Huge stock of coins taking toll on wholesale businesses in Pirojpur

The wholesale food and grocery businesses in Pirojpur town have been in a fix with a huge stock of coins for the last one year, as no one is there to accept the coins in exchange.

Around 20 wholesale businessmen are now suffering from the problem, an industry insider said.

Shopkeepers, drivers of different vehicles and even beggars are not accepting the flat and typically round piece of metal now.

Small businessmen usually clear their payments with coins, said Babul Saha, a wholesale businessman, who has a stock of over Tk 5 lakh worth of coins.

“We know that reception of more coins will only increase our burden; but we had to take the coins for the welfare of our business.”

Saha said sometimes he has to receive Tk 1,000 worth of coins in a day.

Amzad Hossain Khan, owner of a bakery, said he has a stock of coins worth over Tk 2 lakh.

“When my workers go to the local market, they bring the coins. The denial of taking coins will only hurt our business relation.”

Cigarette companies never accept coins from the shopkeepers, which is also responsible for making the situation worse, businesses said. 

Md Ataur Rahman Sheikh Alam, president of Sammilito Baboshai Somity, a platform of shopowners, said he has raised the issue in different meetings with government and bank officials.

“I have informed the regional officers of banks many times during the meetings. Each time, they order their branch managers to accept coins after hearing my complaint. But the result is still zero.”

“Whenever, any businessman goes to the bank, it denies taking coins from them.”

Some businessmen sell coins to release the burden a bit. “People from Khulna come to our town to buy coins and we sell our coins on 10 percent discounts. Sometimes the rate rises,” said Babul Saha.

There is no alternative way to get rid of the problem, he said. “It only increases the volume of loss, as the profit margin of the wholesale business here never touches the 10 percent mark.”

Md Abdus Salam Howlader, manager of Sonali Bank in Pirojpur, said the coins were made to be released in the market, not to be stored in banks.

“The bank has not banned coins,” he said, when he was asked whether the banks have banned coins.

“We have manpower crisis. That is why we avoid taking coins from the clients.”

It would be a great help for the wholesale businesses if the banks start accepting coins, business leaders of the area claimed.