Commodity Exchange will reduce commodity price volatility in the market: Tipu Munshi, Dhaka: The Chittagong Stock Exchange (CSE) has received approval to launch a commodity exchange for the first time in the country. Lacking experience in commodity exchange, the company has signed an agreement with India Multi Commodity Exchange-MCX for assistance.

Speaking as the chief guest at the signing ceremony, Commerce Minister Tipu Munshi said commodity exchanges would reduce commodity prices in the market. Commodity exchanges will be able to reduce the occasional instability in the commodity market.

Apart from Tipu Munshi, the chief guest at the signing ceremony of the Chittagong Stock Exchange (CSE) at a five-star hotel in the capital on Tuesday (April 12) was Prof. Shibli Rubayet-ul-Islam, Chairman, Bangladesh Securities and Exchange Commission; And BSEC Commissioner Prof. Sheikh Shamsuddin Ahmed was present.

Commerce Minister Tipu Munshi said the decision to launch a commodity exchange was very timely. The need to launch commodity exchanges is being felt anew in the recent rise in commodity prices. Commodity exchange is a big step in the development journey of Bangladesh.

The agreement was signed on a virtual platform between Chittagong Stock Exchange and Bharat Multi Commodity Exchange-MCX. Under the agreement, CSE will provide technical and consulting services to launch a commodity exchange in the country.

Golam Farooq, Acting Managing Director, CSE and PS Reddy, Managing Director, MCX signed the agreement on behalf of their respective organizations.

Speaking on the occasion, BSEC Chairman Prof Shibli Rubaiyat-ul-Islam said the Commodity Exchange would help take the country’s economy to the next level. With the introduction of commodity exchange, farmers and producers will get a fair price for their produce. Market volatility will decrease. If this exchange is introduced, the supply chain of products in the country will be improved and the cold storage facility will be increased. All in all, it will add a new dimension to development.

Speaking on the occasion, Indian High Commissioner Vikram Doraiswamy said that there is immense potential for a commodity exchange in Bangladesh. An effective commodity exchange will give a new impetus to the economic development of Bangladesh. This exchange will play an important role in modernizing the cold storage system and determining the reasonable price of the product.

The Indian High Commissioner said that with the pace at which Bangladesh is advancing, the country will soon become Singapore in the region. Commodity exchange will be a strong step in this journey. Ensuring efficient management, product quality assurance and timely delivery will be the major challenges for the success of commodity exchanges. MCX started operations in India in 2003. On the other hand, CSE has received permission from the regulatory body to launch the first commodity exchange in the country.

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