BB can take step to reduce rice prices
Last year, the production of rice in haor areas was adversely affected by floods, resulting in increased rice prices. In response, the government withdrew import duty on rice. As the production of rice has been good this year, with adequate supply in the market, it was expected that the prices would be reasonable. However, the prices did not fall partly because of the high import duty that the government has re-imposed. Artificial hoarding of rice by dishonest businessmen is also to blame for this high price.
During the last caretaker government, when something similar happened, Bangladesh Bank instructed all banks to realise loans disbursed to rice millers, and magically, the prices of rice came down within weeks. The BB should take similar steps to protect the interest of the consumers.
Ashraf Hossain
Dhaka
