Bangladesh Bank to End Sale of Savings Certificates, Prize Bonds

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

Other services to be phased out 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 will issue a public notice soon. The directive is expected to take effect from November 30, after which these services will be available only through commercial banks.

For decades, people have accessed these services at the BB’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, said the services are not part of the central bank’s core functions. However, the exchange of burnt notes will continue at the BB due to 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.

Officials said BB Governor Ahsan H Mansur recently decided to refocus the bank’s functions and regulate public access to services that can be provided elsewhere. He has instructed officials to develop a plan for gradually phasing out the remaining services.

Similar measures are expected to be introduced at the BB’s branch offices in other divisions.