Business leaders from across the country also promised their all-out cooperation with the government actions against the hoarders and food adulteration and sought revision of the law regarding stockpiling of essential products.

"To meet the market demand I need to maintain a reserve of 500 sacks of rice every day. But, if the joint force finds such an amount of rice at a place, they suspect it as hoarding, and the businessmen are harassed," said Shahjahan Mollah, president of Faridpur Chamber of Commerce and Industry.

There is no doubt that the joint force is working for collective interest but they should understand the reality and try to feel which actions are actually required to benefit the people, he said.

The business leaders were speaking at a meeting of the monitoring committee of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Dhaka. The meeting was convened to discuss the import and supply situation of the country.

The business leaders representing the district chambers and trade bodies of the country also discussed prices and supply situation of essentials in their respective areas, formation of a price stabilising committee and withdrawal of existing five per cent import duty on various essential products until next June.

They said businesspeople are now panicked as they have no idea regarding acceptable stockpiling. If they do not get proper guideline about it from the government, they may stop importing, bringing the country to a food disaster, said Aminul Bari, president of Jaipurhat Chamber of Commerce and Industry.

"We have no idea about what amount of essential products is required to import. So, we need a regular statistical guide stating the demand and amount of imported essential items," said Sufi Mizanur Rahman, chairman of PHP Group, adding that it will give the importers an idea that how much products should be imported.

He also urged the FBCCI to formulate a price stabilising committee that will monitor the dollar price, prices of essentials in international market and transportation cost and finally decide a possible retail price of an essential product.

"One of the main reasons for price hike of essentials is appreciation of US dollar against local currency. As the forex reserve in Bangladesh Bank is an all time high now, the central bank can release around $100 crore in local market that will devalue dollar price, reducing essentials' prices," said Abul Kashem Ahmed, president of Tangail Chamber of Commerce and Industry.

"The recommendations of the business leaders will be sent to the government as a complete proposal by Saturday or Sunday," said FBCCI President Mir Nasir Hossain, who chaired the meeting.

First Vice President of FBCCI Mohammad Ali and Vice President Dewan Sultan Ahmed, among others, spoke at the meeting.