Govt aware of steps needed to control commodity prices
Says Dr Salehuddin, acknowledges kitchen market extortions going on
FE REPORT | Monday, 19 August 2024
Finance and Commerce Adviser Dr Salehuddin Ahmed said commodity prices are closely linked to production and supply and the government is aware of the steps needed to control them.
"We will take necessary measures so that common people do not feel the pressure," he said.
The adviser was speaking to reporters at his Secretariat office on Sunday after a meeting with Asian Development Bank (ADB) Country Director Edimon Ginting at his ERD office in Agargaon, Dhaka.
He said that if the production of any commodity falls short, it must be imported adequately to meet demand.
Regarding imported inflation, Mr Ahmed emphasised that only essential commodities should be imported, while steps must be taken to reduce the current price pressure on people.
He said the central bank governor is also well aware of the reasons behind the inflationary pressure and that strict market monitoring is underway.
Trade and commerce are important pillars of the economy, the adviser said, adding that steps will be taken to create a friendly environment for them.
On a question about foreign exchange reserves, he said the central bank governor is handling the matter and would raise the issue when a team from the International Monetary Fund (IMF) visits Bangladesh soon.
On the outcome of the meeting with the ADB country director, the adviser said the ADB and other development partners had assured him of continued support for Bangladesh's development sector.
They are also keen to continue funding ongoing and planned projects.
Replying to a query on whether the interim government would press for delaying the Least Developed Country (LDC) graduation beyond 2026, the adviser said the issue is very big and a set of conditions are attached to it.
He said many other ministries and departments are involved in the matter and they need to make decisions on it.
'Extortion continues unabated'
Although many extortionists have vanished with the fall of the government, journalists at a meeting at the Secretariat on Sunday questioned the adviser about guarantees against the emergence of new ones.
"I am receiving many reports. One group has already taken extortions from Chatals, while another group has appeared and demanded money again," said Dr Salehuddin Ahmed.
Responding to queries about the government's actions, the adviser said, "I have immediately asked the deputy commissioner to inquire so that good businessmen do not suffer. I know that when one group goes, another group will come."
"Yes, there is extortion. Someone told me that a kitchen item-laden truck has to pay Tk 7,000 in extortion to reach Dhaka. However, this is not the responsibility of the Ministry of Commerce or Finance. I will talk to those whose responsibility it is."
"A product changes hands four times at Karwan Bazar, right? There is pre-emptive money ... if you sell at this rate, you will get that much. This is how extortions are collected. These must be stopped."
"But everything can't be expected overnight," the adviser said, adding that a sudden stop to extortions would cause suffering.
Senior commerce officials and agency heads, among others, were present at the meeting, which was moderated by Commerce Secretary Md Selim Uddin.