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Jute price fall worries farmers

UNB, Mymensingh
Jute price has declined toTk 1.000 or below per maund in the primary markets, worrying the farmers and encouraging smugglers.
State-owned jute mills made some 'lucky purchase' at Tk 1.600 per maund at the beginning of (he season in June.
Early crop was sold at Tk 1,000 and below at Shambhuganj market a couple of days ago. The price in markets of Faridpur, a quality jute growing district, was better -- from Tk 1,100 to 1.400 per maund (around 37 kilogrammes).
Mill owners and traders apprehend that the price may decline further if banks delay financing the mills and traders.
They said low price in the domestic market will encourage smuggling of jute across the border where the demand is high.
The Advisory Committee on Jute meeting on July 5 with Jute & Textile Minister Abdul Latif Siddiqi in the chair directed the state-owned banks to extend loans to the mills and the traders.
The meeting decided that the outstanding loans of the mills will be kept in a block account' for two and a half years. Fresh loans should be given to draw jute from the markets for keeping the mills running and ensuring fair price for the growers, officials present at the meeting told the news agency yesterday.
The meeting observed that if the mills failed to operate due to lack of working capital, they would not be able to repay the loans.
Representatives of the state-owned banks at the meeting sought guarantee that the borrowers will duly repay the loans. The proposal is now under consideration of the finance ministry.
According to the Agriculture office, the crop was good this year despite delayed rains. Officials estimate the harvest at 50 lakh bales.
August-September will be the peak season when bulk of the jute will come to the market, said officials.
If all the mills run properly, they will require around 45 lakh bales, leaving a little for export of raw jute.
Private jute mills' association said they have 90 mills, mostly small, set up with machinery procured from closed Adamjee and other state-owned mills. About 40 small mills are located in Monga-prone' areas of greater Rangpur district.
"Most of them are making profit,” said a leader of the association.