FBCCI to ring changes in trade system to avert price manipulation, artificial crisis; DO business likely to be binned after Eid

By AKM Moinuddin

Dhaka, Aug 22 (UNB) – In a bid to avert price manipulation and artificial shortages in the market, the country’s apex trade body, the Federation of Bangladesh Chambers of Commerce and Industry, hopes to bring in wholesale changes to the entire trading system that might get legal shape after the Eid-ul-Fitr.
As part of the changes, the FBCCI is planning to abolish the DO (delivery order) system, replacing it with dealerships, fix maximum stock periods for all products, introduce cash memos in each step of the trading process, and mandatory display of price lists in each shop to ensure transparency and contain unexpected price hikes.
Apart from these, under the planned guidelines, the volume of annual production, and import and demand of each product will be identified in advance, while the gap between demand and supply, if any, will be addressed by the government or the Trading Corporation of Bangladesh (TCB).
Meanwhile, all importers and traders will be asked to update their web pages with necessary information including import price or international price, local price, quantity of stock and other related information under the guidelines.
“We want to ensure transparency in every step of doing business…we’ll finalize draft recommendations in consultation with businessmen and will place it before the Commerce Ministry,” FBCCI president AK Azad said on Sunday.
He said the image of the entire business community is being tarnished simply because of a section of profit-greedy traders whose number is very limited. “It can’t continue like this.”
Azad made the remarks at a review meeting on the price-hike of essential commodities during Ramadan, held at the conference room of the FBCCI.
Commerce Secretary M Golam Hosain attended the meeting as chief guest while co-chairman of the FBCCI market monitoring committee M Helal Uddin, FBCCI first vice president M Jashim Uddin, and vice president Mostafa Azad Chowdhury Babu, along with importers, wholesalers, retailers and consumers took part in the discussion.
Pointing the finger at a section of market manipulators, Azad criticized them harshly for not keeping their commitment to Prime Minister Sheikh Hasina, and FBCCI leaders to keep the market stable.
“We have detective reports. We know who they are. Entire business community won’t take the responsibility for their misdeeds. We’ll have to come out from the culture of unusual price hike…we should have social commitment,” Azad said.
He said the Prime Minister is losing her confidence in businessmen as she was informed by the detectives that some were trying to create an artificial crisis in the market. “Things are under investigation,” he said.
Touching the Ramadan market that was flooded with adulterated foodstuffs, he said the anti-adulteration drive should be continued round the year. “We’ll soon sit together with the Industries Minister….we’ll discuss how the BSTI drives can be strengthened.”
Commerce Secretary M Golam Hossain said the market is stable though it saw price fluctuation on certain consumer products.
Responding to discussants’ suggestions, he said: “We’ve started the groundwork to repeal the DO system as it creates problems.”
He was critical about a section of traders who did not keep their word, though they themselves fixed prices of essential commodities, especially sugar and soybean and palm oil. “I can show you how surprisingly the price of sugar and edible oil differed before and after packaging, and sugar and edible oil are being sold defying the imprinted price tag (maximum retail price).”
Golam Hossain, however, said adequate goods are in the pipeline and there is no possibility of crisis in the market.
Director General of Consumer Rights Protection Directorate Abul Hossain Mia, FBCCI director Abu Alam Chowdhury, Chief of Marketing of Bangladesh Sugar Corporation M Shamshul Kabir, Meghna Group Chairman Mostafa Kamal and consumer Ali Zaman, among others, also took part in the discussion.
END/UNB/AKM