Open market sale of onion begins today

Sun Online Desk

16th September, 2019 10:15:15 printer

Open market sale of onion begins today

The Trading Corporation of Bangladesh (TCB) starts selling onion from today (Monday) in the open market (OMS) across the country to control prices although the price is yet to be fixed.

The government took the decision to hold back the runaway price of the essential cooking ingredient in recent days.

The move comes after traders raised the prices of onion by 25 percent or Tk 12.5 each kilogram, banking on India’s slapping of a minimum export price for the tuber.

Earlier, the Indian authority slapped $850 (Tk 71,821) as minimum export price for per tonne of onion on September 13 to contain the price hike in its domestic market.

Since then, traders hiked prices all through the value chain and the key cooking ingredient was selling up to Tk 80 a kg at the retail level in Dhaka city, stretching the wallets of consumers.

The Commerce Ministry on Sunday said in a press release, the Ministry has sent written to the Bangladesh Bank to open LC and reduce the interest rate on onion import loans.

Beside this, the Ministry sent another letter to the concerned office for the initiating onion import preparation at the ports and to ensure smooth transportation.