Nay Pyi Taw, July (30)
The Myanmar Rice Federation (MRF) announced on July 28 that they will sell reserved rice accumulated from export companies in order to stabilize the rice market and rice prices.
The federation will initially supply 50,000 50-kilogram bags of rice (25 percent – single polished and sorted), and the quantity of rice bags will be raised if necessary.
According to the MRF statement, reserved rice will be sold to stabilize rice market, and arrangements will be made to ensure that the products are genuine and prices are reasonable.
U Ye Min Aung, chairman of the Myanmar Rice Federation, said, “We will sell at reasonable prices that are cheaper than market prices. We will sell through wholesale and retail outlets, as well as to factory workers in industrial zones”.
In addition, he added that the reserved rice will be sold in the market in the coming week, and the details of the price and the method of sale will be announced in advance.
In the first round of sales, reserve rice will be distributed to the entire country through the Yangon market. The MRF plans to continue selling rice based on demand, said the statement.
After the military council announced that it would issue new K20,000 banknotes, the price of a bag of Paw Hsan rose from around 87,000 kyats to over 100,000 kyats, while the price of coarse rice rose to more than 70,000 kyats per bag.
According to rice experts, the MRF’s announcement to sell the reserve rice may cause a slight drop in the current rice price, but there will be no significant change.
News-Than Lwin Times