Deployment of joint forces won't help contain Ramadan commodity prices: FBCCI

The deployment of joint forces will not help in containing essential commodity prices during Ramadan in the current free market economy, said Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

He made the remark after two leaders of kitchen markets in Dhaka proposed for engaging joint forces to contain prices of essentials during the month of Ramadan.

The Directorate of National Consumers Right Protection (DNCRP organised the event at the Trading Corporation of Bangladesh with businesses and other stakeholders to discuss ways to curb spiral of essential commodities.

He said the then government engaged joint forces during the immediate caretaker government.

"Because of them, the number of big businessmen has come down from 25 to 5. After a few days (if joint force is deployed), none will find these five also," he said responding to the suggestion.

A trader cannot cut a product's price when it sees a price rise in international markets, Jashim Uddin said at the meeting held at the Trading Corporation of Bangladesh in the capital's Karwan Bazar.

"He has to run the business following a system as Bangladesh is an import-dependent country."

Most of the time, everyone blames the local business community for any abnormal price hike, he said.

Prices increase abnormally for wrongdoings of some bad businessmen, for which the entire business community is not responsible, said the FBCCI president.

Before Ramadan, a fear of facing exorbitant price hikes grips everyone, starting from the government to traders to consumers, he said.

The businessmen, who see Ramadan as a month to bag higher profits, should quit the mentality, Jashim Uddin said.