Even during the peak season, the rice market remains unstable, with prices increasing by 3 to 4 taka per kilogram. Despite being peak season, the rice market remains volatile. Over the last week, prices have risen by 3 to 4 taka per kilogram. Meanwhile, TCB’s rice sales have been suspended due to a lack of allocation from the Ministry of Food for the new year, causing hardship for low-income families.
Even during the peak season: Sheikh Bashiruddin, the country’s trade advisor, claims that rice is plenty. He attributed the price increase to traders’ stockpiling. In this situation, he stated plans to start rice imports.
A visit to numerous marketplaces in the capital demonstrates that there is an adequate supply of rice, which is accessible in proportion to demand. However, costs remain high.
Temporary hoarding disrupts the rice market: Trade Advisor
The price of coarse rice is not less than 57 taka, while fine rice costs more than 72 taka. According to the TCB, the price of coarse rice has increased by approximately 7% in just seven days.
Rice could previously be obtained at a somewhat reduced cost from TCB trucks. However, the group has ceased selling rice due to a lack of allocation in the new year, putting low-income people in a tough position.
A low-income person stated, “If you stop selling rice, it would hurt us, the poor. If we have to buy from outside, we will have to spend more money.”
Currently, Aman rice is at peak season, and there is no shortage on the market. As a result, the Trade Advisor deems the price increase unjustified. He claims that the price increase is due to traders’ machinations.
Advisor Sheikh Bashiruddin stated, “Temporary stockpiling is occurring. To liberalize trade, we met yesterday with the Governor of Bangladesh Bank, the Food Advisor, TCB, and the Ministry of Agriculture. We met the day before yesterday. We are currently working on import-based strategies, and major import preparations are underway.”
According to the Ministry of Food, rice stocks in government warehouses have reduced to 8 lakh tons.
Even during the peak season…Even during the peak season..
