Online Desk : Admitting that the recent rise in rice prices has brought hardships to the public, Commerce Adviser Sheikh Bashiruddin assured that the situation is temporary and measures are in place to stabilise the market.

Speaking to journalists after a meeting with Turkish Commerce Minister Professor Dr Omar Bolat at the ministry on Thursday (January 9), Bashiruddin outlined steps being taken by the government to manage commodity prices, especially during Ramadan.

Addressing concerns about the soaring rice prices, Bashiruddin said, “We have liberalised imports to ease the market situation. The duty on rice imports, which was previously 63 per cent, has been reduced to just 3 per cent. Additionally, several hundred thousand tonnes of rice are being imported directly by the Food Ministry from countries like Myanmar, Pakistan, and India.”

He further explained that the ongoing Aman harvest and the upcoming Boro harvest in April are expected to ease the supply crunch within three months. “The current price hike is a temporary issue. InshaAllah, it will be resolved soon,” he said.

Tackling syndicates and stockpiling

When asked about the role of syndicates in manipulating rice prices, Bashiruddin urged journalists to help identify such groups. He noted that factors such as floods and other unforeseen circumstances might have contributed to the price surge.

“Our data shows no shortage of rice in government stock. To address any market irregularities, we have liberalized imports. Once imported rice enters the market, those hoarding stocks unfairly will be compelled to release them, bringing prices back to normal,” he added.

Support for low-income families

Bashiruddin highlighted efforts to support the vulnerable population through subsidized programs. “Rice distribution through the Trading Corporation of Bangladesh (TCB) is at full capacity. Fifty lakh families under the food-friendly program are receiving rice at lower prices. Additionally, 63 lakh families holding TCB smart cards will begin receiving rice this week.”

Addressing corruption in tcb cards

Explaining why only 63 lakh families, instead of the initially stated 1 crore, are receiving TCB benefits, Bashiruddin pointed to the cancellation of 37 lakh cards due to corruption.

“We discovered duplications where multiple cards were issued to the same family using manipulated NID data. The incorrect and duplicate cards have been excluded, ensuring that the rightful recipients are served. We plan to add another 3.7 million cards to extend support transparently,” he stated.

Acknowledging the financial strain on households, Bashiruddin admitted, “People are suffering, and there’s no denying it. However, this is a temporary phase. We don’t have an Aladdin’s lamp to instantly fix the market, but measures are in place to stabilize the situation in the coming months.”