Govt may allow TCB to build buffer stock of essentials to meet emergency needs

Talha Bin Habib The government has moved to strengthen the Trading Corporation of Bangladesh (TCB) allowing it to build a buffer stock of essential commodities, increase the number of board members and authorise capital. The move came following the approval by the cabinet to the draft law titled 'Trading Corporation of Bangladesh (Amendment) Act, 2013, The TCB will make buffer stock of imperishable commodities to meet the emergency needs. "We will make buffer stock of edible oil, sugar, lentil and gram for meeting emergency demand," chairman of TCB Brigadier General Sarwar Jahan Talukder told the FE. He said ministry of commerce (MoC) will determine the quantity of the essentials for buffer stock. At present TCB imports some essential commodities such as onion, gram, lentil etc and sell those to the open market to check the volatility of market price. There will be one chairman and five members of the board. Three members of the board will be from TCB while two others from the MoC. At present the board is consists of chairman and five members. Under the existing rules of TCB, the board meeting of the corporation must be held once in a month. And as per the proposed draft law, the meeting of the board could be held once or twice in month or any time in a month. About export as proposed in the draft law, the chairman of TCB said they are yet to finalise which commodity they will export. The authorised capital of the TCB will be raised to Tk 10 billion from Tk 50 million. TCB was established under President's Order No. 68 of 1972 after the War of Liberation of Bangladesh in 1971. "The draft law will now be sent to the ministry of law for vetting. After the vetting it will go parliament for approval," additional secretary of the MoC Monoj Kumar Roy told the FE.