I don’t have Aladdin’s lamp to fix market: Sheikh Bashir

Commerce adviser Sheikh Bashir Uddin described the recent hike in rice prices as a temporary issue but indicated that it would take some time to stabilise the market.

“I don’t have Aladdin’s lamp so that I would switch it on and the market would be fixed from tomorrow in the aftermath,” he said while speaking to the media after a meeting with a Turkish delegation at the secretariat on Thursday.

Addressing the price hike, the commerce adviser said, “Our data indicates no shortage in rice stocks. However, we have liberalised rice imports to address the irregularities that we noticed in the rice market.”

He further explained that those hoarding rice would have no choice but to release their stocks once imports begin. It would help normalise the market.

A journalist brought up allegations that billions of taka are being withdrawn from the market, inviting sufferings to the masses. In response, Sheikh Bashir Uddin said, “There is no scope to deny it. This situation seems temporary to me.”

Detailing government initiatives, the adviser noted that import duties on rice were reduced from 63 per cent to 3 per cent. Besides, under a food ministry initiative, hundreds of thousands of tonnes of rice are being imported from Myanmar, Pakistan, and India.

“The Aman harvest is underway, and Boro rice will arrive by April. We expect the market to stabilise in the meantime,” he added.

Asked if any new syndicate is manipulating the market, Sheikh Bashir Uddin responded, “If you identify the syndicate, it would make our job easier.”

Besides, the adviser mentioned that the authorities had canceled 3.7 million family cards issued by the Trading Corporation of Bangladesh (TCB) due to overwhelming corruption in the selection process. He, however, insisted that no actual beneficiaries were affected by the decision.