The Bangladesh Bank is set to create a crisis management cell to facilitate the opening of letters of credit (LCs) for import of essential commodities, as per a decision of a meeting at the Commerce Ministry on Sunday.
The central bank will form the cell within two to three days, said Commerce Minister Tipu Munshi at a press briefing after the meeting.
The decision comes at a time when businesses, including commodities importers and processors, complained that they cannot open LCs for the import owing to the reluctance of banks on US dollar shortage.
The cell will work on aiding business-people to import essential commodities and consumers to purchase them at affordable prices ahead of upcoming Ramadan, which is scheduled to begin from March, said Munshi after a long closed-door "business consultative meeting" with leaders of major business chambers and trade bodies, including the president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
He said a section of unscrupulous traders again manipulated the prices of some basic commodities, especially imported goods like sugar.
A section of business-people is selling loose sugar at over Tk120 per kilogram ignoring government-fixed rates of Tk95 for packaged sugar and Tk90 for loose sugar.
Replying to queries from journalists, the minister said the government may consider jailing market manipulators, if necessary.
Munshi also said that the government wants to ensure smooth supplies of basic commodities during Ramadan rather than check the skyrocketing of prices.
He said he had already talked with major commodity importers like City Group which assured him of maintaining a smooth supply of goods during Ramadan.
The month of fasting also triggers a rise in demand, prompting a section of traders to rake in hefty profits.
Munshi said the Commerce Ministry would form a coordination committee soon to strengthen market monitoring of essentials, especially their supply and demand so that consumers can avail affordable prices.
"We will sit again within a week," the minister said.
