Price hike due to floods is temporary: Mirza Aziz

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FE Report
Finance adviser Mirza Azizul Islam Saturday said the prevailing high price of essential commodities might continue for some time as the production and supply of goods have been severely disrupted due to the raging flood across the country.
He opined that the high price of commodities could have an impact on inflation but there would not be any long-term effect.
"Since the flood has inundated roads in some areas and the supply chain has broken down there, temporary price hike is inevitable. Monitoring by the government to check the price hike at this moment is not necessary," he stated while replying to questions of some journalists after a meeting in the city.
Mirza Aziz, however, said there was no dearth of resources in the country to recover from the flood losses and to rehabilitate the flood-victim people.
The finance adviser attended an inaugural session of the 10th anniversary and national convention 2007 of the Institute of Chartered Secretaries and Managers of Bangladesh (ICSMB) at Bangladesh-China Friendship Conference Centre Saturday in Dhaka.
The theme of the convention was "Corporate Governance: Achieving Global Standards".
At the national convention, Mirza Aziz said that poor corporate governance could result in financial disasters for any organisation and there were innumerable instances of the recent past.
Pointing to the destiny of the high-rise Rangs Bhaban that is now being demolished by the government for its illegal structure, the finance adviser said, "Anyone can violate the corporate governance for some days or for some years through nexus with powerful vested quarters but, for once, they must be accountable to the nation."
"Anyone can earn money and fame in the society for a certain period through immoral activities and violation of regulations, but it is not sustainable for all the time. For once he has to be accountable someday," he pointed out underlining the need for establishing corporate governance in all organisations
About the demand of premium by the listed companies from the Securities and Exchange Commission (SEC) before flotation of IPOs, the former chief of the stock-market watchdog SEC, Mirza Aziz, said that the business entities must get the premium if they establish good corporate governance.
He also asked the business entities to follow the rules and regulations and to establish fairness and accountability in their organisations.
Opposing the government incentives to the private entities, the finance adviser said that they (entities) should learn to survive in the global business with their inherent quality.
Commerce Secretary, Feroz Ahmed, who was also present at the ceremony, said that the 'Bangladesh Chartered Secretaries Bill' was in the final stages of being framed. "I hope the bill will be passed soon."
The SEC chairman, Faruq Ahmad Siddiqi and some other executive members of the ICSMB spoke on the occasion, with ICSMB president, Mohammd Asad Ullah in the chair.