Concerns over the price of essential commodities during Ramadan.
Public life is disrupted due to inflation. According to the Bangladesh Bureau of Statistics (BBS) food inflation was 12.92 percent in December. With this high inflation rate people on fixed incomes are struggling to survive. In the meantime, the government has increased duties and taxes on more than a hundred goods and services. This has further increased the pressure of VAT on the people.
Citizens have to count VAT money at every step of their daily lives. In this situation, there is a thought of increasing interest rates again. Interest rates on savings certificates have been increased. The dollar is once again higher than last year and the world market is also higher. This will increase the cost of importing goods. In such a situation, buyers and experts are worried about the prices of goods in the upcoming Ramadan. Market analysts have suggested monitoring at every stage to prevent manipulation in the local market to control prices.
A private sector worker in the capital, Majnunur Rahman, told our time that usually at the beginning of Ramadan, a kind of instability is observed in the country’s consumer goods market every year. In particular, the demand for daily necessities like edible oil, sugar, chickpeas, pulses, dates and onions increases, so the prices also increase. This year, before Ramadan, the government has imposed VAT and customs duties on more than a hundred new products, which has created a kind of fear in public life. I am wondering whether I will have to fast without eating in the upcoming Ramadan.
SM Nazer Hossain, vice-president of the Consumers Association of Bangladesh (CAB), told our time that there is concern about the prices of goods during Ramadan. In the meantime, the prices of many products have increased. Although the government says that prices will not increase due to the imposition of VAT. But prices have really increased. Every year, the prices of goods increase around Ramadan. That fear remains this time too. Although there are no essential products in the supplementary duty and VAT increase, there are important products in public life. This will have an impact on public life. Moreover, many corporate groups are not in the market after August 5. There is no initiative to fill their gaps. On the other hand, there are many technical problems in the import sector. We do not see any visible initiative on those either.
Tariff Commission says it will remain stable
The Bangladesh Trade and Tariff Commission (BTTC) has reviewed the market situation during Ramadan and sent a report to the Ministry of Commerce on January 9. It said that the country’s daily commodities market will remain stable during Ramadan. Along with the downward trend in prices in the international market, the situation is becoming positive due to various initiatives of the interim government to keep prices in the commodity market bearable. As a result, the market for essential goods will remain stable.
The report said that the country’s import situation is normal and said that the common man will be able to buy goods at lower prices in the local market compared to last year. Although the government has recently increased the value-added tax (VAT) or supplementary duty on hundreds of goods and services, the report did not take that into account.
Bangladesh Trade and Tariff Commission (BTTC) Chairman Dr. Mainul Khan told our time on Monday, initiatives have been taken to keep the prices of goods stable during Ramadan. Measures have been taken three months in advance. The products on which VAT has been imposed will not have any impact on Ramadan products. Due to various steps taken by the government, the prices of goods will be low during Ramadan this year.
The Tariff Commission report said that it is necessary to maintain the value of foreign currency to meet import costs. Bangladesh Bank may take necessary measures in this regard. Bangladesh Bank and commercial bank sources said that after the interim government took power last August, the official rate of the dollar for imports was 120 taka. However, due to the crisis, importers had to buy dollars unofficially at 123-124 taka. Now the official rate for imports is 123 taka. Dollars are available for imports at this price. Overall, the dollar crisis has also reduced. Foreign exchange reserves have also increased.
According to Bangladesh Bank, according to the internationally accepted accounting system BPM 6, the country has about 2,168 billion dollars, which was 2,480 million dollars at the beginning of last August. During this period, a large part of the outstanding foreign debt ($3.5 billion) has been repaid.
Meanwhile, despite the opportunity to import rice and the reduction in tariffs, the situation is not promising. Rice imports are not increasing significantly. Rice prices are increasing in the market even during the peak season.
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