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Rice Trade Plummets at Yangon’s Commodity Exchange Due to Fraud Fears

Ever since numerous cases of fraud and malpractices involving Bayinnnaung Rice Commodity Exchange got revealed, rice makers have been directly dealing their products to the markets.

Rice exporters used to always go through agents associated with the wholesale market so sell rice both internationally and domestically but ever since money related issues occurred, both customers and rice coming into the wholesale center had been cut by half.

Traders from the wholesale center claim that since the middle-men from Bayinnaung has been cut, the going price for rice will be lesser but paddy businessmen feel that the security against fraud is worth the loss.

The most recent fraud case within the rice market involves a hefty sum of Ks 5 billion and more in January.

Chairman Aung Than Oo from Myanmar Rice Trader’s Association had warned at a press conference in regards to the abovementioned case that Myanmar’s rice market faces collapse if major fraud cases involving billions of Kyats continue to occur.

 

Source: Eleven Myanmar

 

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