Myanmar to sell rice from reserves
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The Myanmar government will start selling rice from state reserves early next month to help rein in spiralling prices.
The move, done only during emergency situations, comes after rice prices in Yangon – the most important commercial centre of the country – shot up by 15 per cent in just two weeks due to dilapidated road condition following floods caused by heavy rains.
Calling the hike as “slight”, U Chit Khaing, chairman of Myanmar Rice Industry Association, said: “We will try to prevent further increase in the prices by selling rice from state reserves beginning the first week of September.”
Rice prices usually go up in the rainy season every year, a rice dealer from Bayintnaung Brokerage said.
He, however, said about a 2000-kyat (Bt6.90) increase in the price of a bag of rice will not affect the retail market very much.
“It is a good thing that the government will intervene to stabilise the prices by releasing rice from the state reserves,” he said.
Torrential rains inundated more than 530,000 acres of farmlands across the country. Mon and Kayin states and Ayeyawady, Yangon and Bago regions were affected the most due to the rain.
People in many areas are still waiting for the flood waters to subside.
