India yesterday slapped a 20 per cent export duty on a number of rice grades to discourage the shipment of the grain to tame prices in the domestic market, a move that may have repercussions in importing nations such as Bangladesh.
Rice prices have edged up in Bangladesh in the last couple of days despite the cut in customs tariffs on the import of the staple food to 25 per cent to increase supply and contain prices.
Most rice bran oil industries in Bangladesh have either cut or stopped production since the government slapped an export ban a month ago as the edible oil variety does not have a large consumer base locally.
Paddy price Bangladesh:Prices of paddy, particularly the finer varieties, are on the rise in the producing regions in Bangladesh amid worries of crop damages and lower yield inflicted by the recent flash floods in the haor districts and cyclone Ashani-induced rainfalls.
Food stock now only 4.62 lakh tonnes
Govt focuses on procuring more food grain from farmers, millers by raising prices
With only around 4.62 lakh tonnes of grains in the public food stocks, one of the lowest in years, the government has moved to procure paddy, rice and wheat from local farmers and millers at prices higher than last year s.
In a virtual meeting held yesterday, the Food Planning Monitoring Committee (FPMC) decided to collect 10 lakh tonnes of boiled and 1.5 lakh tonnes of non-boiled rice from local dealers. The committee also decided to buy 6.5 lakh tonnes of paddy from the farmers. We are going to purchase 11.5 lakh tonnes of rice and 6.5 lakh tonnes of paddy in the current season. The details will be disclosed in a day or two, Food Minister Sadhan Chandra Majumder told The Daily Star after the meeting.