Hoarding by rice traders has destabilised the local market of the food staple, but prices are expected to stabilise soon as the government intensifies its monitoring, said Commerce Adviser Sk Bashir Uddin today.

He made the remarks during the inauguration of the sale of essential commodities to low-income people through smart cards at Begunbari in Dhaka's Tejgaon area. 

The state-run Trading Corporation of Bangladesh (TCB) has been distributing goods at subsidised rates to ease the burden of high inflation on low-income families.

Rice prices have surged despite the peak Aman cultivation season, squeezing low-income households. 

The adviser said that he had met rice traders at the commerce ministry on Tuesday, where they raised concerns about banking regulations. Specifically, rice importers complained about banks demanding a 100 percent margin for opening letters of credit, complicating imports.

During the inauguration, Bashiur Uddin highlighted the government's efforts to digitalise TCB operations, distributing 63 lakh smart cards to ensure fair distribution. 

Cardholders can purchase two litres of edible oil for Tk 200, two kilograms of lentils for Tk 120, and one kilogram of sugar for Tk 70.

The adviser added that the TCB currently procures goods worth Tk 12,000 crore annually, with Tk 4,000 crore subsidised by the government. 

Plans are underway to involve more businesses in the TCB's supply chain, potentially saving Tk 1,000 crore, which could expand services to more beneficiaries.

He also announced that the government would stockpile both local and imported potatoes this year to keep prices stable.