Joint forces can’t control Ramzan commodity prices: FBCCI

Business Report :
The joint forces will not be able to control essential commodity prices during Ramzan in the current free market economy, said Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
“Businesses are talking about forming joint forces now to control prices. There were joint forces during One-Eleven. Because of them, the number of big businessmen has come down from 25 to 5. After a few days, none will find these 5 also.”
He made the comments in a meeting with the stakeholders, presidents and general secretaries of all kitchen markets under Dhaka City Corporation to find out ways to keep essential commodities’ prices stable during Ramzan.
A trader cannot cut a product’s price when it sees a price rise in international markets, Jashim Uddin said at the meeting held at the Trading Corporation of Bangladesh in the capital’s Karwan Bazar.
“He has to run the business following a system as Bangladesh is an import-dependent country.”
Most of the time, everyone blames the local business community for any abnormal price hike, he said.
Prices increase abnormally for wrongdoings of some bad businessmen, for which the entire business community is not responsible, said the FBCCI president.
Before Ramzan, a fear of facing exorbitant price hikes grips everyone, starting from the government to traders to consumers, he said.
The businessmen, who see Ramzan as a month to bag higher profits, should quit the mentality, Jashim Uddin said.