CNI News
August 31, 2023
The issuance of new rice export licenses will be temporarily suspended starting from the end of August for 45 days to control rising domestic rice prices, said Myanmar Rice Federation. It can help stabilize domestic rice prices to an extent, said an official from the Myanmar Rice Federation, to CNI News.
"Old licenses are allowed to export. New export licenses won't be issued. It seems to control rising domestic rice prices. Domestic rice prices will fall down a little. The main price increase is domestically consumed rice, not the rice that will be exported to foreign countries." he said.
A rice warehouse
Although restriction of the rice export licenses can reduce the rice prices, it is necessary to re-allow rice exports when the rice appears in abundance, said U Thein Aung, chairman of the Farmers Development Association to CNI News. " Domestic rice prices will fall down to an extent if exports abroad are temporarily suspended. The price of a bag of rice could be 10,000 to 15,000 kyats less. When the rice appear in abundance, it is necessary to re-allow exports abroad. If rice export remained closed, it would hurt farmers. Suspension should be 45 days at most for the sakes of farmers and consumers" said U Thein Aung.
Although the State Administration Council is performing to reduce the rice prices in various ways, the prices don't fall down. The price of coarse rice is more than 60,000 kyats a bag (105 lb) and fine rice, one lakh to 1.5 lakh kyats.
