Staff Reporter :
Commerce Adviser to the Interim Government, Sk Bashir Uddin, has attributed the recent destabilisation of the rice market to temporary hoarding by traders.
Speaking at the inauguration of the sale of essential commodities through smart cards at Begunbari in Dhaka’s Tejgaon area on Wednesday, he assured the public that prices are expected to stabilise soon as government monitoring intensifies.
“There is no shortage of rice supply in the market, no scarcity in stock, and no shortfall in local production,” said Bashir Uddin. “A hike in the price of rice is not logical right now, especially as the Aman paddy harvest has recently been completed.”
The commerce adviser emphasised that the government is investigating the reasons behind the price hike and pledged swift action to address the issue. He expressed optimism that rice prices would normalise within a few days.
To combat price instability, Bashir Uddin noted that the commerce ministry could adopt import liberalisation measures similar to those applied to the potato market, which resulted in a significant decline in potato prices.
The adviser criticised fraudulent traders for hoarding rice to manipulate market prices, labeling their actions as the primary cause of the current instability.
He highlighted the government’s efforts to expand the operations of the Trading Corporation of Bangladesh (TCB) to provide essential goods to low-income citizens at affordable rates.
TCB purchases commodities worth around Tk 12,000 crore annually, with a government subsidy of Tk 4,500 crore. Bashir Uddin proposed involving more businesses in TCB’s procurement process to make it more transparent and efficient.
“If we can save Tk 1,000 crore in procurement, we will be able to extend TCB’s benefits to more people,” he stated.
So far, 6.3 million smart cards have been distributed to ensure fair distribution of essential commodities. The commerce adviser emphasized the need for transparent procurement processes and announced plans to store potatoes officially in the future to prevent market manipulation.
“Initiatives are underway to store both imported and locally produced potatoes in controlled facilities, ensuring price stability in the future,” Bashir Uddin said. He also mentioned that the government is adopting import-oriented measures to strengthen supply chains and stabilise market conditions further.
TCB Chairman Brigadier General Md Mostofa Iquebal and newly appointed TCB Chairman Md Faisal Azad were also present at the event.
