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Why Rice Prices Are Rising: Key Factors at Play
Rtv News
07 Sep 2024, 12:13
Photo: Collected
Government rice stocks are significantly lower compared to last year, and recent floods across 11 districts have severely impacted Aman and Aush paddy crops. Additionally, global rice prices are higher than domestic ones, making imports less viable. These factors are contributing to potential instability in the rice market, which may persist until October. However, relief is expected with the November harvest, according to the USDA’s latest quarterly report on Bangladesh’s grain and feed sector.
The report, titled Bangladesh Grain and Feed Update, August 2024, also noted that while anti-discrimination student movements in July did not impact rice production directly, the month-long disruption to transportation due to road chaos and internet shutdowns significantly affected the rice market.
- Government rice stock (as of September 4, 2024): 1.48 million tons (enough for 3 months).
- Rice production forecast (2024): 36.8 million tons, which is 3% lower than the target due to flood damage in Chittagong, Barisal, and Sylhet.
- Cultivated land for rice: 1.15 million hectares, down by 3.5% from last year.
- Annual rice demand: Over 37 million tons.
- Flood-affected districts: 11 districts, severely impacting Aman and Aush rice crops.
The USDA projects a 3% reduction in rice production this year due to floods in Chittagong, Barisal, and Sylhet, with total production estimated at 36.8 million tons. Paddy was cultivated on 1.15 million hectares, 3.5% less than last year, against an annual demand of over 37 million tons.
As of September 4, 2024, government warehouses hold 1.48 million tons of rice, enough to meet demand for the next three months. However, the report highlighted a lack of data on private rice stocks, suggesting a slight market shortage and ongoing instability for the next two months before normalcy returns.
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Warning issued at Shahjalal Airport about Monkeypox
Despite the end of the Corona epidemic, many countries have not yet overcome its shock. Meanwhile, outbreaks of new viruses have been seen in various African countries. The virus called Monkeypox or Mpox is spreading rapidly in the world. Following this, the Health Department has issued a warning at Hazrat Shahjalal Airport about Monkeypox.
This warning has been issued as a precautionary measure as Monkeypox patients have been detected in different countries of the world.
This information was informed in a press release sent by the Department of Health on Saturday (August 17).
In the notice, airlines have been asked to be vigilant and immediately notify the health department if there are any symptomatic passengers.
323 Municipal Mayor across Bangladesh dispels
Mayors of 323 municipalities across the country have been removed. The local government department issued a notification removing the mayors of 323 municipalities elected during the Awami government.
This information was informed through a notification signed by Deputy Secretary Mahbub Alam on Sunday (August 18).
It is said that by applying section 32(a) of the Local Government (Municipalities) (Amendment) Ordinance, 2024, the mayors of the following municipalities in Bangladesh have been removed from their respective posts.
Click here to view the list of municipal mayors.
60 Zilla Parishad Chairman, 95 Upazila Chairman removes
The chairman of 60 zilla parishads and 495 upazila parishads of the country have been removed.
A notification has been issued from the Local Government department on Monday (August 19).
According to the order, District Commissioners (DCs) will replace the removed Zilla Parishad chairmen and Upazila Executive Officers (UNOs) will perform duties in place of Upazila chairmen.
Apart from this, notification has also been issued removing the mayors of 323 municipalities elected during the Awami League government.
It is said that by applying section 32(a) of the Local Government (Municipalities) (Amendment) Ordinance, 2024, the mayors of the following municipalities in Bangladesh have been removed from their respective posts.
Earlier, last Saturday, the interim government issued separate ordinances to amend the municipal, upazila, district and city corporation laws, leaving the power to remove local government representatives and appoint administrators in special circumstances.
Since the fall of the Awami League government on August 5, this initiative to amend the law was taken in the context of the disruption of civic services due to the absence of Awami League supporting chairman, vice chairman, mayor and councilors in the zilla parishad, upazila parishad, city corporation and municipality.
Bangladesh receives 13 thousand crore remittance in 17 days
Sheikh Hasina left the country after resigning from the post of Prime Minister on August 5 in the face of student uprising. Since then, the amount of remittances coming through legal channels has increased.
In continuation of this, 13 thousand 374 crores came in the first 17 days of August.
The updated information of Bangladesh Bank says that the remittance received till the first 3 days of this month is 9 crore 56 lakh 50 thousand dollars. And remittance received from August 4 to 10 is 38 crore 71 lakh 20 thousand dollars.
Bangladesh Bank also says that in the first 17 days of August, remittances have arrived through legal means of 114 crore 42 lakh 20 thousand dollars. In Bangladeshi currency (as per dollar 118 taka) which amounts to more than 13 thousand 374 crore taka.
At this time, 15 crore 29 lakh dollars came through the state-owned banks, about 3 crore 77 lakh dollars came through one of the 2 specialized banks (Krishi Bank). More than 94 crore 14 lakh dollars came through private banks and 2.15 million dollars came through foreign banks.
The total number of banks which did not receive any remittance during the discussed period is 10. These include Bangladesh Development Bank or BDBL, the specialized Rajshahi Krishi Unnayan Bank (RAKUB). Private Sector Community Bank, Citizen Bank, ICB Islami Bank, Padma Bank, Shimanto Bank. Foreign sector banks include Habib Bank, National Bank of Pakistan, State Bank of India and Woori Bank.
Incidentally, expatriates had announced to send money in hundi expressing no confidence in the recently departed Sheikh Hasina government. This suddenly reduces the speed of remittance. But after the fall of the government, that picture changed. Remittances are coming in a legitimate way.
Pentagon looking forward to work with Bangladesh's govt.
Pentagon, US Department of Defense spokesman Major General Pat Ryder said the United States has a defense relationship with Bangladesh and is looking forward to working with the interim government.
He said these in response to a journalist's question about the fall of the Awami League government and the assumption of power by the interim government at a press conference on Tuesday (August 20) local time.
Major General Pat Ryder said, 'The Pentagon looks forward to working with the interim government to advance issues such as a free and open Indo-Pacific, emphasizing the shared values and common interests of the two countries.'
He said, 'We must expect the Bangladesh government to protect human rights and avoid any violence. However, the US State Department should be contacted for details on US-Bangladesh relations.'
Fire breaks out in a building at Dhanmondi, 6 units under control
Fire breaks out in a building at Dhanmondi, 6 units are under control
A fire broke out on the eighth floor of a 12-storey residential building on road no. 5 of Dhanmondi this morning. Six fire service units are working to control the fire.
The fire started at 10:25 am on Wednesday (August 21). The duty officer of the fire service, Lima Khanam, confirmed the matter.
He said, 'At 10:25 in the morning, I received information about the fire on the eighth floor of the 12-storey building at Dhanmondi number five. After that, six units started working to control the fire.
However, initially, Lima Khanam could not give any information about the cause of the fire and the casualties. So far 3 trapped people have been rescued with
Farooq Ahmed assigned as new BCB President
Farooq Ahmed has become the new president of the Bangladesh Cricket Board (BCB).
He was assigned to the BCB President post on Wednesday (August 21).
Former national cricket team captain Farooq Ahmed served as chief selector in BCB for two terms earlier.
Rumors in the sports arena for the last few days that Nazmul Hassan Papon is stepping down from the post of BCB president. And former Tiger captain Farooq Ahmed is going to replace him. That rumor came true on Wednesday with Papon's official resignation.
It should be noted that Farooq Ahmed served as the chief selector of BCB for two terms. He served in the first term from 2003 to 2007 and in the second term from 2013 to 2016. In the second term, he resigned due to a dispute with the board over the election process.
