Stringent market regulations prevent price increases
With the supply of fresh rice nearing, the trade depots bolstered the sales of old rice stocks in the domestic market.
Monsoon paddy is newly harvested in some delta regions. There is adequate supply for the domestic market while there is high potential for rice exports. The new monsoon paddy will flood the market in the coming months, U Maung Win, a rice trader, told the Global New Light of Myanmar (GNLM).
The institutions concerned cooperated on the rice subsidy scheme and have sold thousands of rice sacks to consumers starting from 7 August.
Therefore, the rice can be purchased at a fair price through Yangon’s wholesale depots. The prevailing prices stood at K125,000 per sack of Pawsan rice from Shwebo, around K100,000 for Pawsan from other producing regions (Myaungmya, Pyapon, Mawgyun, Bogalay), K96,000 for Pawkywel, K72,000 for 90-day short matured rice and K69,000 for rice grown under intercropping system on 13 September.
Rice volatility would continue unless there is no market regulation. Some traders who kept the rice stocks in hand earlier aimed to raise the prices of rice to over K150,000 for Shwebo Pawsan and K120,000 for Pawsan from delta regions. Thanks to market supervision, the soaring price did not reach those levels of highs. — TWA/ EM