Al Amin :
The Government has taken different measures to control onion market as the prices of the cooking ingredient have increased following India’s decision to curb exports.
Among the measure, the margin for letters of credit will be lowered, onion importers will be given loans at lower bank interest rate and the consignments of onions waiting for release at the ports for long will be released on an urgent basis, commerce ministry official sources said.
Besides, the government has decided to sell onion through Trading Corporation of Bangladesh (TCB) on trucks to keep prices down in the capital primarily.
Commerce Minister Tipu Munshi is scheduled to hold a meeting with the business community today (Tuesday) in this regard.
After India imposed an $850 per tonne minimum export price on onion on Friday, prices started to rise in Dhaka on Saturday. On Sunday, retail prices of both local and Indian onions in the capital rose up to Tk 80 with a maximum hike of Tk 30 per kg.
The commerce ministry in a statement on Sunday said that the government decided to sell onion through Trading Corporation of Bangladesh or TCB, which sells essential products on trucks to keep prices down.
The ministry also said it asked the Bangladesh Bank to take steps to lower LC margin and cut interest rate for onion import. The ports were asked to ensure quick release of imported onions, according to the statement.
“We are trying to start truck sales as early as possible to intervene in the market,” said TCB Chairman Md Hasan Jahangir.
As an immediate action, the TCB plans to buy from wholesale markets, particularly from markets in land ports — Bhomra and Hili — through which onions are imported.
“We cannot bring onion by opening letters of credits in such a short time. We need immediate action. We are trying to control the market,” he said.
The TCB will initially intervene in Dhaka. Later, it will consider selling in the rest of the country, Jahangir said.
The government will consider facilitating the import of onions from alternative sources such as Myanmar to contain the price hike, Md Shafiqul Islam, secretary in-charge of commerce ministry, told the New Nation.
The margin for letters of credit will be lowered, onion importers will be given loans at lower bank interest rate and the consignments of onions waiting for release at the ports for long will be released on an urgent basis, said Islam.
The Government has taken different measures to control onion market as the prices of the cooking ingredient have increased following India’s decision to curb exports.
Among the measure, the margin for letters of credit will be lowered, onion importers will be given loans at lower bank interest rate and the consignments of onions waiting for release at the ports for long will be released on an urgent basis, commerce ministry official sources said.
Besides, the government has decided to sell onion through Trading Corporation of Bangladesh (TCB) on trucks to keep prices down in the capital primarily.
Commerce Minister Tipu Munshi is scheduled to hold a meeting with the business community today (Tuesday) in this regard.
After India imposed an $850 per tonne minimum export price on onion on Friday, prices started to rise in Dhaka on Saturday. On Sunday, retail prices of both local and Indian onions in the capital rose up to Tk 80 with a maximum hike of Tk 30 per kg.
The commerce ministry in a statement on Sunday said that the government decided to sell onion through Trading Corporation of Bangladesh or TCB, which sells essential products on trucks to keep prices down.
The ministry also said it asked the Bangladesh Bank to take steps to lower LC margin and cut interest rate for onion import. The ports were asked to ensure quick release of imported onions, according to the statement.
“We are trying to start truck sales as early as possible to intervene in the market,” said TCB Chairman Md Hasan Jahangir.
As an immediate action, the TCB plans to buy from wholesale markets, particularly from markets in land ports — Bhomra and Hili — through which onions are imported.
“We cannot bring onion by opening letters of credits in such a short time. We need immediate action. We are trying to control the market,” he said.
The TCB will initially intervene in Dhaka. Later, it will consider selling in the rest of the country, Jahangir said.
The government will consider facilitating the import of onions from alternative sources such as Myanmar to contain the price hike, Md Shafiqul Islam, secretary in-charge of commerce ministry, told the New Nation.
The margin for letters of credit will be lowered, onion importers will be given loans at lower bank interest rate and the consignments of onions waiting for release at the ports for long will be released on an urgent basis, said Islam.
