Price commodities remain high due to persistence of extortion: Finance adviser

Despite the government reducing import duties, market prices for daily commodities remain high due to the persistence of extortion facilitated through negotiations, Finance Adviser Salehuddin Ahmed said on Sunday (15 December).

"Achieving consensus between political parties is a highly challenging task, whereas negotiating extortion is comparatively easier," he said while speaking at the annual conference of the International Business Forum of Bangladesh at Gulshan Club in the capital.

He highlighted the prevalence of extortion in markets, identifying three distinct groups of extortionists.

The adviser explained that some are remnants of the previous government, others belong to a group that could form the next government, and some are local residents.

"These groups often establish an understanding among themselves to extort businesses," he said.

Speaking about his own observations, Salehuddin said, "I personally visited the Karwan Bazar kitchen market and witnessed extortion being divided into these three segments. Each group operates through some form of negotiation, yet I am being asked to break the syndicate."

He emphasised the government's primary goal of narrowing the gap between production costs and consumer expenses.

Salehuddin pointed out that the inflated prices consumers pay often stem from unnecessary intermediaries in the supply chain.

Reflecting on corruption during the Awami League regime, Salehuddin noted that while corruption exists in many countries, in Bangladesh, it has become so pervasive that it defies imagination.