No Magic Lamp to Fix the Market Overnight: Advisor

Staff Reporter

The government struggles to control rising rice prices and alleged market manipulation by traders. When questioned, Commerce Advisor Sheikh Bashir Uddin acknowledged the challenge, saying there is no magical solution to instantly stabilize the market.

Speaking to journalists at the Secretariat on January 9, the advisor stated, “The recent spike in rice prices is undeniably causing hardship, but this issue is temporary. We don’t have a magic lamp to flip a switch and fix the market overnight. However, the government has implemented various measures to stabilize the situation.”

He made these remarks following a meeting with Turkish Commerce Minister Dr. Ömer Bolat at the Ministry of Commerce.

Regarding government initiatives to control rice prices, the advisor highlighted the reduction of import duties from 63% to 3% to facilitate imports. “Once imports begin, any hoarded stock will have to be released, bringing prices down to normal levels,” he added.

In response to concerns about unscrupulous traders profiting in the meantime, Sheikh Bashir Uddin reiterated that the issue is temporary. “There’s no magic switch to resolve this overnight,” he said.

The advisor assured that there is no shortage of rice in stock. To further stabilize the market, the Food Ministry is importing several hundred thousand tons of rice from India, Pakistan, and Myanmar. Additionally, measures are being taken to expand open market sales (OMS) and Trading Corporation of Bangladesh (TCB) operations to ease the burden on low-income groups.

However, TCB has announced an indefinite suspension of rice sales through its trucks due to a lack of supply from the Food Ministry. As a result, 3.7 million cardholders under the TCB program will temporarily receive no subsidized products.