Panic buying in Dhaka as stocks drop to 7-year low

More customers than usual crowded the groceries and kitchen markets in the capital Dhaka and they were buying more goods than normal, the media said

Mar 19, 2020
Image
a

More customers than usual crowded the groceries and kitchen markets in the capital Dhaka and they were buying more goods than normal, the media said.

Food Minister Sadhan Chandra Majumder said the rice and wheat in reserves were more than sufficient to meet the demand now. Commerce Minister Tipu Munshi also sees no reason behind a squeeze in supply of imported goods, which he says is 25 to 30 percent more than the previous year.

The government will act against anyone trying to cash it on the coronavirus crisis, the ministers warned.

The key index of the Dhaka Stock Exchange lost 168.6 points or 4.47 percent to 3603.95. The previous low was at 3559.25 on May 9, 2013. With Wednesday’s plunge, the DSEX shed a total of 628 points or 14.83 percent in four trading days.

Professor Mizanur Rahman, who teaches accounting at the Dhaka University, told bdnews24.com that the Bangladesh Bank should take steps to increase liquidity in order to allay fears of the coronavirus outbreak’s impact on the economy.

“The economy must be provided with cash through the purchase of government bonds. The banks will have to be asked to buy shares then,” he said.

A month after raising gold prices citing the coronavirus, the jewellers have now cut the prices of the yellow metal citing the same reason.

Post a Comment

The content of this field is kept private and will not be shown publicly.