Monday, October 21, 2019 | ePaper
Immediate steps needed to arrest onion price
Local media reported that reainfall damaged a good amount of local onions during the harvesting season in April-May. For that reason, prices of onion produced in the country shot up about Tk 300 each maund to Tk 2,600 from Tk 2,300 recently. Moreover, most of the farmers do not have onions in their stock. Against this backdrop, General Secretary of Shyambazar Onion Aratdar Association said domestic production can meet demand for 7-8 months and 7-8 lakh tonnes of onions need to be imported.
Meanwhile, a member of Bangladesh Tariff Commission on Monday said the prices of onion will go down in 24 hours because of the government's measures and for its adequate supply in the market. "We have recommended for lowering the LC margin for the onion importers from Myanmar. The central bank has already been asked to reduce the interest rate on import of onion," he said. We often see that, prices of onion go up targeting some events, like Eid-Ul Fitr and Eid-Ul Azha. Most of the time a powerful business syndicate allegedly remains involved in hiking the price of this essential kitchen item.
Apart from importing onion from different countries, the government must increase market monitoring to harness the price of this essential item.