According to trade experts, the demand for industrial raw materials in the world market was low due to Covid-19. As a result, the price was lower. As the corona situation improves, the world economy is starting to turn around and the demand for these products in the world market has also increased.

The advantage of developed countries is that they export much more than the amount of goods they import from abroad. But Bangladesh has to import large amount of industrial raw materials and consumer goods. According to traders and commerce ministry officials, soybean oil, which was priced at USD 800 a year ago, is now being sold at USD 1480 at global market.

In addition to rising commodity prices in the international market, the Bangladeshi currency has depreciated. At present, in the open market, the customer gets Tk 90.10 for a US dollar. However, the rate set by Bangladesh Bank is Tk 86.

In addition to the dollar, almost all other foreign currencies such as the pound, euro, Saudi riyal, Kuwaiti dinar and Indian currency also rose in banks and on the open market. If the US dollar appreciates further against the BDT, it will have an adverse effect on imported goods as well. On the other hand, exporters will benefit.

It is true that the government has no control over the global market, but they can take some steps to keep the inflation at a tolerable level. For people with limited income, it is necessary to increase the sale of products in the open market through TCB. Apart from this, prices can be kept stable by reducing tariffs on imported goods. The government has already reduced the import duty on onions and rice. Secondly, how much the price of which product has gone up in the international market, and how much importers are increasing the price in Bangladesh, needs to be closely monitored.

Amidst these worries, it is a positive thing that the rising fuel prices in the international market have started declining again. Experts also believe that there is no reason to increase fuel prices in the current situation. In that case, the government can reduce the price of fuel and bring it back to normal. At least it will be possible to reduce the cost of transporting goods and passenger fares.

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