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In the market of increased prices, what can be avoided in the crisis of consumer goods during Ramadan?
Story in: March-2023
Story: In the market of increased prices, what can be avoided in the crisis of consumer goods during Ramadan?
When Ramadan comes to Bangladesh,
the price of daily necessities increases. There is an increase in the prices of
various products before Ramadan. Imports of products that increase demand
during Ramadan have also decreased compared to last year. However, Bangladesh
Bank says that sufficient LCs have been opened for importing goods. So the
crisis will not be created. With the same assurance, the commerce minister also
urged the consumers not to buy more products at once. Consumer rights activists
feel syndicate control is most important.
Ramadan is starting in Bangladesh
in the last week of March. Chicken and egg prices have increased by 25 percent
in the last two weeks. It is constantly increasing every day. Ramadan is
starting in Bangladesh in the last week of March. Chicken and egg prices have
increased by 25 percent in the last two weeks. It is constantly increasing
every day.
Edible oil, sugar, pulses,
chickpeas, dates and onions are most in demand during Ramadan. Imports of these
six consumer goods increase before Ramadan. But in the months of November,
December and January of the current fiscal year, the import of these products
has decreased by more than 25 to 50 percent compared to the same period of the
previous fiscal year.
It is said that this situation is
arising due to the problem of opening LCs due to the dollar crisis. As there is
not enough import, there is fear of price increase in the market. According to
the information of Chittagong Customs House, 1 lakh 25 thousand 705 metric tons
of soybean oil was imported through Chittagong port from last November to
January. At the same time a year ago, the import of soybean oil was 223
thousand 384 metric tons.
After the opening of LC, it takes one
to one and a half months to import goods from abroad. In the last three months,
the import of chickpeas has decreased by 50 percent. But the import of sugar is
normal. Still, the price is rising. Dates have also decreased in import. In the
last three months, 22 thousand metric tons of dates were imported through
Chittagong port. At the same time last year, 40 thousand of metric tons were imported.
According to the information of
the Ministry of Commerce, 153 million US dollars are required to import those
six products according to the demand of these two months from January to
February and the next Ramadan. And just to meet the demand for one month of
fasting, 560 million US dollars are required to import these products. But due
to the dollar crisis due to the strict imposition of the central bank this time, the businessmen could not open enough LCs.
Mostafa Haider, director of TK
Group, said, "The situation is improving somewhat. Bangladesh Bank is
giving some priority to the import of Ramadan products. We can open LC on a priority basis. However, this facility was not available in November and
January. As a result, there will not be a supply of imported goods in Ramadan
like last time.
According to Bangladesh Bank,
enough LCs have been opened for daily commodities which are needed by consumers
including dates, soybean oil, and sugar during Ramadan.
Consumers Association of
Bangladesh (CAB) vice-president SM Najer Hossain said, "In the information
that Bangladesh Bank is giving, there should not be a shortage of imported
goods during Ramadan. But there are syndicates of imported goods. A few
importers control the market. So there is no danger of crisis if they stop this
syndicate. They have created a crisis even when there was no dollar crisis or
LC opening crisis. So this syndicate has to be watched. - Editor
Home Editorial Calendar In the market of increased prices, what can be avoided in the crisis of consumer goods during Ramadan?
Story: In the market of increased prices, what can be avoided in the crisis of consumer goods during Ramadan?
When Ramadan comes to Bangladesh, the price of daily necessities increases. There is an increase in the prices of various products before Ramadan. Imports of products that increase demand during Ramadan have also decreased compared to last year. However, Bangladesh Bank says that sufficient LCs have been opened for importing goods. So the crisis will not be created. With the same assurance, the commerce minister also urged the consumers not to buy more products at once. Consumer rights activists feel syndicate control is most important.
Ramadan is starting in Bangladesh in the last week of March. Chicken and egg prices have increased by 25 percent in the last two weeks. It is constantly increasing every day. Ramadan is starting in Bangladesh in the last week of March. Chicken and egg prices have increased by 25 percent in the last two weeks. It is constantly increasing every day.
Edible oil, sugar, pulses, chickpeas, dates and onions are most in demand during Ramadan. Imports of these six consumer goods increase before Ramadan. But in the months of November, December and January of the current fiscal year, the import of these products has decreased by more than 25 to 50 percent compared to the same period of the previous fiscal year.
It is said that this situation is arising due to the problem of opening LCs due to the dollar crisis. As there is not enough import, there is fear of price increase in the market. According to the information of Chittagong Customs House, 1 lakh 25 thousand 705 metric tons of soybean oil was imported through Chittagong port from last November to January. At the same time a year ago, the import of soybean oil was 223 thousand 384 metric tons.
After the opening of LC, it takes one to one and a half months to import goods from abroad. In the last three months, the import of chickpeas has decreased by 50 percent. But the import of sugar is normal. Still, the price is rising. Dates have also decreased in import. In the last three months, 22 thousand metric tons of dates were imported through Chittagong port. At the same time last year, 40 thousand of metric tons were imported.
According to the information of the Ministry of Commerce, 153 million US dollars are required to import those six products according to the demand of these two months from January to February and the next Ramadan. And just to meet the demand for one month of fasting, 560 million US dollars are required to import these products. But due to the dollar crisis due to the strict imposition of the central bank this time, the businessmen could not open enough LCs.
Mostafa Haider, director of TK Group, said, "The situation is improving somewhat. Bangladesh Bank is giving some priority to the import of Ramadan products. We can open LC on a priority basis. However, this facility was not available in November and January. As a result, there will not be a supply of imported goods in Ramadan like last time.
According to Bangladesh Bank, enough LCs have been opened for daily commodities which are needed by consumers including dates, soybean oil, and sugar during Ramadan.
Consumers Association of Bangladesh (CAB) vice-president SM Najer Hossain said, "In the information that Bangladesh Bank is giving, there should not be a shortage of imported goods during Ramadan. But there are syndicates of imported goods. A few importers control the market. So there is no danger of crisis if they stop this syndicate. They have created a crisis even when there was no dollar crisis or LC opening crisis. So this syndicate has to be watched. - Editor
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