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Bangladesh’s government seeks to regulate hide prices ahead of the upcoming Eid-al-Adha, the Islamic festival which is taking place on September 24 this year.
During a conference on law and order on August 30, Bangladesh’s Government has urged tanners to fix prices well ahead of the festival in order to avoid last minute price hikes.
According to the Home Minister, Asaduzzaman Khan Kamal, the tanners tend to fix raw hide prices only a couple of days before Eid-al-Adha and, as a result, some of them create an artificial price hike for their own monetary interest, generating an uneasy situation in the market.
Directives have been given to local law enforcement agencies to control and avoid smuggling of hides. As reported by ILM last week, measures have already been taken by the Indian government to stop the illegal cattle trade between borders, what restricts the flow of hides further.
Shakawat Ullah, the General Secretary of the Bangladesh Tanners Association expressed worries that tanners might not be able to fulfil the raw hide procurement target set for 2015.
According to Ullah, during the same festival last year, local tanners purchased 4.5 million pieces of cow hide, 1.5 million pieces of goat, and 2.0 million pieces of buffalo hides, representing sales of BDT2 billion (US$26 million).
Normally, tanners purchase 50% of their hides during Eid-al-Adha, he added.
Source: FE Report