Bangladesh government stocking sugar

by Qamarul Hassan Bablu
July 28, 2010

http://www.weeklyblitz.net/901/bangladesh-government-stocking-sugar

Bangladesh government has decided to build up a stock of 77,650.50 metric tonnes of sugar in various silos to keep its price at an affordable level during the month of Ramadan, which begins on August 11, 2010.

The government has already decided to purchase 25,000 metric tonnes of sugar from international market, while it will also procure 10,000 metric tonnes from the local factories. Additionally Bangladesh Sugar and Food Industries Corporation has already stocked 42,650.50 metric tonnes of sugar to ensure smooth supply during the month of Ramadan.

Meanwhile, the government has already increased the price of sugar from TK. 35,000 [US$ 500] per tonne to TK. 42,000 [US$ 600] per tonne at the mill gate.

According to Bangladesh Bank sources, private importers in the country have imported approximately 120,763 metric tonnes of raw sugar during this fiscal year [From July 2009 to July 2010].

It has become a bad 'Culture' for traders in the Muslim nations in increasing prices of essentials during the month of Ramadan. Especially, price of edible oil, sugar, salt, onion, chilli, tensile etc are exorbitantly increased during each of this month in the years. Last year, commerce minister Lt. Col. Faruk Khan warned the businessmen to refrain from such practices. But, his warnings were greatly ignored by the traders, and the ministry being helpless, rather opted in shutting his mouth subsequently.

Lt. Col. Faruk Khan has miserably failed in showing any praiseworthy performance in his ministry since he was appointed at the Commerce Minister in January 2009. There are series of allegations of corruption, nepotism and various forms of crimes inside this ministry.

Lt. Col. Faruk Khan is the share holder of a business conglomerate named Summit Group, which is considered to be one of the blessed business houses in Bangladesh during the present government. Summit Group managed several large businesses as well licenses for setting power stations.

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