Rice market unstable due to temporary hoarding: Commerce adviser
63 lakh smart cards have already been distributed and that the aim is not only to ensure fair distribution but also to make the purchasing process more transparent and inclusive
The Commerce Adviser Sheikh Bashiruddin said the recent instability in the rice market is due to temporary hoarding.
"There is no overall shortage of products in the market. However, the rice market has been unstable due to temporary hoarding. We are monitoring the situation, and the rice market will soon come under control," he said during the inauguration of TCB's product sales to low-income families at subsidised prices, which was held this morning at Tejgaon Begunbari in the capital.
He also stated that the activities of the Trading Corporation of Bangladesh (TCB) will now be conducted through the Smart Family Card, replacing the paper-based system.
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The Commerce Adviser acknowledged the chaos and corruption that had occurred in the TCB product distribution system, saying, "We have recognised the issues and are working to eliminate irregularities by digitalising the process."
Bashiruddin said that 63 lakh smart cards have already been distributed and that the aim is not only to ensure fair distribution but also to make the purchasing process more transparent and inclusive.
Regarding the expansion of TCB's programmes he said, "TCB purchases products worth Tk 12,000 crore, with a government subsidy of Tk4,500 crore. Therefore, TCB is a major buyer, and we want to involve more traders in its purchasing activities."
On the issue of product shortages due to trade liberalisation, the adviser stated, "There is no overall shortage of products in the market. However, the rice market has been unstable due to temporary hoarding. We are monitoring the situation, and the rice market will soon come under control."
Discussing the potato market, Bashiruddin said, "Based on this year's experience, the government will stockpile potatoes for next year. Efforts are being made to store potatoes in warehouses. In the future, potato prices will be controlled."
It was also mentioned that a customer holding a Smart Family Card can purchase 2 litres of edible oil for Tk200, 2 kg of lentils for Tk120, and 1 kg of sugar for Tk70 .
TCB Chairman Brigadier General Mohammad Mustafa Iqbal delivered a speech at the event, and newly appointed TCB Chairman Brigadier General Mohammad Faisal Azad was also present.
