Staff Reporter :
Syndication of some leading companies and lack of proper vigilance of the government are main reasons behind the commodity market volatility in the country, experts said.
They came up with the remark while speaking at a seminar titled “Policies and roles to control market syndicates of rice, eggs and other daily essential commodities,” organised by Bangladesh Sadharon Nagorik Somaj, at the Sagar-Runi Auditorium of Dhaka Reporters Unity in the city.
Convener of the Nagarik Somaj, Mohiuddin Ahmed, chaired while Chief Coordinator of Ganasanghati Andolon Junaid Saki, General Secretary of Bangladesh Biplabi Workers Party Saiful Haque, President of Bangladesh Auto Rice Mill Owners Association AKM Khorshed Alam Khan and President of Bangladesh Poultry Association Md Suman Hawladar, spoke in the seminar, among others.
Saiful Haque said that political entities and general citizens are not vocal about their consumer rights.
“We have been experiencing that businesses and traders are being given charge of important ministries on regular basis resulting in the community could now take advantage from having such people in most powerful position,” he said. The syndicate which manipulates essential commodity market has close relation with the ministry officials, he said.
Junaid Saki said that some companies have almost full control on the commodity market.
“It is natural that traders will opt to maximise profits, but bring check and balance on it is one of the key responsibilities of the government and the government institutions,” he said.
“Just as there is no accountability for voting rights, there is no accountability for government ministries and institutions in market regulation,” he said.
Auto Rice Mill Owners Association president Khorshed Alam Khan said, dishonest traders are beyond their control.
He said some big millers manipulate the market.
“When the food minister called them in the ministry and asked why the price of rice is increasing, they replied that from tomorrow the price would decline by Tk 5.0 a kg and it reduces by Tk 2.0 a kg. It proves who has control over the market,” he said.
Abdul Hannan from CAB said that serious criminals have been given minimal fines during mobile courts.
No one has ever been brought under any penal law or been punished for market manipulation, he said.
Bangladesh Poultry Association President Suman Howladar said that the poultry business is now controlled by a few big companies.
Their oligopoly forced farmers to close thousands of their small and medium scale farms as now only 60,000 poultry farms exist in the country which was 0.16 million a decade back.
Emdadul Haque Tuhin, senior correspondent of Sarabangla.net, said, there is no visible activity of the commerce ministry in monitoring the country’s essential market.
“Besides the government, people should also be vocal to protect their right. The political parties will have to play big role to bring control over such oligopoly market,” he said.
