DPM MoPF UM discusses price-stability mechanism

Deputy Prime Minister Un­ion Minister for Planning and Finance U Win Shein, as Chair­man of the Union Price Stability Committee, presided over the 2/2023 committee meeting yes­terday.


In his speech, the Union minister stressed that the work­ing committees for commodity price stability are organized, and the committee held discussions with the Union ministers of focal ministries to stabilize the basic foodstuffs such as rice and cook­ing oil.


It also needs to inspect whether the allocated palm oil reaches the designated areas or market, and the officials discuss meeting the targeted palm oil import volumes and issuing the licences to rice exporters after their inspection processes.


Moreover, the committee met with the officials of UMFC­CI and its brother associations in discussions to enact the Rice Law and set fair reference prices for 2023 monsoon paddy procure­ment.


He added that the country launched the Myanmar Rice On­line (MyRO) system starting 3 November to register grain stor­age facilities, exporter licences and rice mill registration through digital platforms. The registra­tion for storing 5,000 baskets of paddy or over 50 tonnes of rice at the MyRO system will support the emergence of a stable rice market and rice prices. The FDA also supervises the production, export, and distribution of refined cooking oil.


He also stressed the need to focus on the high yield of mon­soon paddy, monitor the basic foodstuff prices, and report to the committee to solve the problem. — MNA/KTZH