State minister spells warning against market manipulation

State Minister for Commerce Ahasanul Islam Titu issued stern warnings to unscrupulous traders at three separate events on Thursday, while the red-hot local markets in the weekly wrap-up showed little sign of cooling down.
Key food staples like rice and flour remained stuck at prices hiked in the past week and a half, while protein sources were causing inflationary discomfort for many.
To address the increasing price discontent, Titu at a meeting with the Economic Reporters Forum (ERF) announced plans to launch a consumer hotline on July 1, allowing disgruntled customers to lodge complaints.
The meeting, held at the commerce ministry, was attended by ERF President Mohammad Refayet Ullah Mirdha and General Secretary Abul Kashem.
Titu also talked about the government's plans for digital price monitoring of consumer goods. He said he had already discussed the system and a dedicated hotline ("333") with the ICT ministry.
"Currently, people can dial 999 to report any crime," he said. "The 333 cell, once launched, will provide another avenue for reporting market irregularities."
He said the government has already waived import margins on eight essential commodities for Ramadan.
Earlier on the day, the state minister inaugurated the open market sale of subsidised food items by the Trading Corporation of Bangladesh (TCB), targeting 10 million people.
The event took place at 11:00 am in Dhaka's Mohammadpur.
There, Titu issued a strong warning against hoarders seeking to exploit the upcoming Ramadan - the month of fasting for Muslims - by inflating prices or creating market crises.
Emphasising the government's commitment to a stable Ramadan market, he announced plans to supply essential items through TCB. The initial phase will focus on providing oil, sugar, pulses and rice to 1 million families across Bangladesh.
The state minister said that the government, as directed by the prime minister in the first cabinet meeting, is prioritising working-class areas in and around Dhaka city.
Titu highlighted efforts to reach working people through TCB products and urged public representatives to play an active role in ensuring market stability.
With over 700 dealers across the country, TCB runs efficiently through a beneficiary list prepared by local officials, he said.
He also announced a dedicated card scheme for garment workers to subsidised goods. Emphasising accountability, Titu said dealers would be appointed and reviewed annually to ensure the programme's integrity.
Later in the afternoon, the state minister attended a meeting with essential commodity traders and officials. The discussions focused on the 'import, stock and price conditions of edible oil and sugar' ahead of Ramadan.
He said that with the introduction of the 333 hotline and digital price monitoring system by July 1, there would no longer be a market syndicate in the country.
Assuring ample product availability throughout the year, Titu reiterated the government's commitment to effective market management.
However, prices of key food items such as rice, flour, meat, fish, eggs, edible oil and vegetables experienced price hikes in the past week and a half.
Coarse and medium rice prices surged by Tk 5-6 per kg within a week, reaching Tk 52-65 per kg on Thursday.
Atta (coarse flour) prices jumped to Tk 58-68 per kg, while maida (finer flour) reached Tk 65-78 per kg, marking increases of Tk 5 and Tk 10-12 per kg within a week and a month, respectively.
Beef prices climbed from Tk 650-680 per kg to Tk 700-750 per kg and fish varieties like ruhi, katla, tilapia, pangas and koi also witnessed increases of Tk 40-80 per kg in the past week and a half.

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