Staff Reporter :
Some 29 traders have been approved in three phases by the Food Ministry to import rice taking duty cut facility so far as the government has targeted to import rice at least 2.0 million tonnes to meet the country’s demand.
The government is allowing private companies to import rice with conditions in order to bring the price of the staple under control.
The conditions are the importers must open letter of credit (LC) within 7 days of issuance of approval, the traders, allocated for five thousands tones, must sale half of the allotment within ten days and the entire rice within maximum twenty days from the day of opening LC and are allocated over ten thousand tonnes, must sale entire the rice within maximum 30 days.
Earlier, the government has lowered import duty to only 25 per cent from 62.5 per cent.
Dr Mosammat Nazmanara Khanum, Secretary of the Food Ministry, on Tuesday said that 29 importers have been got the ministry approval so far and it will be increased gradually as per the country’s need.
“The measures will continue until the rice price is stabilized,” she added.
Experts, however, said farmers and small traders will be loser if the rice imported has become uncontrolled and also suggested reimposing appropriate import duty on rice once the supply situation improves.
Due to the import decision, the prices of paddy have come down by Tk 100-150 per maund in the local markets as the millers are unwilling to buy paddy fearing the rice price fall, though the rice price is still high.
According to Trading Corporation of Bangladesh (TCB) data, high quality fine rice was selling at Tk 60-66 per Kg, medium rice at Tk 53-60 per Kg and the lower quality rice at Tk 46-50 per Kg.
Khorshed Alam Khan, President of the Bangladesh Auto Rice Mill Owners’ Association, told The New Nation, “The move of importing rice in private sector is a right decision. But the government should not allow the importers, who are involved in the rice market manipulation.”
“The sufferings of the consumers will be increased further, if the dishonest importers get the chance,” he said.
Consumers Association of Bangladesh Secretary Humayun Kabir Bhuiyan said limited import through private channels might hardly impact the local market as Aman output has plunged notably for July-September floods.
The government has also made an initiative to import 1.0-million tonnes of the staple by itself. It will also allow another 1.0-million tonnes by private importers.
Rice prices have witnessed a gradual hike even during this Aman harvesting season. Data available with the Bangladesh Rice Research Institute shows production might have fallen by 1.5-million tonnes than the target of 15.5-million tonnes.
Some 29 traders have been approved in three phases by the Food Ministry to import rice taking duty cut facility so far as the government has targeted to import rice at least 2.0 million tonnes to meet the country’s demand.
The government is allowing private companies to import rice with conditions in order to bring the price of the staple under control.
The conditions are the importers must open letter of credit (LC) within 7 days of issuance of approval, the traders, allocated for five thousands tones, must sale half of the allotment within ten days and the entire rice within maximum twenty days from the day of opening LC and are allocated over ten thousand tonnes, must sale entire the rice within maximum 30 days.
Earlier, the government has lowered import duty to only 25 per cent from 62.5 per cent.
Dr Mosammat Nazmanara Khanum, Secretary of the Food Ministry, on Tuesday said that 29 importers have been got the ministry approval so far and it will be increased gradually as per the country’s need.
“The measures will continue until the rice price is stabilized,” she added.
Experts, however, said farmers and small traders will be loser if the rice imported has become uncontrolled and also suggested reimposing appropriate import duty on rice once the supply situation improves.
Due to the import decision, the prices of paddy have come down by Tk 100-150 per maund in the local markets as the millers are unwilling to buy paddy fearing the rice price fall, though the rice price is still high.
According to Trading Corporation of Bangladesh (TCB) data, high quality fine rice was selling at Tk 60-66 per Kg, medium rice at Tk 53-60 per Kg and the lower quality rice at Tk 46-50 per Kg.
Khorshed Alam Khan, President of the Bangladesh Auto Rice Mill Owners’ Association, told The New Nation, “The move of importing rice in private sector is a right decision. But the government should not allow the importers, who are involved in the rice market manipulation.”
“The sufferings of the consumers will be increased further, if the dishonest importers get the chance,” he said.
Consumers Association of Bangladesh Secretary Humayun Kabir Bhuiyan said limited import through private channels might hardly impact the local market as Aman output has plunged notably for July-September floods.
The government has also made an initiative to import 1.0-million tonnes of the staple by itself. It will also allow another 1.0-million tonnes by private importers.
Rice prices have witnessed a gradual hike even during this Aman harvesting season. Data available with the Bangladesh Rice Research Institute shows production might have fallen by 1.5-million tonnes than the target of 15.5-million tonnes.
