FBCCI to cooperate with govt\\\'s market monitoring efforts during Ramadan

The country's apex trade body will cooperate with the government in its ongoing efforts to monitor the kitchen markets to check artificial price hike during the month of Ramadan, a top business leader said.

"We are ready to cooperate with the government for market monitoring drive during Ramadan," President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akram Uddin Ahmed told the FE.

Earlier, the ministry of commerce (MoC) has formed 14 teams to monitor the kitchen markets in the capital during the month of fasting.

Besides, the Directorate of the National Consumer Rights Protection (DNCRP) which is under the MoC will strengthen its ongoing market monitoring drive during Ramadan.

The district administration officials will also separately monitor the markets during the holy month.  

The head of the FBCCI said the stock of essential commodities is now sufficient in the country, and there will be no shortages to the supply and demand.

Mr Ahmed said panic- buying by a section of consumers sometimes lead to the dishonest traders to increase the prices of the essential commodities.  

He called upon the consumers not to buy essential commodities at a time against the requirement for some days since it might prompt the unscrupulous traders to increase the prices of essential commodities.

He said the traders had informed the government of sufficient stock of edible oil, lentil, gram, sugar and other essential items that will help keep smooth supply and prices stable during the fasting month.

It has become a common phenomenon that a section of profit monger traders always try to increase prices of essential commodities during Ramadan, forcing the limited income group of  people to spend lion's share of their hard earned income, according to market analysts.  

Meanwhile, the MoC has decided to take punitive measures against those who will be involved in price manipulation during Ramadan.

The government and the intelligence agencies have been strictly monitoring the situation, according to the ministry concerned.  

A high official of the MoC said the overall supply of essential commodities and their prices are now stable in the markets.     

He said shops in the kitchen markets were directed to hang price charts of essential commodities in a visible place of their respective business establishment. The traders have been asked to maintain money receipts of buying and selling of commodities.  

He said the DNCRP and the district administration will regularly monitor price charts at the markets in the districts. If any person/ organisation does not follow the government directives then legal action including suspension of business licences/ registration will be taken against them.