** Influentials hamper reform process : Economists ** BNP announces march prog on February 11 ** Probe alleged enforced disappearances ** Stolen device worth Tk 47 lakh recovered ** Spy balloon row: High-altitude spying marks new low for US-China ties ** 642 killed in road accidents in January: JKS ** Buriganga River, the lifeline of Dhaka city, suffers from a terrible pollution problem. Every day chemical and household waste, sewage, medical waste, and mountains of plastic continue to pollute Buriganga. Besides, hundreds of plastic recycling factories have been built on both sides of the river. This photo taken on Saturday shows, recycled plastic is being dried in the sun along the banks of the river. Agency photo ** Prisoner dies after being sent to Pabna jail ** FBI searches Biden’s vacation home ** Messi acknowledges Bangladesh's love ** Infection found in 28 districts ** 2 US officials to visit Dhaka this month ** Book Fair sees huge crowd on weekend ** Adani’s $108b crisis shakes investors’ faith in India ** BNP's divisional rallies today ** Shell reports highest profits in 115 years ** Dhaka, Colombo seek greater cooperation through promoting shipping, air connectivity ** People’s sufferings do not move this government ** BERC jacks up LPG price by Tk 266 per 12kg cylinder ** Many motorcyclists chose to ride on the footpaths of Shaheed Tajuddin Ahmed Sarani amid severe traffic congestion in the capital on Thursday, disrupting movement of pedestrians. Agency photo ** A mushroom cultivator plants mushrooms in polythene bags stuffed with sawdust, wheat husk and jute sticks inside a shade made of cogon grass, bamboo in Natore's Jugipara area on Thursday. NN photo ** Export earnings rise by 5.89pc in Jan ** ‘DCs, UNOs run country’ ** Missing B’baria by-polls candidate Asif returns home ** HAAB announces Tk 6.72 lakh private hajj package **

Commodities prices to go up by 30pc in Ramzan: Tariff Commission

24 January 2023

Staff Reporter :
The prices of imported consuming goods are likely to be increased by 30 per cent comparing with the last Ramzan due to rise in dollar price, according to Tariff Commission.
On the other hand, the traders urged to stabilize the dollar market along with resolving the letters of credit (LCs) opening complication to keep commodity market stable.
The officials and the traders came up with the remarks in a meeting at the conference room of the Directorate of National Consumer Rights Protection (DNCRP) in the capital on Monday. The right body arranged the views-exchange meeting with the leaders of CAB, importers and retailers to keep supply and price of essential commodities stable in the upcoming Ramzan.  
LC opening crisis is now crippling the country's businesses as they are finding it difficult to open LCs owing to banks' inability to provide the American greenback needed to finance imports and the central bank's restriction on non-essential imports.
The stress seems to be intensifying with each passing day. LC opening slumped 14 per cent year-on-year in July-December of the current fiscal year (2022-23), while LC settlement declined 9 per cent during the time.
Under the situation, the traders apprehended that it will be difficult to control of commodity market, if the LC opening complication is not resolved immediately.
Meanwhile, the leaders of the Consumers' Association of Bangladesh (CAB) suggested reducing customs duty on imported consuming goods in order to keep the market tolerable level.
They also alleged that the country's commodity market is gradually hosting by the some corporate firms.
Mahmudul Hasan, Deputy Chief of the Tariff Commission, said the prices of imported consuming goods will remain 30 per cent higher than last Ramzan due to increase in dollar price and international market conditions.
Urging not to increase the prices of the essentials unusually accusing supply crunch in the Ramzan, the DNCRP's Director General H M Shafiquzzaman said, "The commodity market becomes unstable due to some dishonest traders. But, we will not tolerate it."
He also informed that they would send recommendations to the National Board of Revenue (NBR) to reduce customs duty on imported essential goods.
FBCCI Vice-President Amin Helaly said that the prices of essential would be gone beyond under control, if the LC opening crisis is not resolved immediately.
CAB General Secretary Advocate Humayun Kabir and representatives of DGFI and NSI were present in the meeting.

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