The domestic rice market witnessed a soft landing after the prices swept higher in the past weeks. The prices of high-grade Pawsan rice were down by K10,000-23,000 per sack, according to the Myanmar Rice Traders Association (Wahdan rice depot).
The prevailing prices fell to K125,000 per sack of Shwebo Pawsan, K100,000 for Kyapyan variety, and K100,000 for old and new Pawsan rice from Pyapon, Dedaye, Myaungmya and Pathein areas.
On 24 August, the prices hit fresh peaks of K145,000 for Shwebo Pawsan, K123,000 for Kyapyan and K110,000-122,000 for old and new Pawsan from various regions.
The figures showed a price decrease of K10,000-23,000 per sack depending on Pawsan rice varieties.
Furthermore, other rice varieties were also down by K1,000-6,000 per sack. The prices declined to K72,000 for short-mature rice (90 days), K95,000 for Pawkywe, K98,000 for Kunni, K70,000 for Ngasein, K69,000 for rice grown under the intercropping system, K68,000- 69,000 for Aemahta rice, as per the Wahdan rice depot’s statistics.
The forex market and commodities market braced for turmoil in the weeks following the news of the issuance of a K20,000 new note by the Central Bank of Myanmar on 23 July, resulting in a remarkable rise in rice prices.
To steer the volatile market, the Myanmar Rice Federation started selling off reserved rice in some regions and states.
Additionally, the MRF distributed 250,000 sacks of rice to four regions and states beyond the Yangon Region to sell them at fairer prices to the consumers to control the high volatility in the domestic market, including 200,000 sacks to Rakhine State, 2,000 to Mon State, 1,000 to Magway Region and 2,000 to Kayin State, according to its notification released on 25 August.
Aemahta rice of export quality (well-milled, polished and sorted) started to sell off at K2,500 per pyi. The mobile market scheme for Aemahta rice variety covers 17 townships with 42 shops starting from 25 August.
In addition to the rice depots, the MRF is selling off rice to the staff from government departments, factories and companies according to the relevant reports. The federation is also running a mobile market in the quarters in the townships, with the fairer price of K2,500 per pyi of Aemahta rice.
The rice prices are set at K110,000-120,000 per sack of Pawsan from the Shwebo area, K94,000-97,000 for Pawsan from Ayeyawady, K65,000 for Aemahta (10 per cent broken) and K60,000 for Aemahta (25 per cent broken) respectively.
MRF, affiliated associations, rice exporting companies, rice mills and traders will exert concerted efforts to stabilize the prices in August and September and offer the fairer prices to the consumers of low income, MRF stated. — NN/EM