Nay Pyi Taw – May (19)
The military council’s Ministry of Commerce announced that legal action will be taken against unregistered traders who hoard more than 50 tons of rice and 5,000 baskets of paddy in one place.
It is said that anyone who wants to hoard rice and paddy must register online with the junta’s Ministry of Commerce.
The military council said on May 9 that a government-private organization had been formed for the rice traders to register hoarding of rice and paddy and to facilitate operations without burdening them.
A rice trader said that the military council’s statement does not want traders to hoard rice for the long term when rice prices are on the rise, and this statement may have an impact on the market.
In addition, there may be more complications in doing business as the traders have to register for hoarding of rice and paddy.
According to the statement, the registration system is being implemented in order to control the exploitation of rice and unusual trading activities, and to carry out the storage of rice in an orderly manner.
The rice traders estimated that the military council has instructed them to register the rice stocks online so that the domestic rice and paddy stocks can be listed, and the domestic demand and the amount that can be exported can be calculated.
The military council is trying to control rice and paddy hoarding, but people say it remains to be seen whether the rising rice prices can be controlled and whether the military council will take action against speculators.
The price of Paw Hsan Hmwe, which was only around 70,000 kyats per 108-pound bag before the Thingyan Festival in Aprill, has now risen to around 84,000 kyats, and other varieties of rice have surged by around 10,000 to 15,000 kyats.
Than Lwin Times tried to reach the Myanmar Rice Federation by phone several times for comments regarding the statement, but it went unanswered.
News – Than Lwin Times
Photo- CJ
Thanlwintimes