High-grade Pawsan rice from Shwebo rockets to K125,000 per bag

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Rice bags are seen being organized at the warehouse.

The price of high-grade Pawsan rice from the Shwebo area spiked to K125,000 per bag, 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 pushed up the rice price.
The price of Shwebo Pawsan rice increased to K115,000 per bag on 24 July from K125,000 per bag on 31 July, indicating a sharp increase of K10,000 within a week.
Similarly, the prices of other rice varieties were up by K1,000-4,000 per bag. The prices of old Pawsan rice touched a high of K95,000-97,000 per bag depending on producing areas (Myaungmya, Pathein, Pyapon and other regions), while rice prices stood at K86,000 per bag of Khunni, K65,000 for Ngasein, K86,000 for Pawkywe, K63,000 for rice grown under intercropping system and K96,000 for new Pawsan rice variety, as per the price data released by Myanmar Rice Wholesale Centre (Wahdan).
To stabilize the rice price, Myanmar Rice Federation released a notification on 28 July that it will plan to sell off the rice reserved under the cooperation of the exporting companies and other schemes to the domestic market. Initially, 50,000 rice bags (25 per cent broken – Single Polished & Sorted) will 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, the 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 the 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 the manipulators to the relevant authorities if they refuse to be persuaded. The stakeholders in the supply chain need to exert concerted efforts in this as well. –NN/EM

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