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The government is moving to curb fragrant rice exports as demand and prices for the rice have increased in the domestic market.
The Ministry of Commerce said export quotas would be reviewed and may be reduced or adjusted accordingly.
The ministry issued a directive on Thursday, asking companies that received export approval to submit details of the quantity of fragrant rice they have actually exported within three working days.
According to the ministry, unused quotas of companies that failed to export the approved quantity or exported only part of it may be reconsidered.
A meeting on the domestic fragrant rice market was held at the Ministry of Commerce on August 2.
Chaired by Commerce Minister Khandaker Abdul Muktadir, the meeting reviewed rice production, domestic demand, market conditions and the actual export situation.
Based on recommendations from the Ministry of Food, the Ministry of Commerce approved exports of a total of 45,270 tonnes of fragrant rice for 278 companies in two phases. The first phase covered 211 companies on May 13, while the second covered 67 companies.
The August 2 meeting found that many approved companies had failed to export their full quotas, while some had exported only partially, creating a significant gap between approved quotas and actual exports.
The ministry is therefore updating company-wise data on actual exports.
Business representatives alleged that the country’s 10 largest mill owners are holding large stocks of fragrant rice and creating an artificial shortage by withholding supplies from the market, contributing to higher prices.
After reviewing the views of all stakeholders, the Ministry of Commerce decided to strengthen monitoring to prevent artificial shortages and excessive profiteering.
The Directorate of National Consumers’ Right Protection and relevant business associations have been instructed to intensify market monitoring.