Govt forms high-powered taskforce to monitor market

The government yesterday (March 27) formed a high-powered taskforce to monitor the prices trend of some basic commodities in the markets in order to contain their unusual spiral.

The move comes at a time when high prices of a number of essential items erode buying capacity of consumers.

Headed by Senior Secretary to the Commerce Ministry Tapan Kanti Ghosh, the 17-member panel will observe the market situation of the basic commodities and recommend the government measures to cool down the prices of essential commodities in the domestic markets.

Commerce Minister Tipu Munshi will act as adviser of the committee, according to a circular issued by the government yesterday.

The taskforce will also collect information on supply and demand of basic commodities from local and international markets to suggest to the government about ensuring adequate supply in the market to keep prices stable.

The panel will follow the whole supply chain beginning from production, refining and imports of key commodities. It will sit at least once a month, the circular said.

The chairman of the National Board of Revenue, senior secretary to the public safety division of the home ministry, secretaries to the ministries of agriculture, food, industries and information and broadcasting are other members of the taskforce.

Besides, the taskforce also includes heads of the Bangladesh Trade and Tariff Commission, Bangladesh Competition Commission, Directorate of National Consumer Rights Protection, Trading Corporation of Bangladesh, representatives from intelligence agencies.

The president of the Federation of Bangladesh Chambers of Commerce and Industry has also been made a member of the panel.

A joint secretary of the commerce ministry will act as the member secretary of the taskforce

Earlier, a meeting held at the cabinet division decided to form a high-powered taskforce to monitor the supply, demand and price situations of essential commodities.