Making money out of money in Bangladesh

By Azad Majumder

DHAKA (Reuters Life!) - Bangladeshi Mohammed Ibrahim sells cash for a living, and the money makes him happy.

Ibrahim, who runs a stall near a busy bus station in Dhaka, is one of 200 money vendors in the capital who sells crisp new notes and newly minted coins at a premium to scores of customers every day. He also exchanges torn and old notes.

"I'm happy to make money out of money," said Ibrahim, sitting behind huge stacks of crisp taka notes and bags of coins.

"People always want fresh notes and shining coins, and usually do not hesitate to pay extra for them."

Apart from the occasional hobbyist who collects money, most of Ibrahim's customers are ordinary Bangladeshis seeking clean money for their old frayed notes, but who are unwilling to stand for hours in long queues at the central bank to exchange them.

The vendors charge these customers 12 percent of the value of the notes to exchange them.

"I have been doing this business for about 20 years. It is tough, but a good business," Ibrahim added, saying the vendors often have to fight off thieves and sometimes rogue policemen who try and steal their money.

Demand for new money also goes up ahead of festivals, such as the Muslim Eid al-Fitr and Eid al-Adha, when new notes and coins are usually given as gifts.

Money vendor Jewel, 32, said his income was enough to feed his eight-member family and educate his children. "I am a happy man," he added.