Wednesday, September 5, 2012

Paddy fields spoiled by floods, but rice prices low

Wednesday, 05 September 2012 13:55 Si Thu    

Rangoon (Mizzima) – After a vast swath of paddy fields in Irrawaddy, Pegu and Rangoon Regions were spoiled by floods in August, an official at the Myanmar Rice Industry Association (MRIA) said that they are selling reserve rice to prevent higher prices.

Flooded paddy fields near Nagyikone village  Photo: Mizzima

“To prevent rice prices from going up, we began selling 10,000 bags of reserve rice. Yesterday, we sold 2,600 bags. If the rice prices continue going up, we will sell more bags of rice,” said Khin Maung Cho, a MRIA member.

More than 270,000 acres of paddy fields in Irrawaddy Region and more than 170,000 acres in Pegu Region were inundated by flooding that was heaviest in eight years, according to a MRIA announcement. A total of more than 600,000 acres were spoiled, the statement said.

In late August, the price of a bag of  “Shwethwehaung” rice increased from 18,000 kyat to 19,500 kyat (US$ 22.40) and a bag of “Elmahta” rice increased from 15,000 kyat to 16,500 kyat, said a worker in the Lapyace rice shop in Bassein, Irrawaddy Region.

Although the prices went up by 1,500 kyat per bag, the price is basically stable for now.

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