Rice Stockpiling

Photo: Collected Although there is sufficient stock of rice in the market, the price is rising due to the manipulation of traders

Cabinet directs to take immediate action against unauthorized traders who stockpiling rice

After the meeting, Cabinet Secretary Khandaker Anwarul Islam said that despite the monitoring and supervision of the rice season, the Minister of Commerce, Food and Agriculture and their secretaries have been asked to take immediate action to find out the reasons for the rise in rice prices. He told a press briefing in the cabinet room of the cabinet department on Monday afternoon that the cabinet had discussed market measures to control rice and oil prices.

Responding to a question, the Cabinet Secretary said that many companies are engaged in rice business without government permission or approval, adding that the cabinet has directed to take immediate action to stop unauthorized rice business or stockpiling of any type of rice.

Anwarul said a company is doing a specific business under a Memorandum of Association (MoA), many are doing business in Bangladesh with the same MoA.

He said the ministry concerned was looking into the matter with other countries and asked them to find out what they were doing to get the MoA. The cabinet also asked the concerned authorities to identify the person who had illegally stockpiled rice and where they had stored it.

The cabinet secretary said the government was committed to finding out where the stored rice was. In reply to another question, he said that there was no discussion on rice import.