Munshi warns against illegal stockpiling

The government will not allow any quarter to do brisk business by creating an artificial crisis in markets through illegal stockpiling of basic commodities, Commerce Minister Tipu Munshi warned yesterday.

“A normalcy in supply and demand of goods has to be maintained in the market,” he said while addressing a seminar on the “role of Bangladesh Competition Commission in sustainable and inclusive development” at the Cirdap auditorium in Dhaka.

The commission organised the seminar to disseminate information among business communities about fair prices and proper demand and supply of basic commodities in the markets.

Trade body leaders, exporters, importers, local commodity traders and government high-ups attended the seminar, chaired by Iqbal Khan Chowdhury, the commission chairman.

“The government will not allow any illegal stockpiling of basic commodities and price hike ahead of Ramadan,” said Munshi, adding that sometimes traders hike prices of goods cashing in on religious sentiments. No activity which ultimately affects consumers will be allowed while fair prices will be ensured through the creation of proper competition in the markets, he said.

The continuation of reckless anti-consumer activities will not be allowed further, he said, adding that people would be able to avail the opportunity of buying improved, quality goods through the establishment of fair prices.

The commission will have to be strict in enforcing laws so that fair prices of goods are ensured, said the minister. He said Bangladesh was currently the world's 42nd largest economy targeting to be a developed country by 2041.

Abdur Razzaque, an economist specialising in international trades, labour and development, presented a keynote paper while Mofizul Islam, commerce secretary, Atiur Rahman, former Bangladesh Bank governor, and Shafiul Islam Mohiuddin, president of the Federation of Bangladesh Chambers of Commerce and Industry, also spoke.