The Ministry of Commerce (MoC) has formed a cell to monitor and forecast prices of essential commodities aiming to stabilise internal market price situation, officials said.
The cell named 'Price Monitoring and Forecasting Cell' will help provide information to the government about the prices of essential commodities in local and international markets and internal stock situation so that it could take necessary initiatives in times of needs.
"We have formed the 'Price Monitoring and Forecasting Cell'. It will conduct research on prices of essential commodities in the local and international markets and provide reports to the government for taking necessary steps," Senior Secretary of the MoC Hedayetullah Al Mamun told the FE Thursday.
He said the cell will also study position of letters of credit (LCs) for importing essential commodities and other trade related matters.
He said the country has the potential to produce sufficient quantity of ginger and other items to fulfill its demand.
He said the MoC will soon sit with the Ministry of Agriculture (MoA) about the prospect of farming ginger in some areas of the country, especially the Chittagong Hill Tracts.
About the progress of the cell, the Senior Secretary of the MoC said they have started working on the cell. He said there will be a director and other officials to be led by an additional secretary of the MoC to look after its activities.
Asked how the cell will help the government stabilise the market prices, he said, "There will be coordination between the cell and other government relevant agencies".
The Directorate of National Consumer Rights Protection (DNCRP) and market inspection teams of the MoC are now separately conducting market monitoring drives to control the price situation.
"We hope, we will be able to start our full work from next month. Ultimately, the cell will help ensure stock and supply chain of essential commodities stable and help the consumers purchase at fair prices," Mr Mamun mentioned.
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