Myanmar Rice Federation will store up to one million bags of rice including Pawsan rice varieties
The Myanmar Rice Federation (MRF) will store up to one million bags of rice, including Pawsan varieties, for the State’s rice buffer stock. This effort aims to stabilize prices, ensure domestic rice security, and support low-income households. Rice exporting companies are required to reserve rice for the buffer stock, and retailers are directed to limit prices to no more than 8% above the set reference rates.
It is learned from the Myanmar Rice Federation (MRF) that it will store up to one million bags of rice, including Pawsan rice varieties, for the State’s rice buffer stock.
The MRF will add Pawsan rice in addition to the usual Aemahta rice into the rice buffer stocks.
The Ministry of Commerce and MRF decided to add more rice stocks to the rice reserve scheme with a view to stabilizing the market and beefing up stocks for low-income households and to be used for distribution as natural disaster relief supplies.
In addition to the effort to control prices, there are both old and new paddy as well as newly harvested summer paddy, so there is a full guarantee of domestic rice security and no need to worry, said MRF chairperson U Ye Min Aung.
At the same time, MRF has made sure there is a regular rice supply in three major markets, including Nay Pyi Taw. Yangon and Mandalay. It also tried to regulate the price in accordance with the monthly reference rate by the Ministry of Commerce. Meanwhile, rice is sold at affordable prices for the public.
According to the strategic plan for the rice reserve by the Ministry of Commerce and MRF, one to three bags are designated for rice reserve per tonne of rice export. Each bag weighs 108 lbs. The rice exporting companies will send the 25% of rice reserved for buffer stock to the designated warehouses within one week and the remaining 75% will be recorded in the inventory list and collected at the time when it is required.
The Consumer Affairs Department sets the reference prices of all varieties of rice from low quality Jera and Manawthukha to middle and high-quality rice varieties such as Khun Ni, Bay Kyar, Paw Kywe, Shwebo etc. at prices varying from 87,000 Kyats to 145,000 Kyats per bag (108 lbs).
The rice retailers are directed not to sell rice at more than 8% over the reference prices.
Under the export-based buffer stock system, the MRF directs all rice exporting companies to reserve rice for buffer stock at the rate of one bag per tonne or one bag for every four tonnes of rice export when they apply for export licenses.
Source Link : https://eng.mizzima.com/2024/08/23/13131
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