THOUGH the kitchen market has become volatile ahead of Ramzan, the situation does not bother the government high ups or even the bureaucracy. The Commerce Ministry about one month ago assured that the prices of essentials and their supply would remain stable with enough imports lined up to keep the market stable. Representatives of Bangladesh Bank, National Board of Revenue (NBR) and intelligence agencies also said that there was no reason for panic or price hike during Ramzan after examining the stock position of different items and supplies. But the ground reality tells the reverse tale just ahead of Ramzan while only two days are left to begin the holy month of fasting. A section of corrupt businessmen are trying to increase the price of essentials by creating a simulated supply crisis. Prices of the major products especially sugar, lentils, edible oil, date and gram have already gone beyond the ability of the common masses.The Commerce Minister earlier said that the government would work jointly with businesses to keep the prices stable and nobody would be spared if they tried to create artificial crisis through illegal hoarding. We are agonized as the government’s routine assurance is seemingly ritualistic and composed of rhetoric considering the ground reality.The government has failed to develop a mechanism to a year wise, including the Ramzan month, demand-production-short-fall-import requirement data base of all essential commodities for the country as a whole and then keep a watch on the actual demand-supply situation prevailing in the market. The policy to involve TCB in regulating the market, particularly during Ramzan, has repeatedly failed in the past. For example, TCB imported huge edible oil stocks last year but did not sell it to allow private importers to manipulate the market. TCB later sold that very stock at lower cost to hoarders, thus causing huge losses to the public exchequer. Similarly, TCB invited tenders through private business houses to import other essential items and spoiled time without receiving any shipment. Later the bid was aborted but the people suffered much and bought at higher prices caused due to TCB’s mishandling of the market situation. Thus the government’s market intervention policy, so far adopted, has proven to be erroneous.Moreover, there is a question over the nexus between big business and powerful political quarters. When importers and hoarders work with powerful quarters or leaders give protection to hoarders as they become beneficiaries from such business; the market monitoring mechanism collapses and buyers end up paying heavily during Ramzan.The intelligence agencies are also found indifferent when monitoring the supply and prices. Therefore, big importers hold back stocks to create artificial supply shortfalls to exploit the situation. They must be watched and quickly dealt with. There should be adequate market intelligence supports to oversee the ground realities, watch on the defaulters and act upon them decisively and promptly to hold the situation under control.As a government should have no business in business, rather, it should to play the role of a watchdog, not that of a regulator. Any measure to stabilize supply and prices of essentials during Ramzan must be serious and not part of an eye-wash to befool the nation. Illegal hoarders must be under watch and the violators booked.
