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Govt’s timely measures keep rice market stable

Packaging cos blamed for price spiral

Published : 11 Oct 2021 10:35 PM | Updated : 12 Oct 2021 12:27 PM

The price of rice has come down in the wholesale and retail markets of the capital due to increase in imports.

Earlier the government had taken measures to keep the country’s rice market stable through import.

The price has reduced by Tk two perkilograms (kg) in wholesale and retail markets. Traders said the price will come down further if the government increases its market monitoring.

According to the wholesale and retail markets of the capital rice price update, Miniket rice is being sold at Tk 56 to 60 per kg, Nazirshail at Tk 58 to Tk 62 per kg, Paijam at Tk 44 to Tk 48 and Atash at Tk 48 to Tk 50, and Sorna rice at Tk 41 to Tk 44 per kg.

And in the wholesale market per kg Miniket rice (based on quality) is selling at Tk 52 to Tk 58, Nazirshail at Tk 55 to Tk 62,Atashat Tk 46 to Tk 48, and Pajam is being sold at 42 to 43.

Secretary of Babubazar Rice Traders Association Nizam Uddin informed that the price of rice has come down by Tk 100 to Tk 150 per sack (50 kg) on the news of import. Price would go down further when the imported rice will be abundantly available in the market.

According to traders’ information, imported rice will be marketed till the end of stock and after that Aman harvesting will start. So, there is no chance of rice shortfall and its price hike in the market.

Seeking government intervention in curbing hoarding in the name of rice packaging, AKM Khorshed Alam Khan, president of Bangladesh Auto Rice Mill Owners Association told Bangladesh Post, “Many upstate packaging industries are playing from behind in rice price spiral. The government should frame an act on entrepreneurship of packaging industries.”

“Only two or three group of companies like ACI, Pran and City Agro are involved in rice packaging with their own production, but the number of packaging companies are increasing over the period, which is alarming,” he said.

Citing the current food situation in the country at a satisfactory level, Food Minister Sadhan Chandra Majumder last week said that the price of rice in the country is constantly falling due to the increase in imports.

He said, "The country had a good harvest this time from Boro season. The price of rice is constantly declining in the market due to the import of rice from abroad. To keep this situation stable, the government has continued various people-friendly programmes."

According to the Ministry of Food, the National Board of Revenue (NBR) had issued a notification on August 12 to reduce the import duty on rice to keep the rice market stable.

The NBR has reduced the import duty on rice from 62.5 percent to 25 percent. This facility will remain in force till October 30.

This time, the government has allowed a total of 415 individuals and organizations to import 16.93 lakh tonnes of rice. The process of importing rice will end on October 30.

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