Govt warns of stern action
The government will take stern action against the businessmen if they are found to be involved in making the market of basic commodities volatile in Ramadan, the commerce secretary said yesterday.
Md Mofizul Islam also called upon the businessmen to do business in an ethical manner.
He spoke at a discussion organised by the Dhaka Chamber of Commerce and Industry (DCCI) at the chamber’s office in the capital.
Islam urged the traders of specialised business associations not to increase the price of essential commodities ahead of or during Ramadan.
According to the secretary, there is plenty of stock of every essential item at the moment, so there is no reason to panic.
Cashing in on the higher demand for some commodities, a section of traders create an artificial crisis to make a hefty profit ahead of Ramadan as well as during the month of fasting.
Osama Taseer, the DCCI president, said price spiral was seen in previous years in case of some essential items such as chick peas, sugar, rice, milk, edible oil and dates.
The prices went up because of traditional supply system, artificial crisis created by illegal hoarders, lack of market monitoring, extortion in the transportation sector, traffic congestion, and increased transportation cost, he said.
According to state-run Trading Corporation of Bangladesh (TCB), the prices of some items rose up to 26 percent year-on-year in March and April.
Taseer appreciated the TCB for selling essential commodities in the open market and suggested the government expand the initiative to district and upazila levels.
He also called for speedy custom clearance of essential products at ports, stern action against extortion in the transportation sector, effective market monitoring, evening banking facility, and displaying the prices of items in markets.
DCCI Senior Vice President Waqar Ahmad Choudhury, Vice President Imran Ahmed, directors Deen Mohammed, Enamul Haque Patwary, and Mohammad Bashiruddin also spoke.
