Regulatory Alerts2024-11-18
Added
DCM Circular Letter No. 04: Regarding exchange and storing of coins by scheduled banks
The Department of Currency Management of Bangladesh Bank instructs all scheduled banks to ensure the availability of 1, 2, and 5 Taka coins for public transactions. The circular mandates specific minimum storage quantities based on branch type: 24,000 pieces each of 1 and 2 Taka and 15,000 pieces of 5 Taka for local offices and feeding branches; 8,000 pieces each of 1 and 2 Taka and 5,000 pieces of 5 Taka for other branches; and 2,000 pieces each of 1 and 2 Taka and 1,000 pieces of 5 Taka for sub-branches. Banks must replenish stock from their own feeding branches or nearby Bangladesh Bank offices when holdings fall below these minimums.
50119 Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh
Department of Currency Management (Issue Accounting Branch)
DCM Circular Letter No. 04/2024
Date: 03 Agrahayan 1431 18 November 2024
Managing Director/Chief Executive Officer All Scheduled Banks Operating in Bangladesh
Dear Sir,
Regarding the exchange and storage of metallic coins by scheduled banks.
Reference is invited to DCM Circular No. 12/2015 dated 12/11/2015 of this department on the subject above.
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The aforementioned circular instructed scheduled banks to store a minimum specified number of metallic coins valued at 1, 2, and 5 Taka in each branch for the interest of the public's daily transactions. Information received from various sources indicates that some scheduled bank branches have misinterpreted the circular and are not conducting transactions according to public demand, even though they store the specified amount of metallic coins only in the vault. Consequently, even though there is demand for metallic coins, the public cannot collect metallic coins from scheduled banks. In light of the described situation, the following instructions are provided to you:
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Ensure metallic transactions of 1, 2, and 5 Taka values according to public demand.
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Follow the table below regarding the storage of metallic coins valued at 1, 2, and 5 Taka to keep transactions normal:
| Branch of Scheduled Bank | Minimum Number of Metallic Coins to Store |
|---|---|
| 1/- | |
| Local Office and Feeding Branch | 24,000 pieces |
| All Other Branches | 8,000 pieces |
| Each Sub-branch | 2,000 pieces |
- The stock of metallic coins may decrease due to transactions. If the stock decreases below the minimum number, collect it from the public, own feeding branch, and if necessary, from the nearby Bangladesh Bank.
It is noted that the other instructions of the aforementioned circular will remain unchanged.
Yours faithfully,
(K M Ibrahim) Director (DCM) Phone: 9530090
Phone: 88-02-9550448, 9554896, IP: 88-02-55665001-6, Fax: 88-02-9530479, Web: www.bb.org.bd