FBCCI warns of shutting down shops in case of hoarding
The current commodity price hikes are not an isolated event for Bangladesh. It is the global reality now, they say
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) has warned traders that it will shut down shops if extra stock of essential goods is found stored up.
"We will no longer fine traders, rather we will shut their shops down and take steps for their licence cancellation," Abu Motaleb, a director of the association, said at a programme in the capital on Saturday.
The apex trade body of the country organised the event at Mohammadpur Town Hall Market to discuss the supply and price situation of daily commodities as their markets have been volatile since the beginning of the Russia-Ukraine war.
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Motaleb, however, failed to provide any information on whether they had found such unscrupulous traders till now or taken steps against them.
Earlier in recent drives, the Directorate of National Consumer Rights Protection fined hundreds of edible oil traders for their additional stocks, stowed away intending to create an artificial supply shortage in the market and make higher profits.
"We have suggested the government adjust local prices of edible oil keeping pace with global markets every 15 days but it did not do so. Even twenty-two days have passed since the last adjustment," said Mostofa Azad Chowdhury, senior vice-president of the FBCCI and convener of its market monitoring committee.
"If any unrest comes again in the edible oil market, we will not take responsibility," he added and called for strict monitoring of spice markets as the demand for the items would sharply increase for Eid-ul-Azha.
He also warned against the capitalisation on government procurement of rice from millers directly.
Speaking at the programme, attended also by local business people, FBCCI office-bearers said the current commodity price hikes are not an isolated event for Bangladesh. It is the reality of the whole world now, they added.
The FBCCI urged its district-level chambers to monitor their respective markets so that no one can take advantage of volatile global markets.
The Russia-Ukraine war has caused global tension for food security as it fueled price hikes of essential commodities – from wheat flour to meat to soap – in many ways.
The apex trade body regularly organises such events to point out reasons for price hikes in local markets.
