Sheikh Bashir said, "I don't have Aladdin's lamp to fix the market"

Commerce Adviser Sheikh Bashir Uddin described the recent rise in rice prices as a temporary issue, but noted that it would take some time to stabilize the market.

"I don’t have Aladdin’s lamp to instantly fix the market," he said during a media briefing after a meeting with a Turkish delegation at the secretariat on Thursday. Regarding the price hike, the commerce adviser stated, "Our data shows there is no shortage in rice stocks. However, we have relaxed rice import restrictions to address irregularities in the market."

He added that those hoarding rice would eventually have to release their stocks once imports begin, which would help bring the market back to normal.

In response to questions about allegations of billions of taka being withdrawn from the market, causing hardship to the public, Sheikh Bashir Uddin acknowledged the concern. "There is no denying it. However, I believe this situation is temporary," he said. He further outlined the government's actions, including reducing import duties on rice from 63% to 3%, and importing hundreds of thousands of tonnes of rice from Myanmar, Pakistan, and India under a food ministry initiative.

"The Aman harvest is ongoing, and Boro rice will be available by April. We expect the market to stabilize in the meantime," he added.

When asked if a new syndicate was manipulating the market, Sheikh Bashir Uddin replied, "If you identify the syndicate, it would make our job easier."

The adviser also mentioned that authorities had canceled 3.7 million family cards issued by the Trading Corporation of Bangladesh (TCB) due to widespread corruption in the selection process, but assured that no genuine beneficiaries were affected by the decision.