Dhaka, March 27 -- The price of fresh currency has surged ahead of Eid-ul-Fitr as banks have halted distribution.

Buyers are now forced to pay a premium of up to Tk 480 for the equivalent of Tk 1,000 in fresh notes.

Banks are now facing "difficulties" in providing new notes as they are unable to transact with them without approval from Bangladesh Bank.

As per tradition, the central bank issues Tk 250 billion to Tk 300 billion in fresh notes during the two Eid festivals, with commercial banks also exchanging their stock of new notes.

This year, preparations followed the same pattern.

On Feb 16, Bangladesh Bank announced that 80 branches of commercial banks, alongside the central bank, would exchange new banknotes.

Banks subsequently ...