Flash floods will not drive up rice prices, says food minister

Food Minister Qamrul Islam has brushed off speculations that rice prices may go up due to the flash floods sweeping backswamps.

Staff Correspondentbdnews24.com
Published : 26 April 2017, 04:13 PM
Updated : 26 April 2017, 04:13 PM

An untimely downpour resulted into the flooding in the beginning of this month.

According to private organisations, the submerged cropfields used to produce 800,000 tonnes of rice. 

"The floods have damaged approximately 600,000 metric tonnes of Boro paddy. But that won't result in a food crisis nor will it impact the rice market adversely," the minister said on Wednesday.

The minister claimed Bangladesh has 1500,000 to 2000,000 tons of surplus rice in stock.

"The country produces more than 30 million metric tonnes of rice annually. After meeting local demand, we are left with 15-2000,000 metric tonnes of rice," he said.

However, some rogue traders and hoarders were trying to create a panic, he added.

Qamrul warned the traders not to try pushing the price of rice showing loss of crops as an excuse.

He also called upon the media to not spread rumours.

Qamrul inaugurated the 'Second Food and Agro, Agrocam ​cum Poultry and Livestock Bangladesh Expo-2017' at International Convention City Bashundhara in Dhaka on Wednesday.

A total of 120 organisations from Spain, UK, Poland, Thailand, China, Turkey, India and Bangladesh are taking part in the exhibition which will continue until Saturday.