If market syndicates were visible, we could take action: MA Mannan

Planning minister MA Mannan has said the authorities could take action if market syndicates were visible and tangible.

He made the statement while speaking to reporters after attending a programme at the Teachers and Students Center (TSC) of Dhaka University around 11:30 am on Friday. The Marketers Institute organised the programme to mark Bangladesh Marketing Day.

The minister asserted that the market syndicates remain untouched, even though they might exist within the market. He pointed out the unique nature of the syndicates, as they form quickly and dissolve soon after.

Describing Bangladesh as an emerging economy, the minister said such economies often experience deviations -- unusual profit -- that benefit some certain quarters. The regulator as well as other monitoring bodies should enforce the existing rules and regulations to combat the adversities.

He, however, acknowledged occasional negligence in the enforcement of relevant laws and, at the same time, expressed optimism that some new monitoring bodies are active in the field and gaining experience and skills over time.

The minister further said that there is no force in the world that can control the market; rather, the market is self-sufficient in regulating itself. There are some issues, such as supply and demand, that deserve theoretical analysis.

An emerging economy always experiences a wide gap between demand and supply, but the scenario is in stark contrast for larger economies, he added.