Interim government Trade Adviser Sheikh Bashir Uddin has implemented a series of impactful measures to stabilize the market, control commodity prices, and dismantle trade syndicates.
His efforts have brought significant relief to consumers, particularly during Ramadan, when price hikes and supply shortages were anticipated. By taking proactive steps, he has ensured that essential goods remain affordable and available to the public.
Key Market Interventions and Their Impact
Reduction in Import Duties on Essential Commodities
To ease the burden of rising food prices, import duties on essential commodities have been significantly reduced. The duty on potatoes has been lowered from 33 percent to 15 percent, while the duty on onions has been reduced from 10 percent to 5 percent. These steps have helped to bring down retail prices and ensure a steady supply in the market.
Edible Oil Price Control Measures
The government has implemented tax reductions to stabilize edible oil prices. The Value Added Tax (VAT) on refined soybean and palm oil imports has been decreased from 15 percent to 10 percent, reducing costs for both suppliers and consumers. Additionally, to enhance self-sufficiency, the production of rice bran and mustard oil has been increased, with an estimated additional 600,000 to 700,000 metric tons being produced locally.
Egg Price Stabilization
To counter price manipulation and ensure affordability, the customs duty on imported eggs has been cut from 25 percent to 5 percent. This move has provided consumers with an alternative to locally produced eggs, thereby stabilizing overall market prices.
Enhanced Market Surveillance to Prevent Syndicate Control
A 10-member special task force was established at the district level in October 2024 to monitor supply chains and prevent market manipulation. Between August and October 2024, 3,353 markets were inspected, and 6,573 businesses were penalized for engaging in unfair pricing practices. These stringent actions have sent a strong message against artificial price inflation and unethical trading.
A Step Towards Economic Stability Under Interim Leadership
Sheikh Bashir Uddin’s market interventions align with the broader economic reform agenda of interim leader Muhammad Yunus, who has prioritized economic stabilization alongside democratic reforms. By ensuring price control, strengthening market regulations, and promoting fair trade practices, the interim government is working towards a more balanced and consumer-friendly economy. With growing public confidence in these measures, Bangladesh’s economic landscape is witnessing greater stability and accountability in the trade sector.