The government is taking various measures to ensure adequate supplies of essential commodities and reasonable prices for consumers during the upcoming Ramadan, Commerce Minister Khandakar Abdul Muktadir said on Thursday.
Initiatives are being taken to rationalize duties on fruits and dates, lower interest rates on bank loans for importing consumer goods, and remove obstacles to transportation and clearance of imported products, he said.
The minister made the comments while speaking at a discussion with traders and importers on ensuring the supply of essential commodities and market stability, organised by the Chittagong Chamber of Commerce and Industry (CCCI) at the World Trade Center in Chittagong.
The government will also continue regular market monitoring to prevent artificial crisis and unjustified price hikes, he said.
Regarding preparations for Ramadan, Muktadir said there are already sufficient supplies of essential commodities, including edible oil and sugar, while opening letters of credit (LCs) for imports is continuing as normal.
He said the government is working in coordination with relevant agencies to ensure smooth supply of essential goods throughout the year, including during Ramadan.
The minister stressed the need to reduce import costs to keep prices of essentials at a reasonable level.
The government is working to reduce the duty on the import of fruits, currently at 121%, to make them more affordable, he said, adding that a letter has also been sent to the National Board of Revenue (NBR) seeking a reduction in duties on dates.
Muktadir said he will discuss with the Bangladesh Bank governor the possibility of reducing interest rates on bank loans for importing consumer goods.
Responding to a question about unusually high fruit prices, he said selling imported oranges at Tk400-500 per kg even after payment of duties is unacceptable.
The minister, however, claimed that the price has fallen significantly following drives by the Directorate of National Consumer Rights Protection (DNCRP) and the administration.
“Artificial crisis or attempts to make excessive profits ahead of Ramadan or on any other occasion will not be tolerated,” he said, adding that market monitoring will continue throughout the year.
On reducing supply costs, Muktadir said initiatives have been taken to improve the efficiency of Chittagong Port and remove obstacles to the transport system with a view to bringing down the country's logistics costs from 16%.
He also highlighted several government initiatives to simplify business operations, including making the trade licence system fully online so that certificates can be downloaded from anywhere after payment of the prescribed fee.
The government is also working to modernise the Registrar of Joint Stock Companies and Firms (RJSC) on the model of Singapore and introduce a system for transferring shares remotely through facial recognition and fingerprint-based identity verification, the minister said.
He said the government is also considering making pre-shipment inspection (PSI) mandatory for imports of sodium sulphate, or synthetic salt, and bitumen to ensure quality and transparency.
Asked about the impact of the fuel price hike, Muktadir said the government had subsidised fuel for a long time and made a minimum price adjustment to maintain the country's financial balance.
He said steps are being taken to reduce duties on other imported products to prevent additional pressure on the market.
During the meeting, the business leaders assured the government that traders are fully prepared to maintain adequate supplies of essential commodities during Ramadan.
CCCI President Mohammad Amirul Haque, who chaired the meeting, said traders will ensure that there is no artificial crisis of major essentials, including lentils, chickpeas, wheat, edible oil and sugar.
He said they will regularly monitor market demand and stocks and coordinate with port and customs authorities to ensure smooth clearance of imported goods.
Describing Chittagong as the country's economic hub and an important centre for regional trade and logistics, Amirul called for ensuring a level playing field for businesses in the region.
He also reaffirmed the business community's commitment to conducting trade transparently and protecting consumer interests.
Khatunganj Trade and Industries Association President Abdus Salam urged customs, port and government agencies to strengthen coordination and avoid harassment of traders to ensure smooth supply during Ramadan.
He stressed the need for a cooperative environment for the import and clearance of goods.
