The price of high-grade Pawsan rice from the Shwebo area surged to K135,000 per sack, according to Myanmar Rice Wholesale Centre (Wahdan).
The panic buying of some consumers sparked by the Central Bank of Myanmar’s issuance of the new K20,000 note on 31 July drove up the rice prices.
The price of Shwebo Pawsan rice stood at K115,000 per sack on 24 July and then jumped to K135,000 per sack on 9 August. The figures showed a sharp rise of K20,000 per sack over the past two weeks.
Similarly, the Yangon market sees a persistent rise in the prices of other rice varieties. The prices of old Pawsan rice touched a high of K98,000- 100,000 per bag depending on producing areas (Myaungmya, Pyapon and Dedaye), while rice prices stood at K87,000 per bag of Kunni, K67,000 for Ngasein, K88,000 for Pawkywe, K67,000 for rice grown under intercropping system and K105,000 for Kyapyan rice variety, as per the price data released by Myanmar Rice Wholesale Centre (Wahdan).
To stabilize the rice price, Myanmar Rice Federation started to sell off the rice reserved under the cooperation of the exporting companies and other schemes from 7 August at the Wahdan and Bayintnaung rice wholesale depots.
The rice prices are set at K110,000-120,000 per sack of Pawsan from the Shwebo area, K94,000-97,000 for Pawsan from Ayeyawady, K65,000 for Aemahta (10 per cent broken) and K60,000 for Aemahta (25 per cent broken) respectively.
The consumers are entitled to buy a rice sack of Pawsan rice and a rice sack of Aemahta rice per month, presenting the citizenship scrutiny card.
Moreover, the staff from government departments, factories and companies can buy the rice with official letter by sending a purchase letter to admin@mrf. com.mm.
For further detail, consumers can contact the MRF through Ph: 09 400062760, 09 400067270 and Wahdan Depot via Ph: 01 8221448, 01 8220131, 01 8210287 and Bayintnaung depot via Ph: 09 769029428.
Initially, 50,000 rice bags (25 per cent broken – single polished and stored) are to be sold. The federation will increase the sales quota if necessary.
Under the guidance of the Ministry of Commerce, MRF has been making efforts and participating in the development of the rice market, systematic registration for rice storage, fair market and price stability as the role of the private sector.
Myanmar has achieved self-sufficiency in rice and only the excess rice is exported systematically. At present, rice crops are being harvested in the northern Bago region and central Myanmar region. With the electricity supply improving, rice mills could run operations fully. Therefore, the production meets the consumption for sure. Nevertheless, those unscrupulous are spreading malicious rumours and fake news to trigger consumers’ concerns and spark panic buying. The federation hereby requested the consumers to stop panic buying and buy rice when they need it.
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 product. 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 refuse to be persuaded. Those stakeholders in the supply chain need to exert concerted efforts in this as well. — NN/EM