Bangladesh Bank to stop selling savings certificates, prize bonds

The Bangladesh Bank (BB) will discontinue five services, including the sale of national savings certificates and prize bonds, as part of a move to limit public access and refocus on its core regulatory duties.

Other services the central bank will discontinue include the exchange of damaged notes, acceptance of treasury challans, and provision of change against challans.

The central bank has informed the finance ministry of its decision and plans to issue a public notice soon.

The directive is expected to take effect from November 30, after which people will have to access these services through commercial banks.

For decades, people have availed these services at the central bank's Motijheel office and its branches across the country. They will now be handled entirely by commercial banks.

Arief Hossain Khan, executive director and spokesperson for the BB, told reporters that these services are not part of the central bank's core functions.

However, he said the exchange of burnt notes will continue at the BB due to certain regulatory requirements.

Some services, such as coin exchange, sale of commemorative coins, settlement of disputes over mutilated notes, and transactions with banks, will remain available at the 16 counters of the Motijheel headquarters of the central bank.

Officials said BB Governor Ahsan H Mansur recently decided to refocus the bank's core functions and regulate public access to services that could be provided elsewhere.

He has instructed officials to develop a plan for gradually phasing out the remaining services.

Similar measures are also expected to be introduced at the central bank's branch offices in other divisions, officials added.