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Dhaka’s Beef Market Faces Volatility as Prices Rise Despite Previous Commitments
In the capital, the cost of beef has once again surged by Tk50 to Tk100 per kilogram, a month after meat traders initially announced a reduction to Tk650 amidst skyrocketing prices. Despite the December 6 decision by meat traders to cap the price at Tk650, with hints of a potential increase post-general elections, the fixed price has not been fully implemented. Presently, beef is being retailed between Tk700 to Tk750 per kilogram in most kitchen markets and chain shops in Dhaka.
Traders attribute the sudden price hike to increased nationwide demand for beef during the elections, coupled with a surge in marriage ceremonies during December-January. Additionally, the cost of cattle has witnessed an upward trend. Some traders have responded to the financial strain by either reducing meat sales or temporarily closing their shops.
Meat trader Md Swapan from the Banasree area expressed concerns about the financial viability, citing the purchase cost of a 100-120 kg cow at Tk700 to Tk710 per kilogram, resulting in losses when the selling price is Tk650. Consequently, some traders have resorted to shutting down their businesses.
A recent survey of various locations in Dhaka revealed super shops, including Swapna and Meena Bazar, selling beef at Tk720 to Tk730 per kilogram, with prices reaching Tk750 in local shops. Traders assert their inability to adhere to the fixed price due to inadequate funds arising from the escalating wholesale price of cattle.
Golam Murtaza, President of the Bangladesh Meat Traders Association, announced plans for a meeting to discuss and declare a new price, as selling beef at the current rate is deemed unfeasible. The announcement follows internal divisions among meat traders after the initial decision to reduce prices. Despite a subsequent agreement to maintain the Tk650 price until January 7, most traders continued selling beef at Tk700 per kilogram from the outset, causing consumer demand to surge.
Consumers flooded beef shops upon the price reduction announcement, further boosting demand. While a subsequent meeting was planned to review cattle and beef prices, the cost has surged again prior to the deadline. At Karwan Bazar kitchen market, a mix of traders continued selling beef at Tk650, while others charged Tk750.
Golam Murtaza highlighted the losses faced by traders selling meat at fixed prices and emphasized that consumers were initially buying beef at Tk620-Tk630 per kilogram, which has now risen to Tk700 or more. Contrary to the rising prices, AHM Shafiquzzaman, the Director General of DNCRP, contemplates a further reduction to Tk500 to alleviate consumer burden.
In a recent visit to Khalil’s meat shop in Rampura on January 1, where beef was being sold at Tk590, Shafiquzzaman acknowledged the market pressure signaled by Khalil’s price reduction. He encouraged others to follow suit to stabilize the market without undue pressure.
The Bangladesh Meteorological Department (BMD) has forecasted that the ongoing mild to moderate heat wave affecting six regions of the country will persist for the next 24 hours from 9 am today.
The heat wave is currently sweeping over the Rangpur, Mymensingh, and Sylhet divisions, as well as the districts of Tangail, Kishoreganj, and Naogaon. According to the BMD, this weather pattern is expected to continue for the foreseeable future.
In addition to the heat wave, light to moderate rain or thundershowers accompanied by temporary gusty winds are likely to occur in parts of the Khulna, Barishal, and Chattogram divisions. Isolated showers may also affect a few areas in Rangpur, Rajshahi, Dhaka, Mymensingh, and Sylhet divisions, with moderately heavy rainfall expected in some locations across the country.
Despite these weather conditions, the BMD noted that daytime and nighttime temperatures are expected to remain largely unchanged across Bangladesh.
On Wednesday, the highest temperature in the country was recorded at 37.5 degrees Celsius in Rangpur of Rangpur division, while today’s minimum temperature was 24.0 degrees Celsius, observed in Rangamati and Feni districts of Chattogram division.
Meanwhile, rainfall recorded over the last 24 hours, up until 6 am today, measured 54 mm in Sandwip of the Chattogram division.
In Dhaka, the sun is set to set at 5:58 pm today and will rise again at 5:47 am tomorrow.
The Criminal Investigation Department (CID) has filed 17 cases against Beximco Group’s Vice-Chairman, Salman F Rahman, and 27 others, accusing them of laundering approximately Tk1,000 crore ($83 million) under the guise of export trade. This development was confirmed by Additional Superintendent of Police Azad Rahman through a notification on 18 September.
The investigation, conducted under the Money Laundering Prevention Act, found that Salman F Rahman and his brother, ASF Rahman, who serves as the Chairman of Beximco Group, were involved in laundering around Tk1,000 crore. This was done through the export of goods linked to 93 Letters of Credit (LCs) from Janata Bank PLC between 2021 and 2024. However, the proceeds from these exports were not repatriated to Bangladesh.
The CID revealed that the accused individuals, through an organised operation involving their affiliated companies, exported goods with the malicious intent of transferring money abroad. The probe indicated that they deliberately failed to return the export proceeds, violating multiple sections of the Money Laundering Prevention Act.
According to the CID, Salman F Rahman and his associates used their influence and collaborated with an organised criminal group to launder money. This resulted in 17 cases being filed by the CID’s financial crime unit at Motijheel Police Station.
Salman F Rahman, who has long been a prominent figure during Sheikh Hasina’s 15-year rule, is now facing an in-depth investigation by the CID’s financial crime unit. The investigation focuses on significant allegations of money laundering and financial misconduct, as highlighted in a preliminary report from the CID on 1 September.
Salman is also accused of laundering Tk33,470 crore abroad, allegedly obtained through loans from seven banks over the past 15 years. Of this, Tk21,681 crore was borrowed from state-owned Janata Bank, while Tk5,281 crore came from IFIC Bank, where Salman previously served as chairman.
In addition to these allegations, Salman is believed to have profited Tk6,600 crore through manipulation of the capital market and is accused of failing to repatriate Tk1,485 crore from export proceeds.
The Bangladesh Meteorological Department (BMD) has predicted light to moderate rain or thundershowers, accompanied by temporary gusty winds, in all eight divisions of the country over the next 24 hours, starting from 9 AM today.
According to the BMD forecast, Chattogram and Sylhet divisions are likely to experience light to moderate rain or thundershowers, while Dhaka and Barishal divisions may see similar weather at a few locations. In Rajshahi, Rangpur, Mymensingh, and Khulna divisions, rainfall is expected in one or two places, with some areas potentially experiencing moderately heavy showers.
The BMD also stated that both day and night temperatures might rise slightly across the country.
On Tuesday, the highest temperature was recorded at 36.5 degrees Celsius in Rajarhat, Rangpur division, while today’s lowest temperature was 24.6 degrees Celsius in Tetulia, also in Rangpur.
In the last 24 hours up to 6 AM today, Cumilla in the Chattogram division recorded 3 mm of rainfall.
The sun is expected to set at 5:58 PM today and rise at 5:46 AM tomorrow in Dhaka.
