Keeping prices tolerable
Engage the business community more
The government is embarking on massive import and internal procurement drives to build up sufficient stocks of food aimed at releasing it into the market with a view to stabilising prices.
Even though there is an interest rate cut on loan for import against the backdrop of zero tariff on import of certain essentials there is little sign of enthusiasm among businessmen over opening LCs. In fact, it has dropped sharply down from the previous level.
Bangladesh Bank governor's emphasis on the need for cooperation of the business community in keeping the prices down strikes a responsive chord. As we see it, he has also hit the nail on the head by saying that it is not possible to lower prices of essentials by imposing strict measures only.
The council of advisers in a brainstorming session on price situation has, along with the steps announced to replenish supplies, decided to enhance market monitoring activities. As for market monitoring exercise, reportedly by the joint forces, we hope this will be undertaken in a way that the normal market operators don't feel put off or harassed. We are all for pursuing those who destabilise the market and laws are there to take care of them. But what we feel is that the monitoring activity should not in any way be perceived as being invasive or repressive. On the contrary, it will be an integral part of an assurance-giving that the honest traders have nothing to fear and everything to gain in terms of social esteem.
Against the backdrop of certain misgivings creeping into the trader's mind about disruption of the normal supply chains and developing cold feet in certain areas, we see the need for confidence building measures initiated by the government through renewed consultations with the trading community on some preset agenda. Let the government take on board some of the ideas of business leaders on how best to obtain their cooperation in containing the inflationary pressures and holding the price line. The government has tried many measures but perhaps this one -- surely worthy of a try.
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