International market responsible for rising commodity prices: Commerce Minister

Commerce Minister Tipu Munshi said, "I can't do anything unless prices fall in the international market." Because the international market is responsible for the increase in the prices of daily commodities in the country.

He made the remarks at a meeting of the Task Force Committee on Review of Commodity Prices and Market Situation in the conference room of the Commerce Ministry at the Secretariat on Wednesday (May 18).

Asked when the prices of daily necessities would reach the people, the Commerce Minister said, "I don't know the answer to this question." I have to go to Argentina-Brazil to know the answer. There is nothing we can do until prices fall in the international market. You can take a look at price of oil in Kolkata for example. People need to be informed about the global situation.

"We had two years of low imports," he said, referring to the problems created by the rising dollar price. The capital has been affected for opening and with two years of pressure coming together. Our foreign reserves are under pressure. In the last two years, the reserves have increased due to the reduction in imports. But now due to high imports there is pressure on foreign reserve.

"The danger in Sri Lanka does not mean we are in danger," he added. We have no reason to panic.