he called for lowering internet costs and improving service quality to achieve this goal. Addressing challenges in urbanization and housing, Mansur pointed out the need for millions of new housing units in Bangladesh. He stated that urban-centric development is inevitable as people are unlikely to return to rural areas. Plans are being considered to develop affordable housing in partnership with banks and developers using available land. In the keynote presentation, CPD Executive Director Fahmida Khatun noted that the interim government has initiated reforms in the banking sector over the past year, which have supported the export sector and prevented major economic crises. However, she expressed concern over the lack of foreign investment, job creation, and revenue growth.

The dialogue was attended by notable figures, including the interim government’s Shipping Adviser Brigadier General (Retd.) M. Sakhawat Hossain, BNP Standing Committee member Amir Khasru Mahmud Chowdhury, and CPI General Secretary Ruhin Hossain Prince.