Bean prices likely to rise on monetary policy change

A bean trader at the Bayintnaung Commodity Centre in Yangon said that the price of beans is rising over the change in the domestic monetary policy, and if there are further changes, the price could rise.
Mung bean prices reached high in the domestic market as demand and monetary policy changed.
“The current transaction has cooled down a bit. The reason is because of the monetary policy,” said a bean trader.
A trader said that due to changing in the current exchange rate from K1,850 to K2,100 per US dollar and allowing 35 per cent of exports to be traded freely, the mung bean price has reached more than K200,000.
Demand for beans from India is also good and it is expected that the demand will increase in September and October.
In addition, it is said that there will be further changes in the domestic monetary policy, so if it is done, prices and demand will strengthen.
It is estimated that there will be around 200,000 tonnes of mung bean left in the country, and according to the Indian demand situation and the changes in the domestic currency policy, the demand is strong and the price is likely to rise, according to the traders.
India has signed a bilateral MoU to import 250,000 tonnes of mung bean and 100,000 tonnes of black-eye beans from Myanmar annually through the private sector from FY2021-2022 to FY2025-2026.
Myanmar exported 6.9 million tonnes of pulses in the 2022-23 financial year, earning more than US$544 million. – Chin Lay/GNLM

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