National
Egg Prices Soar Amidst Market Mismanagement Concerns
The price of broiler chicken eggs in markets around the capital city of Bangladesh has experienced a rapid increase, reaching Tk 170-180 (equivalent to Tk 14-15 per piece) per dozen within just one week. Additionally, local chicken eggs have been observed selling for Tk 220-230 per dozen in some city areas.
Market experts and individuals involved in the egg industry attribute this drastic price instability to mismanagement within the market. According to Alam, the president of the Baridhara Notun Bazar Owners Association, recurring price hikes are due to supply mismanagement and a lack of proper oversight, which have led to an unpredictable market environment. He emphasized the importance of identifying the root causes behind these frequent price surges and stressed the need for effective intervention by relevant agencies.
Nadeem, a customer at Gulshan kitchen market, echoed concerns about weak market monitoring systems, allowing traders to frequently increase prices. He called upon relevant authorities to take robust measures to address this issue.
The Bangladesh Poultry Association (BPA), representing local egg and chicken producers, has urged for coordinated efforts in market management to ensure fair pricing. BPA President Sumon Hawlader highlighted the necessity of strengthening market monitoring and adjusting egg and chicken prices reasonably, considering production costs. Hawlader emphasized that such measures are crucial to stabilize market conditions and prevent syndicates from causing price instability.
Recent data from the Trading Corporation of Bangladesh (TCB) revealed a significant 10 percent increase in the price of broiler chicken eggs to Tk 140-150 per dozen within a week, compared to the previous week’s prices.
The Bangladesh Egg Producers Association reported that the country requires between 35 and 40 million eggs per day to meet consumer demand, with the majority being sourced domestically. Over the past decade, the nation’s egg production has more than doubled, increasing from 1.017 billion eggs in 2013–14 to 2.338 billion eggs in 2022–23, according to the Department of Livestock.
Fisheries and Livestock Minister SM Rezaul Karim indicated that the cost of egg production exceeds Tk 10.50 per egg, and considering other costs and profits, he suggested that egg prices should not surpass Tk 12. He stated that if proper pricing is maintained at this level, both producers and consumers would benefit, and necessary action would be taken against attempts to manipulate prices under the Consumer Rights Protection Act, 2009.
In light of the market instability, the government is contemplating importing eggs to restore stability. Commerce Minister Tipu Munshi mentioned that the Commerce Ministry’s decision to import eggs would require cooperation from the Ministry of Fisheries and Livestock.
In response, the Livestock Minister noted that the matter of egg imports would be approached differently. He emphasized that ensuring efficient market management could potentially eliminate the need for imports, given the current egg production rate in the country.
Regarding price regulation, the commerce minister highlighted that if the Ministry of Fisheries and Livestock determines market prices for eggs, the Directorate of National Consumers’ Right Protection would conduct inspections to ensure price control. To address the volatile egg market, the Directorate of National Consumers’ Right Protection has already initiated inspections of various warehouses in the capital and imposed fines as necessary.
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.
