Kamal hopes to reduce use of cash by 75pc in 4 years

Finance Minister AHM Mustafa Kamal has expressed hope that the rate of cash usage is likely to reduce by 75 percent in the next four years.

"By introducing universal Bangla QR, steps have been taken to bring all merchants, including small and marginal traders, under digital payment to create 'Cashless Bangladesh'. As a result, the rate of cash usage is expected to reduce by 75 percent in the next four years," he said.

The minister came up with the hope while placing over Tk 7.61 lakh crore national budget for 2023-24 fiscal year at Jatiya Sangsad on Thursday.

Kamal said timely adjustments in monetary policy are being made to maintain macroeconomic balances and achieve higher growth. 

He said, a number of steps to reduce cash out charges and increase transaction limits in the development of the MFS system, payment of workers' wages in the ready-made garment industry, use of MFS accounts in microcredit programmes including social security programme allowances under the G2P system, and expansion of sub-branch and agent banking system have strengthened the inclusive banking system.

/MHK/