MRF to Control Rice Prices

The Myanmar Rice Federation (MRF) will work towards controlling the price of rice at open wholesale rice centres in Yangon and other regions, according to U Aung Than Oo, chairman of the MRF.

“The federation will monitor who increases the wholesale price of rice. If they find price gouging by rice distribution centres, we will remove them from the Federation. We will also sue them under the Consumer Protection Law,” U Aung Than Oo said.

The MRF is set to open wholesale centres in Magway, Bago, Sagaing, Ayeyarwady and Yangon regions. Later, it will open centres in Mandalay and Naypyitaw.

Currently, Myanmar’s rice supply is sufficient. Private companies and farmers still have rice in stores even though floods have destroyed vast amount of farmlands.

“Currently, the MRF has set the stabilisation of rice prices as a priority. If the weather condition recovers, we will help resettle farmland areas and collaborate with other relevant organisations,” said U Ye Min Aung, general secretary of the Myanmar Rice Federation.

Over 1.5 million acres of farmland has been flooded according the MRF, and in total, 300,000 acres have been totally destroyed as of August 6. Numbers are still not finalised, and flooded areas need further monitoring.

Myanmar harvests 16 million acres of rice paddies during the rainy season. About 14 to 15 million acres will remain fertile after the recent flooding, according to U Ye Min Aung.

Source: Myanmar Business Today

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