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Commodity market

Ministry for export ban, market watch

Rising rice prices


FE REPORT | November 21, 2019 00:00:00


Amid the retail price spiral of rice, food ministry has suggested banning export of the staple and intensifying market monitoring by intelligence agencies.

According to officials, a letter was sent to commerce ministry on Tuesday, requesting it to slap a ban on rice export to tame its present rising price.

Home ministry is also requested to take steps to heighten market watch by intelligence agencies to foil any conspiracy behind this spiralling price.

"The sudden hike in the prices of rice before harvest time is not acceptable at all," food ministry told commerce ministry.

As of Monday, according to the ministry, 1.463 million tonnes of food grains remain stocked at warehouses, which is the 'highest so far in the history'.

There is no food crisis presently and 'no reason of an upward trend in rice prices', reads the letter.

"It's a matter of concern which needs to be addressed," added the letter signed by food ministry senior assistant secretary Muhammad Mahbubur Rahman.

On the other hand, the letter to home ministry said rice is rising in price despite a high crop yield, adequate stocks and adequate supply in the market.

The letter, written by additional secretary Dr Anima Rani Nath, has sought required steps to monitor the price situation of rice.

According to the data of Trading Corporation of Bangladesh, the price of coarse rice variety rose by 10 per cent in a month.

It now retains between Tk 35 and Tk 40 per kilogram.

On the other hand, fine rice price jumped by 7.0 per cent in a month. It sold at Tk 48-60 a kg on Wednesday.

Food ministry opened a control room the same day amid a hike in the prices of food grains.

The control room will work to assist the poor section of people and stabilise food prices.

On Wednesday, food minister Sadhan Chandra Majumder told the media that retailers are making excessive profits only to raise the prices of rice.

He spoke about no impact of the ongoing transport strike on rice prices since adequate stocks of food are there in the major wholesale outlets in Dhaka city.

Later, Mr Majumder sat with rice mill owners to discuss the price situation and find a way out to contain it.

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