CPD wants zero tolerance against middlemen in market control

The Center for Policy Dialogue (CPD) has recommended bringing under surveillance the influential players behind the supply of goods and price manipulation in market control. The private research organization wants zero tolerance against these players and middlemen.

The organization's executive director Fahmida Khatun said this at a press conference organized on Bangladesh's economic challenges at the CPD office in Dhanmondi on Wednesday (January 29).

She said that no steps taken by the interim government have yet brought relief to public life. Hoarding and commission trade have had a major impact on the abnormal fluctuations in the prices of 14 food items including onion, potato, brinjal, soybean oil and sugar. The interim government has failed to take effective steps to stop extortion, hoarding and other irregularities at various stages of the supply of essential commodities.

Stating that the interim government will not be able to control inflation unless it takes bold and urgent steps to restore good governance at the food supply level, she said that the influential players behind the supply of commodities and price manipulation must be brought under surveillance to control the market. Zero tolerance must be shown against these influential players and middlemen.

Stating that food and non-food inflation has been close to 10 percent since April 2023, Fahmida said that another reason for the increase in the inflation rate was the terrible floods in the eastern part of the country in 2024. Until December last year, the average price of sugar in the European Union market was 41 taka per kg; in the world market 53 taka per kg; in the US market 97 taka per kg. But in the Bangladesh market it was 126 taka per kg. In addition, the average price of soybean oil in the world market until December 2024 was Tk 128 per liter, while the average price of soybean oil in the Bangladesh market was Tk 168 per liter.

Fahmida Khatun also said that there has been only 3.7 percent growth in revenue collection until October 2024-25 fiscal year. She said that it was 17.7 percent during the same period of the previous fiscal year. In addition, the total ADP implementation rate until December 2024-25 fiscal year was 17.7 percent, which is the lowest in the last 10 fiscal years.

Stating that attention should be paid to preventing tax evasion and expanding the tax net, she further said that in the last four years, 4 million people have gone abroad, especially to the Middle East, but remittances are not coming in that proportion. Why is it not coming, we should investigate. In addition, government expenditure should be done properly. Expenses on purchasing vehicles and traveling abroad should be reduced.