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Rice buoyant for farmers' stocking: Zillur

Staff Correspondent
Commerce Adviser Hossain Zillur Rahman yesterday said price of rice did not come down even after the Boro harvest this year as farmers are stocking the staple.
The government is not familiar with the implication of this "new phenomenon’ and needs to see "what it means, and what to do", the adviser told reporters at the commerce ministry.
Zillur claimed of taking a number of steps for proper management of the market, including monitoring, and said the government cannot act "beyond the economic reality". "Farmers are not releasing the whole rice produce like they used to do. They were forced for distress sale earlier which is not the case this year," he added.
Terming it a new phenomenon and a positive sign, he said: "The farmers have become market players."
Solvent farmer is a new phenomenon, Zillur said, adding, "It was never there before. So, we could not say what would be the implications. It came as a new challenge."
Asked whether he agrees that farmers are not selling their whole produce fearing they might purchase rice at much higher cost later, Zillur said, "There's no issue of agreeing with it. The situation is unstable globally."
On such stocking's implications on the market, the adviser admitted that market is suffering for this.
The prices used to come down for post-harvest distress sale and it is not happening this year. There is an implication on those who are totally dependent on purchase, Zillur said, stressing on the need of understanding the implication issue.
Asked whether he agrees with the finance adviser's recent statement on price spiral of essentials, he said, "We're living in an economic reality and market economy is a major aspect of it. It's the duty of the government to ensure that market economy operates properly and logically."
Claiming that the government is carrying out its duties by taking a number of steps, he said, "There is a matter of finding traditional and non-traditional ways to address this. As you've seen, the finance adviser has laid out some plans in his budget speech."
Brushing aside the allegation that the government is not serious to address the price spiral issue, he said different ministries are monitoring the situation.
As reporters pointed out that there is almost no outcome, he said steps and outcomes are not the same thing. "Many factors are involved for certain outcomes."
The government is trying to ensure some comfort for the people, he said, adding: "It has to be seen separately whether it's havingimpact on the market."
The government has initiated a number of steps to monitor the market. The commerce ministry has prepared a schedule for it.
"We've kept several agencies ready for it."
During the Ramadan, the Trading Corporation of Bangladesh will stock the most used intakes,
"Besides, we'll monitor the sale of the items."