Myanmar Rice Market: In order to prevent market price manipulation

Myanmar has been cultivating rice since prehistoric times, and the rice production sector has undergone many changes with the modern system. So, the policies and laws that are compatible with Myanmar have been enacted for the sustainable development of the rice production sector.

At present, the government is implementing a financial support system based on rice storage certificates and in order to apply the registration system, recording in systematic statistics and lists, medium and large-scale rice depots will be listed and efforts are going to be made for a registration system for rice storage.

Chairman, Myanmar Rice Federation, Ye Min Aung, said " If the statistical information is not recorded about the storage quantity, it is possible to make mistakes in making decisions about rice surplus amount, the amount to be stored in the domestic market and the quantities to be exported. Efforts have to be made for local sufficiency, export, sales with reasonable prices, creating benefit for farmers and fair and affordable price for domestic consumers."

If there is no proper inventory management, disputes between manufacturers and consumers may lead to unwanted problems and delay development sector.

Chairman, Myanmar Rice Federation, Ye Min Aung, said " Doing the registration system via online is quick and easy and eliminates time wasting. Generally, above 50 tons of rice/ 5,000 baskets of paddy need to be registered and less than that amount is considered small-scale storage, so it does not need to be registered."

The registration system will be carried out through an online system and will commence in August and September. Currently, the operation tasks of registration have already kicked off in 4 regions such as Ayeyarwaddy, Yangon, Bago and Nay Pyi Taw with a hybrid system through email.

The online system for the whole country will be launched soon and used for the regulation and stabilisation of the rice market. As a result, the registration system will be a transparent and convenient way for the government, entrepreneurs, investors, and trading process.