Myanmar: Price Floor for 100 Tins of Rice Set at K520,000

Leading Committee for Farmers’ Rights Protection and Promotion on July 23 has set a price floor for 100 tins (1tin = 46 lbs.) of unhusked rice at K520,000. The rice must be free from dust, sand, and small stones and moisture content must not be over 14 percent.

The renewed price floor is for 2020 rainy season grown rice and 2021 summer grown rice.

Rice traders must buy the rice at the price floor rate when the market price is lower than the price floor or buy at the market price when rice price is lower than the price floor.

The price floor for unhusked rice in 2019 was set at K500,000. The country started imposing a price floor in 2018.

Myanmar, whose staple food is rice, has over 17 million acres of rice fields.

Written by Tayzar Bhone Myint/ Translated into English by Min Thu Aung

Source: https://mmbiztoday.com/price-floor-for-100-tins-of-rice-set-at-k520000/