The price of high-grade Pawsan rice from the Shwebo area peaked at K115,000 per bag, according to Myanmar Rice Wholesale Centre (Wahdan).
In addition to the rise in paddy prices, the panic buying of some consumers arising from the Central Bank of Myanmar’s issuance of the new K20,000 note on 23 July pushed up the rice price.
The price of Shwebo Pawsan rice increased to K115,000 per bag on 24 July from K112,000 per bag on 21 July, showing an increase of K3,000 within a few days.
Similarly, the prices of other rice varieties were up by K1,000-3,500 per bag. The prices of old Pawsan rice touched a high of K93,000-97,000 per bag depending on producing areas (Myaungmya, Pathein, Pyapon and other regions), while rice prices stood at K84,000 per bag of Kunni, K63,000 for Ngasein, K65,000 for Aemahta, K85,000 for Pawkywe, K63,000 for rice grown under intercropping system and K92,000 for new Pawsan rice variety, as per the price data released by Myanmar Rice Wholesale Centre (Wahdan).
Myanmar Rice Federation will endeavour to stabilize the rice price and steer the market for the right price and the right product. The MRF will join hands with the rice millers, rice traders and companies. The federation called on them to balance the short-term and long-term benefits in trading, as per the MRF’s notification dated 24 April.
Individuals and family entities can contact the rice wholesale centres for fair prices and the right products. For any difficulties, please contact the office of the MRF, as per the statement.
Myanmar Rice Federation notified on 24 April that tips-off about those manipulators who spread malicious rumours on digital platforms to spark concerns of the consumers and raise the rice prices can be done for the sake of the long-term benefit of the rice industry. The federation will forward the reports of those manipulators to the relevant authorities if they refused to be persuaded. Those stakeholders in the supply chain need to exert concerted efforts in this as well. — NN/EM
