There should be a PhD on Sheikh Hasina's corruption: Commerce adviser

There should be a PhD on the corruption of former prime minister Sheikh Hasina, Commerce Adviser Sk Bashir Uddin said today (2 February).

"During the previous government's tenure, inflation, GDP, interest rates on bank loans and the dollar exchange rate were artificially maintained. The collective impact of these activities has fallen on the current interim government," he said at a policy conclave titled "Strategies for Monitoring Food Prices: Exploring Market Oversight Mechanisms" at a local hotel in Dhaka.

The adviser said, "I think a PhD degree should be done on ousted Sheikh Hasina. If even the Khatib of Baitul Mukarram had to flee, then one can understand the extent to which all the sectors have been destroyed.

"There is no institution that has not been destroyed. Alliances were formed among all the criminals," he added.

Autocracy in food market due to lack of regulation: Moazzem

'No price hike during Ramadan'

Sk Bashir Uddin has reassured the public that essential commodity prices will not increase during the upcoming month of Ramadan.

He said the country's import systems and stockpiles are sufficient to meet demand during the holy month.

"S Alam Group had become a major institution in importing consumer goods. In their absence, the commerce ministry has made arrangements with its partners. There has been no major setback in this yet.

"Hopefully, there will be no shortages of items such as oil, sugar, chickpeas, and dates in the market," he added.

The adviser explained that local market conditions suggest prices should actually decrease despite a rise in international prices of various commodities.  "I do not see any reason for prices to rise. We have had extensive discussions today on what the reasonable prices of food items should be, and both short-term and long-term plans will be devised to turn these ideas into action." 

He also stressed the need for policy development to genuinely assist consumers, reports UNB.

To ensure proper market practices, he highlighted the roles of several regulatory bodies, including the Competition Commission, the Directorate of Consumer Rights Protection, and the Trading Corporation of Bangladesh (TCB).

The Tariff Commission and the National Board of Revenue (NBR) are working to make the market more consumer-friendly.

He called on local producers, importers and traders to contribute to creating a more competitive market.

Bashir Uddin addressed the export of rice bran oil, a commodity highly beneficial for health.

He revealed that approximately 500,000 to 600,000 tonnes of rice bran oil was previously exported to India, but the government has made exports more difficult by imposing a 25% regulatory tax. "If this oil is brought back to the market, it will help stabilise the oil market further...there is no real difference between bottled and bulk oil apart from price."

He further said the interim government wanted to limit paddy procurement.

"Government procurement should be import-dependent. Then the supply in the local market will increase," he said.

He also announced that the government is working to grant the Competition Commission more independence to ensure a fair and competitive market.

"Our policies have been designed for the benefit of the wealthy, not for the common people. In the past 15 years, there has been little large-scale investment in the country, and thus, employment opportunities have not increased. Without more investment, how can tax collection rise?" he questioned.

Further criticising the banking sector, he claimed that banks have become "criminal institutions" and pointed out the destruction of Islamic banks and the TCB. "In the TCB's records, 4.3 million fake beneficiaries have been found, and this needs further verification," he remarked.