Bahrain: Fresh Banknote Shortage Dampens Eid Gift-giving Tradition
Eid, which marks the end of the holy month of Ramadan, is a joyous occasion celebrated all around the globe. It is a time for spiritual reflection, family gatherings, and giving to those in need. One of the cherished traditions of Eid is exchanging gifts with loved ones. It could be anything from a new outfit, a box of sweets or freshly minted bank notes. That, however, also forms the crux of the issue.
Fresh notes have become difficult to acquire, especially during special occasions, citing a shortage leading up to the holiday, according to reports. The fresh notes offered during the holidays are not good enough to meet the high demand, especially during Eid, and do not meet more than 5% of the needs of citizens and residents. Banks, distribute these new notes for only a few hours, as they run out quickly. Mostly, people get hold of these fresh notes by working through their contacts or relatives at the bank. The solution is hard to come, as it is impossible to issue new banknotes in large numbers.
The latest statistics by the Central Bank of Bahrain indicate that the volume of printed and circulating currency is 680 million banknotes, of which 150 million dinars are in banks and about 530 million dinars are in the market. The report also suggests there are 200 million coins, 40 million half-dinar notes, 25.60 million one-dinar notes, 7.38 million five-dinar notes, 7.16 million ten-dinar notes, and 25.66 million twenty-dinar notes in circulation.
