Bangladesh's New Banknotes: Another break from the past

Bangladesh's New Banknotes: Another break from the past

Image: Proposed New Designs of Bangladeshi Banknotes (Dhaka Tribune)

Currency is not just a medium of exchange; it is also a reflection of national identity and political power. Bangladesh will be rolling out new banknotes this week – marking a departure from the past. Instead of Sheikh Mujibur Rehman, the nation’s founding father, the new banknotes will carry images of historical and archaeological landmarks (See image above). This change comes less than a year after the ‘regime change’ – the July 2024 revolution, which saw the ouster of Mujib’s daughter Sheikh Hasina, and brought in the interim government of Muhammad Yunus. The move doesn't come as a surprise - news reports indicated that Bangladesh has been facing a currency shortage in the past few months as the Central Bank stopped issuing new banknotes with Mujib's image. 

A Global Pattern

Changes in currency design often accompany major political upheavals, often violent. New regimes seek to erase symbols of the past. This pattern can be seen not just in Bangladesh, but also other countries such as Nepal, Iran, Iraq, and Libya. In each of these, a regime change prompted a major redesign of currency.

In Nepal, the monarchy was abolished in 2008 after a decade-long Maoist insurgency. The new government replaced the King’s portrait with an image of Mount Everest. The watermark window of the coin, which featured the royal crown, was covered with a rhododendron flower.

Iran saw a similar violent transition in 1979, when the Islamic Revolution overthrew the Shah. The first banknotes brought out by the new regime used old designs – with the portrait of Reza Pahlavi crudely painted over with an Islamic design. Later banknotes brought in other motifs, includng Ayatollah Khomenei’s portrait.

Iraq saw a similar shift after 2003, when Saddam Hussein (1979-2003) was overthrown by a U.S. invasion, and a new government was installed. Libya too witnessed a revolution in 2011 – backed by NATO powers which carried out airstrikes against Gaddafi’s forces to ‘protect civilians’. Gaddafi’s 42 year long reign ended in 2011. The new Libyan banknotes issued shortly after replaced his portrait with a scene of citizens celebrating (the uprising).

The Broader Implication

The decision to redesign a currency is an act of symbolism. By removing Mujib’s image, the interim regime in Bangladesh is signalling a break from the political legacy associated with his leadership, the Awami League, and even Bangladesh’s Liberation War. For instance, in February 2025, the new regime oversaw the destruction of the Bangabandhu Memorial Museum. This is the house where Sheikh Mujib was assassinated in 1975, which was later converted into a museum. The new regime has also destroyed other monuments related to Mujib and the War of Liberation, and has also normalized ties with Pakistan – which committed large scale atrocities during the war. Awami League, the party founded by Sheikh Mujib, was banned by the interim government on 10^th May, 2025. These are all attempts to reshape Bangladesh.

This isn't the first time Mujib has been banished from banknotes - the first banknotes of Bangladesh, issued in 1972 just after liberation, bore his image. After his assassination in 1975, the military regime removed his image from banknotes - he was reintroduced in 2011 after his daughter, Sheikh Hasina won the elections in 2009. 

Conclusion

Bangladesh’s interim government was originally brought in to stabilize the country after a violent revolution, and ensure a transition through free and fair elections. At the time of inception, it was understood that the interim government will be in place for a few months at most – as of now, it looks like the ‘interim regime may last for up to 2 years. The changes brought in by the Yunus regime, such as the ban on Awami League, destruction of heritage, and the changed currency design, hint at a more ambitious long term plan.