Rice prices went up due to temporary hoarding: Commerce adviser

Commerce Adviser Sheikh Bashiruddin has stated that the Aman season is currently in full swing, and there is no shortage of rice in the market.

Saying that the recent price increase of rice appears unreasonable, he blamed temporary hoarding for this.

He further mentioned that steps are being taken to import rice in large quantity to control the price.

The Adviser made these remarks today, Wednesday, at the inauguration of the TCB's January product sales programme at Deepikar Mor in the Begunbari area of Tejgaon in the capital.

Addressing the issue, Sheikh Bashiruddin acknowledged the problem of rising rice prices, particularly for popular varieties like Nazirshail and Miniket.

He noted that the retail prices of these varieties have increased significantly more than the wholesale prices. Efforts are currently underway to investigate the reasons behind this discrepancy. Overall, the price hike seems unjustified.

He emphasised that, based on available information, there is no shortage of rice in the market or in government stocks, and local production and procurement remain steady.

With the Aman season ongoing, he remarked that there is no rationality for such a price surge. He attributed the hike to temporary hoarding.

Regarding the price situation, the Trade Advisor stated that the government is adopting a policy of import liberalisation. "We have held meetings with the governor, food adviser, TCB, and agriculture ministry officials over the past two days to liberalise imports. Based on the decisions made, import-focused measures are being taken to stabilise the market supply," he said.

Sheikh Bashiruddin also revealed that preparations are being made to import large quantities of rice, expressing hope that this move will bring down local market prices.

He compared the situation to that of potatoes, where liberalised imports led to a decrease in prices following an initial surge.