Government aims to stabilise rice market, ensure trader support: Commerce adviser

The government is committed to making business processes easier and providing full support to traders, Commerce Adviser Sheikh Bashir Uddin said today. 

"Any problems faced by traders will be addressed promptly," the adviser said during a meeting on rice stock and import situations at the Ministry of Commerce.

The meeting was attended by Food Adviser Ali Imam Majumder along with key stakeholders.

Bashir Uddin highlighted the government's focus on tackling the price disparity between wholesale and retail rice markets, which has drawn public and industry concern.

"We aim to identify the root cause of this disparity and implement solutions for a stable market environment," he said. 

While prices of most products have decreased, rice prices have seen a marginal rise. The adviser expressed optimism that rice prices would stabilize soon.

Food Adviser Ali Imam Majumder provided an update on the country's food stock, which currently exceeds 1.2 million tonnes. 

Additionally, 100,000 tonnes of rice are expected to arrive from Myanmar this month as part of the government's diversified import strategy.

The government is procuring rice from multiple neighboring countries under Government-to-Government (G2G) agreements to avoid over-reliance on a single source, Majumder said. 

He also discussed ongoing measures to support low-income families, including the distribution of rice through the Trading Corporation of Bangladesh (TCB) and the Open Market Sale (OMS) program.

"Fifty thousand families are receiving 30 kg of rice each under the food-friendly program," he noted.

Deputy Governor of Bangladesh Bank Md Habibur Rahman announced that banks have been instructed to extend full cooperation in opening Letters of Credit (LCs) for food imports.

The meeting was attended by high-ranking officials, including Food Ministry Secretary Md Masudul Hasan, Tariff Commission Chairman Dr Moinul Khan, Commerce Ministry Secretary Md Abdur Rahim Khan, TCB Chairman Brigadier General Md Mostafa Iqbal, and rice importer Aditya Majumdar.