Staff Reporter :
Claiming the government sees no crisis of essential commodities in the upcoming Ramadan as the country has sufficient stocks, Finance Minister Abul Hasan Mahmud Ali said that punitive actions will be taken, if anyone tries to take advantage.
He came up with the remark after holding an intra-ministries meeting at his office at the Secretariat in the capital on Sunday.
The meeting was called to devise strategies to keep the prices of essential commodities under control in the holy month for the Muslim community.
Finance Minister Abul Hasan Mahmud Ali presided over the meeting while Food Minister Sadhan Chandra Majumdar, Agriculture Minister Abdus Shahid, Fisheries and Livestock Minister Md Abdur Rahman, State Minister for Commerce Ahsanul Islam Titu, Bangladesh Bank Governor Abdur Rauf Talukdar and NBR Chairman Abu Hena Md Rahmatul Muneem, among others, were present.
The meeting over, the finance minister briefed the journalists on the outcome of it and said, “Currently, there is no shortage of goods.
The commodity markets have become volatile at different times due to the manipulation of some individuals or groups. The middlemen or syndication have created complexity in the commodity market.”
“But this time, all necessary steps will be taken to keep the prices at a tolerable level. The government will be strict as well as punitive measures will be taken, if it
needs,” the finance ministry told the journalists.
He, however, said that the situation is yet to be deteriorated to take any actions against the illegal hoarders.
The commodity prices would be normal within the next three months, the finance minister hoped.
Reading the ongoing dollar shortage, Mahmud Ali said, “Initiatives have been taken to use multi-currency to deal with the dollar crisis.
Work is underway to increase the country’s foreign currency reserves.”
Fisheries and Livestock Minister Abdur Rahman said, “The punitive actions like cancellation of licenses and imposing penalty for market manipulation will be taken to keep the prices of essential goods under control.”
In order to keep the commodity prices in check during Ramadan, he said it will be determined based on the average price of number of goods bought by traders.
Moreover, markets will be monitored to ensure the fixed rates are applied.
“A monitoring cell will check the retail market to determine prices in coordination with the import and supply of goods,” he added.
The Bangladesh Bank recently allowed imports of edible oil, chickpeas, pulse, peas, onion, spices, sugar, and dates for up to 90 days under supplier’s or buyer’s credits.
The move is expected to help importers purchase the eight items ahead of Ramadan when their consumption surged.