Azizul blames soaring rice prices on 'profiteering' businessmen

Dhaka, Jan 5 (BDPREM) -- Finance adviser AB Mirza Azizul Islam Saturday said that businessmen's tendency to maintain broad profit margins hiked the prices of rice on the local market. Speaking to reporters after the launch of the Citizen's Charter at the National Board of Revenue, he said there are several reasons for the price hikes of rice this year. However, with the multiple initiatives undertaken by the government, the price of rice on the wholesale market has started to fall, the adviser said. "Very soon this will be noticed in retail markets." After two back-to-back floods and the onslaught of Cyclone Sidr, there was a general apprehension among people that the price of rice may increase, Azizul said. The sudden rise in rice prices on the international market added to the domestic price hike, he said. "With all these things coming together, rice traders took advantage of the situation to increase their profit margins hugely." However current imports of rice are plentiful, the adviser said, and with the decrease in the wholesale price he hoped to see the same change in the retail markets. Replying to a question, Azizul said the country's economy is going through a tough phase now. "In order to combat this, the government is making efforts to increase the accumulation of national resources as well as arrange for more international financial aid." He went on to say that the rise or fall in prices of any product depends on supply and demand. "In case the supply cannot meet the demand, it is obvious that there will be a rise in the price." However, the finance adviser said he found it sad that there has been a price hike despite an ample supply of rice in the market. Azizul also mentioned that national revenue collection is presently going well. In the first five months (July-November) of the current fiscal year, revenue has already exceeded that of the same period a year ago by 24 percent, the adviser said. "Due to the change in the country's law and order situation, the citizens are now more aware and interested in paying their taxes," he said. "Whether this is due to their own sense of responsibility or their apprehension of the consequences, it has been made clear to all taxpayers that there are no alternatives to paying taxes." The adviser added that NBR employees were also playing their roles in increasing revenue collections.