Taming inflation key priority

On their first day at office, the finance minister and state minister for commerce yesterday told reporters in separate briefings that taming inflation is their priority.

During a briefing at his office, Finance Minister Abul Hassan Mahmood Ali said the government would overcome the economic challenges.

However, the finance ministry or the commerce ministry alone cannot control inflation, he said, adding that all sectors will have to work together.

At the commerce ministry, State Minister Ahsanul Islam Titu at a briefing said whoever tries to create artificial crises -- be it the producers, importers or hoarders -- will be prosecuted.

According to Bangladesh Bureau of Statistics, inflation has been over 9 percent since March last year, while food price inflation was in double digits in October and November. It fell to 9.5 percent in December before rising again.

At Finance Minister Ali's formal reception at the Secretariat, Bangladesh Bank (BB) Governor Abdur Rouf Talukder said measures would be taken continuously until the point-to-point inflation came down to 6 percent.

The finance minister then held a meeting with the BB governor, finance secretary, chairman of the National Board of Revenue, and secretaries to the economic relations division and banking division.

After hearing about the challenges facing the economy, Minister Ali said, "I firmly believe we will overcome the challenges."

The Trading Corporation of Bangladesh will continue selling edible oil, lentils and sugar at subsidised prices, he said, adding that during Ramadan, which will begin in the second week of March, chickpeas and dates will also be sold by the corporation.

One crore families with welfare cards will be able to buy goods from the TCB.

He added that he would soon talk to his Indian counterpart so that supplies from the neighbouring country remain steady.

Titu said the devaluation of Taka against the dollar, Russia-Ukraine war, and the situation in the middle east caused the prices of essentials to rise.

The Bangladesh Securities and Exchange Commission will soon approve the formation of a commodities exchange board to increase the supply of goods.

Titu also pledged that the jute and leather sectors will get the government incentives that the apparel sector has been receiving exclusively.