4 December 2024
The Myanmar Rice Federation (MRF) has warned against price speculation and artificial inflation of domestic rice varieties like Gold Rice and Ayeyarwady Paungsan, which are not for export. In response to rising prices, Senior General Min Aung Hlaing emphasized that businesses should sell at reasonable profits. Authorities have announced that no price hikes will be allowed on key rice varieties, with legal action for violators.
Inflated rice prices have been observed, particularly for Gold Rice and Ayeyarwady Paungsan, with some speculators attempting to manipulate prices during the harvest season. MRF urges adherence to reference prices for all domestic rice varieties sold within Myanmar. There are currently no rice shortages, with up to 800,000 bags of reserve rice available for export.
The Consumer Affairs Department has reminded businesses to follow the official reference prices, warning of legal consequences for non-compliance, including fines and lawsuits. Despite the official price for Paungsan rice being between 125,000 and 145,000 kyats, market prices have surged to 210,000 kyats. The MRF has also debunked claims linking price hikes to natural disasters, calling them misleading and fake news.
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