Fresh Banknote Shortage Dampens Eid Gift-giving Tradition

  • Publish date: Sunday، 23 April 2023
Fresh Banknote Shortage Dampens Eid Gift-giving Tradition

Reports suggest that obtaining fresh banknotes has become challenging, particularly during festive occasions due to a shortage leading up to the holiday. Fresh notes meet less than 5% of the demand for citizens and residents.

Banks distribute them for only a few hours, and people rely on their connections or family members to get hold of them. There is no easy solution as producing a large number of new banknotes is not feasible.

According to recent statistics from the Central Bank of Bahrain, the amount of printed and circulated currency is 680 million banknotes, consisting of 150 million dinars in banks and roughly 530 million dinars in the market.

The report also reveals that there are 200 million coins and various denominations of notes in circulation, including half-dinar notes, one-dinar notes, five-dinar notes, ten-dinar notes, and twenty-dinar notes.

Eid is a festive event celebrated worldwide to commemorate the conclusion of the holy month of Ramadan. It is a time for spiritual reflection, spending time with family, and providing aid to those who are less fortunate. One of the beloved customs of Eid is giving gifts to loved ones, which could include various items such as clothing, sweets, or new money. Nonetheless, this tradition also poses a significant challenge.

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