Ramadan
No new import permit for onion through Hili land port after March 15
Importers are suspecting that onion price in the country may go up during Ramadan, as the government of Bangladesh has decided to not issue new permits for importing Indian onions after March 15 through the Hili land port -- to ensure local farmers get a fair price.
“Large consignments of onions are being imported now through Hili land port to keep prices stable during Ramadan. But the government decided to not issue new onion import permits from India, which may make the onion market unstable,” Senior Vice President of Hili Land Port Import-Export Group Shahidul Islam said while speaking at a press conference on Monday (March 14, 2023) night.
Read More: Onion imports through Benapole resume after 2 months
If onion imports stop after March 15, importers will suffer financially. Consumers also have to buy onions at higher prices during Ramadan, he added.
Mostafizur Rahman, general secretary of the organization, said that it is necessary to continue importing onions throughout the month of Ramadan and keep the prices stable.
Currently, imported onions are being sold at Tk 24 and domestic onions at Tk 26 per kg at retail level.
Read More: Magura onion farmers in tears as prices plummet
Ramadan 2023: Govt sets office timing from 9 am to 3:30 pm
The government of Bangladesh has set the office timing for the upcoming holy month of Ramadan – from 9 am to 3:30 pm – for all government, semi-government, autonomous and semi-autonomous institutions.
The decision was taken today at the weekly cabinet meeting held with Prime Minister Sheikh Hasina in the chair at the PMO.
Read: Sufficient commodities in stock, refrain from panic buying during Ramadan: Govt
“During Ramadan, 9 am to 3:30 pm has been set as office hours,” Cabinet Secretary Mahbub Hossain said while briefing reporters.
He said there will be a 15-minute break from 1:15 to 1:30pm for Zuhr prayers.
Read More: If people don’t buy in excess, there will be no price hike of essentials ahead of Ramadan: Tipu Munshi
Sufficient commodities in stock, refrain from panic buying during Ramadan: Govt
The government has asked the people not to go for panic buying as there would be no crisis in the supply of essential commodities during the month of Ramadan.
“We’ve enough food grains and essential commodities in the market. I would like to tell all so that none should go for panic-buying or purchase a large quantity of commodity at a time," PM’s Principal Secretary M. Tofazzel Hossain Miah told reporters after a meeting on Sunday.
The meeting was held in the Prime Minister’s Office to review the supply situation of the essential goods prices of commodities, electricity supply and law and order during the Ramadan month, as well as the mass exodus during the Eid-ul Fitr.
The Principal Secretary chaired the meeting, while high officials from different ministries and agencies including senior secretaries of the commerce ministry and public security division attended it.
"According to available information received from different ministries, this year the stock of food grains is much higher than any time in the past. We’ve enough food grains in stock ahead of Ramadan, which is a matter of satisfaction for us,” said Tofazzel Hossain.
He said the authorities concerned were directed to ensure the proper supply chain of essential commodities during Ramadan.
He hoped that the price of sugar would decline during Ramadan as the government has already reduced duty and withdrawn tariffs on sugar import.
The import of sugar will be much higher ahead of Ramadan due to the measures taken by the government.
Besides, the open market sale (OMS) will be continued as usual, while the TCB will sell essential commodities including edible oil, sugar, rice, onion and chickpeas (chhola). The TCB will also sell dates in Dhaka city, he said.
Some 10 crore people will be benefited with the sale of essential commodities (at subsidised rates) under the two food programmes ahead of the Ramadan and the Eid-ul Fitr, he said.
Tofazzel said the government will take tough action against if anyone tries to hoard commodities and mounts public sufferings during the Ramadan.
Electricity supply to be normal:
The Principal Secretary said the electricity supply will be normal during Ramadan. The authorities concerned asked to ensure proper electricity supply during Iftar and Sehri as well as for irrigation after 11pm following an appropriate rationing system.
About mass exodus during the Eid-ul Fitr, he said the authorities were asked to ensure smooth and safe journey of the home-goers by identifying and solving problems after visiting the local spots.
If people don’t buy in excess, there will be no price hike of essentials ahead of Ramadan: Tipu Munshi
Commerce Minister Tipu Munshi has said there will be no price hike of daily essentials if people refrained from purchasing excess items ahead of Ramadan.
“Rapid Action Battalion (RAB) members, police and executive magistrates will monitor markets and there will be no price hike of essential items if people do not buy excess items ahead of Ramadan,” he said.
The commerce minister said this while talking to reporters after attending a programme at Chandpur Police Lines Auditorium on Friday.
Due to the dollar price going up, prices of daily essentials have gone up in many countries and the prices of imported goods have also seen a rise in Bangladesh, he said.
Keeping this in mind, the government has started selling edible oil, sugar, dates, chickpeas and lentils through state-owned Trading Corporation of Bangladesh (TCB) at low prices for one crore low-income families, he added.
Also read: TCB starts selling 5 daily essentials ahead of Ramadan
From Thursday, TCB started selling daily essentials ahead of Ramadan.
The card holders can buy goods at subsidized rates from specific TCB sales points and dealers’ outlets.
A card holder can buy 2 litres of soybean oil, 2 kg lentils, sugar, chickpea and 1 kg dates at a time.
The card holders can buy sugar at TK 60 per kg, date at Tk 100 per kg, lentils at Tk 70, chickpeas at Tk 50 and soybean oil at Tk 110 per litre.
Govt plans to provide 10 kg rice to 1 crore families each during Ramadan: Food Minister
Food Minister Sadhan Chandar Majumder on Thursday the government is planning to provide over one crore families with 10 kg rice under Vulnerable Group Feeding (VGF) programme in the upcoming Ramadan.
He said this while responding to a question from journalists at the secretariat.
The country has achieved bumper Aman yield and the country won’t need to import rice once good yield of Boro paddy is achieved, said the minister .
He said the government usually distributes rice to people during the Ramadan under rationing, Kabikha, TR and OMS programmes.
Read: Govt will continue subsidies to ensure food security: Dr Razzaque
" Rice and flour are distributed through 2500 dealers across the country on a regular basis,” he said, adding that the lower-income people can buy 5 kg rice at Tk 30 per kg and 3 kg flour at Tk 24 under OMS programme.
He said over one crore families of the country get 5 kg rice and 3 kg flour each round the year and no one will fall in crisis for rice in the Ramadan.
50 lakh families will be provided with 30 kg rice at Tk 15 per kg from March 1 and people usually get rice under the progamme five months—March, April, May, September and October a year.
LNG import on track to support power generation
Prime Minister Sheikh Hasina on Wednesday said the process of importing LNG from the spot market has already been taken to meet the demand of gas for power generation for the ongoing agricultural irrigation season, upcoming Ramadan and summer season.
The Prime Minister said this while responding to a tabled question from Jatiya Party MP Fakhrul Imam.
She said that in 2008, the daily gas production capacity was 1,744 million cubic feet. In 2018, production capacity increased to 2,750 million cubic feet.
“And currently the daily gas production capacity is 2,300 million cubic feet,” she said.
The Leader of the House said that in order to meet the increased demand of gas for power generation during the current agricultural irrigation season, Ramadan and summer, to keep the production uninterrupted in the industrial sector and to continue the production of captive power produced under the own management of various factories for export, the increased demand must be met by importing LNG at a high price from the spot market.
She said that is why the government has decided to increase the price of gas used only in electricity, industry, captive power and commercial sectors, leaving other consumer groups unchanged.
“The process of importing LNG from the spot market has already been adopted to meet the demand of gas in the said sectors.”
In response to the question of the ruling Party MP Kazim Uddin Ahmed, the Prime Minister said that the unprecedented success of increasing agricultural production and achieving food self-sufficiency in Bangladesh during the Awami League government has caught the attention of the world.
Read more: Dependence on LNG import to continue, more terminals to be set up: Energy Advisor
Hasina said as per the election manifesto of Awami League, one of the goals of the government is to ensure food security and increase the export of agricultural products.
“For this purpose, our government is ensuring reforms in fertiliser management, providing incentives to small and marginal farmers affected by natural calamities and development assistance in agricultural inputs including fertiliser,” she said.
The Prime Minister said that agricultural machinery is being provided with development assistance to introduce modern agricultural system in the country.
She said that agricultural loans at low interest rates, fertilisers at affordable prices, improved varieties of seeds and irrigation are being arranged to help the farmers.
“As a result, despite climate change and the impact of the Covid-19 pandemic and the global crisis, efforts to improve agriculture and introduce modern farming systems have continued,” she added.
In response to another question from Jatiya Party's Rustam Ali Farazi, Hasina said that the government is observing global situation regarding the possibility of a recession in the world economy in 2023 and is taking various steps to keep Bangladesh free from the effects of a possible recession.
“Fiscal policy and monetary policy are coordinated very carefully,” she added.
The Prime Minister said that the government has taken steps to reduce unnecessary expenditure to continue the flow of necessary resources to the productive and social security sectors.
She said that if the flow of resources to the income generating productive sector
and purchasing power of the marginalised people under the social safety-net programmes can be kept normal, the impact of the economic recession will be mitigated to a large extent and It can be avoided.
Crisis over LC opening will be normal soon, BB Governor tells DCCI
The leaders of Dhaka Chamber of Commerce and Industry (DCCI) urged Bangladesh Bank (BB) to supply adequate foreign currency in the settlement of LCs for an uninterrupted supply of essential commodities during the month of Ramadan.
The demand came from a meeting with Bangladesh Bank Governor Abdur Rouf Talukder while the newly elected Board of Directors of the DCCI made a courtesy call at his office on Wednesday. DCCI President Md Sameer Sattar led the team when they discussed various issues including the dollar crisis and smooth supply of essentials in the market.
The DCCI leaders told the Governor that public-private partnership is very important to tackle economic challenges.
In addition to this, Bangladesh Bank also needs to aim to assist commercial banks in providing sufficient foreign exchange for the settlement of the LCs to keep the uninterrupted supply of essentials during Ramadan.
The DCCI team also suggested ensuring good governance in controlling Non-Performing Loans by taking necessary reforms in the Banking Act, considering strict actions of loan recovery from the willful defaulters.
Read more: LC margin lowered to ensure stable supply of commodities in Ramadan
Governor Abdur Rauf Talukder said that the economy is currently facing three major challenges- the Russia-Ukraine war, an interest rate hike by the Federal Reserve Bank in the United States and the Covid-19 situation worsening in China.
He said that despite these challenges Bangladesh’s economy has remained quite stable.
He also indicated that the current situation of the LC opening will be normal within the next one or two months.
The central bank is working tirelessly to take several policy steps, including minimising the LC margin to ensure an uninterrupted supply of essentials during the upcoming Ramadan, the Governor said.
DCCI Senior Vice President SM Golam Faruk Alamgir Arman, Vice President Md. Junaed Ibna Ali and other members of the Board of Directors were also present at the meeting.
Read more: Rice, wheat import: Bangladesh Bank asks banks to keep minimum LC margin
Steps taken to keep market stable during Ramadan: Commerce Minister
The government has taken adequate measures to ensure sufficient supply of essentials and keep the market stable during Ramadan, said Commerce Minister Tipu Munshi on Sunday.
“There will be no crisis of daily essentials and there will be no price hike during Ramadan,” he said while speaking at a programme after inaugurating the month-long Industry and Trade fair at Rangpur Cricket Garden in Rangpur city.
He also urged the people of the country to refrain from purchasing many products at a time during the month of Ramadan.
The government has taken an initiative to purchase more products at government and private levels and already many products have reached the country while some are on the way to Bangladesh and process is underway to buy more, said the minister.
If the consumers buy normal quantity of their essential products then there will be no problem, he said.
Also read: Measures in place to ensure supply of essentials in Ramadan: Tipu Munshi
Issuing a note of warning, Tipu said stern action will be taken if traders create artificial crisis after hoarding goods and tryto increase the prices of the goods during the month of Ramadan or in the other months.
A number of meetings are being held with the people engaged in import, manufacturing and wholesale traders ahead of Ramadan and it will continue as the government is providing all-out support to the business people as per their demands, said the minister.
Measures in place to ensure supply of essentials in Ramadan: Tipu Munshi
Commerce Minister Tipu Munshi said on Wednesday that the initiative has been taken to stock seven daily essentials and ensure adequate supply to keep their prices stable during the fasting month of Ramadan.
The minister said this while speaking at the 5th meeting of the ‘Task Force on Review of Commodity Prices and Market Situation’ held at the conference hall of the Ministry of Commerce at the Secretariat on Wednesday.
Read more: Govt to soon fix prices of 9 daily essentials
He said necessary measures have been taken to ensure supply of edible oil, sugar, lentil, onion, dates, rice, and wheat as per the demand.
He said despite some difficulties in LC opening due to the current global situation necessary action has been taken to disburse foreign currencies through banks for LC opening to facilitate imports of essential commodities.
“The government of India has been informed not to stop the export of some essential items without prior notice. In addition, the Indian government has ensured supply of essentials as per Bangladesh's requirement,” the minister said.
He reassured that there will be no shortage of the essential commodities and the prices will remain normal considering all these aspects.
“Market monitoring will be intensified to keep the situation normal and there is no need to buy large quantities of these goods at once before the start of the Ramadan. The country's media can play an important role in creating public awareness in this regard,” the minister said.
Read more: Cabinet asks for a realistic assessment of price situation of essentials and tasks ahead
Prime Minister's Advisor on Private Industry and Investment Salman F Rahman attended the meeting while Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh presided over the programme.
Bangladesh Trade and Tariff Commission Chairman Mahfuza Akhtar, Bangladesh Competition Commission Chairperson Pradeep Ranjan Chakraborty, Bangladesh Trading Corporation of Bangladesh (TCB) Chairman Brigadier General Md. Ariful Hasan, Director General of National Consumer Rights Protection Directorate AHM Shafiquzzaman, NBR’s representative Khandkar Nazmul Haque, Director (Foreign Exchange Operations) of Bangladesh Bank Abdul Haque, First Vice President of FBCCI Mostafa Azad Chowdhury Babu, representative of Consumers Association of Bangladesh (CAB) Kazi Md. Abdul Hannan, representatives of TK Group, City Group and various intelligence and security agencies were also present at the meeting.
Minimum or zero LC margin for imports of daily commodities for Ramadan, says Tipu Munshi
Minimum LC margin or LC zero margin has been allowed for importing essential commodities to meet consumption demands for next Ramadan, said Commerce Minister Tipu Munshi on Wednesday.
But because of LC opening other businesses will not suffer, he said.
Later, buyers can pay the dues of the commodities after 6 months as per the rules, he added.
“Dollars are being supplied as per the market situation in terms of imports. However, for remittance payment the amount is not given less,” he said.
The minister said the prices of pulses, oil and sugar, which need to be imported, have increased slightly following increase in the global market.
Read more: E-commerce has a billion-dollar prospect in Bangladesh: Tipu Munshi
But the prices of agricultural products in the country are low and may stay stable for the next two to three months, he added.
He said the prices of imported goods have increased because of higher dollar rates. In line with the dollar rates the prices of those goods are being fixed. That’s why the inflation remained under control compared with other countries, he said.
The minister said that the purchasing power of the people is limited. So, as long as it is necessary, one crore families will be provided with essential commodities at subsidized prices through TCB (Trading Corporation of Bangladesh).
He said that Prime Minister Sheikh Hasina has asked all to be economic to check the cost of imports. About 40 percent electricity consumption of the country has been reduced through special initiatives.
Currently, the difference between the import and export volume has narrowed. Dollars are being saved by reducing imports of luxury goods.
On Tuesday, Bangladesh Bank has allowed 8 essential commodities “usance term” (credit for suppliers/buyers) to meet consumption demands for next Ramadan.
Read more: LCs under scanner to check money laundering: Tipu Munshi
The foreign exchange policy department of Bangladesh Bank on Tuesday issued a circular on 90-day credit facility for suppliers/buyers of these commodities with immediate effect. This facility will remain applicable for the initiation of imports till March 31, 2023.
Traders got the opportunity to import edible oil, chickpeas, pulses, peas, onions, spices, sugar, and dates under 90 days of suppliers'/buyers' credit.