PM orders stricter market monitoring to stop ‘unreasonable’ price hikes 

Prime Minister Sheikh Hasina has ordered stricter monitoring of the daily necessities market, saying there is no shortage in the supply of many products but their prices are still increasing unreasonably.

"Market monitoring should be tightened to stop such unreasonable price hikes," Cabinet Secretary Md Mahbub Hossain quoted the premier as saying at the Cabinet Meeting today (20 May). 

Mahbub Hossain, while briefing journalists, said she had passed the directives while chairing the cabinet meeting at her office.

Meanwhile, the Cabinet approved a bill specifying the salary and other benefits for the chief election commissioner (CEC) and other election commissioners. It also gave its nod to a policy on awarding the "Bangabandhu Sheikh Mujibur Rahman Peace Medal" starting in 2025.

According to the Bangladesh Bureau of Statistics, food inflation surged to a four-month high of 10.22% in April.

Traders have increased prices of imported food items, especially edible oil, sugar, pulses, and raw materials for poultry feed, due to the recent increase in dollar rates, which rose by Tk7 on 8 May when the central bank introduced a new exchange rate system.

According to Trading Corporation of Bangladesh (TCB) data on May 20, the prices of garlic, turmeric, ginger, cardamom, cinnamon, cloves, coriander, sugar, and eggs have increased in the last week.

Usually, demand for these products and other spice items rises ahead of Eid-ul-Azha, one of the largest religious festivals to be celebrated in about a month.

Analysts believe that, due to weaknesses in the market system, some traders take advantage of increased demand to make additional profits.

In such a situation, the prime minister directed the authorities concerned to strengthen market monitoring.

Asked about the premier's instructions, State Minister for Commerce Ahasanul Islam told The Business Standard that Eid-ul-Adha is approaching, and some traders tend to seek extra profits during festive periods.

"The prime minister has ordered monitoring of the overall market to prevent unnecessary price increases. In response to these instructions, the commerce ministry, the Directorate of National Consumer Rights Protection, and other related agencies will enhance monitoring in the market," he added.

He mentioned that monitoring had been beneficial during the last Ramadan. So the prime minister believes that with effective monitoring, prices will not increase unreasonably, aiming to reassure the public.

"Measures will be implemented to ensure visible monitoring activities in the market during the upcoming Eid," added the state minister. "This is to prevent any unjustified price hikes. Additionally, the commerce ministry will ensure the proper supply of goods."

CEC's salary will be Tk105,000

The Cabinet gave its final approval to the draft of the Chief Election Commissioner and Other Election Commissioners (Remuneration and Privileges) Act-2024, specifying their salaries.

The cabinet secretary said according to the draft, the CEC will receive Tk105,000 per month, while each commissioner will receive Tk95,000. Additionally, they will be entitled to 50% of their basic salary as special allowance, festival allowance, and Baishakh allowance.

Furthermore, the CEC will receive Tk8,000 and commissioners Tk5,000 for entertainment, known as sumptuary allowance. Apart from these allowances, they will also receive accommodation, a vehicle, and cooking facilities.

The existing law specifies that the CEC will receive a salary equivalent to judges of the Appellate Division, and other commissioners will receive a salary equivalent to judges of the High Court Division.

Bangabandhu Peace Medal to be awarded in 2025

The Cabinet approved the "Bangabandhu Sheikh Mujibur Rahman Peace Medal Policy-2024,"  as the government is set to introduce an international peace award in the name of the Father of the Nation starting in 2025, said Mahbub Hossain.

He said this award will be presented once every two years to a local or foreign individual, institution, or organisation, with a prize value of $100,000. Recipients will also receive an 18-carat gold medal weighing 50 grams and a certificate.

Mahbub Hossain said Bangabandhu was awarded the Joliot-Curie Peace Medal in 1973, and the 50th anniversary of this award was celebrated last year, prompting the premier to announce the establishment of the Bangabandhu Peace Medal.

The cabinet secretary said, "Under this policy, the Bangabandhu Sheikh Mujibur Rahman Peace Medal may be awarded to individuals, institutions, or organisations for their contributions in various fields towards the establishment of peace in Bangladesh and worldwide."

He further said contributions to global peace establishment, effective initiatives to resolve conflicts and promote peace, significant efforts towards human rights, and initiatives for a world free from hunger and poverty, and sustainable social, environmental, and economic development will be considered in awarding the medal.

According to the policy, nominations can be submitted from any country. Proposals can be sent by a country's government, head of state, parliamentarians, Nobel or other international peace prize winners, heads of foreign embassies in Bangladesh, heads of international organisations, or heads of Bangladeshi high commissions or embassies abroad. No individual can self-nominate.

The cabinet secretary said a jury board will be formed, and its decision will be final. The jury board will comprise impartial and reputable individuals. The recipient's name will be announced on 17 March, Bangabandhu's birthday, and National Children's Day, with the award ceremony taking place around May 23.

The Finance Division will allocate the necessary budget for this initiative, and the Cabinet has issued instructions to commence work on the policy. 

Eventually, it will be enacted as law, including provisions for establishing a fund to which both government and external contributions can be made. Until the fund is established, the government will finance the award costs.