Rice federation warns against hoarding ahead of expected storm

By Admin 09 May 2023

DMG Newsroom
9 May 2023, Sittwe

The Myanmar Rice Federation has warned against the hoarding of rice in response to forecasts indicating that Myanmar could be hit by a cyclonic storm this week.

The federation announced on Monday that it has taken necessary measures, including building up rice reserves.

“We have built up a large reserve of rice, and have rice sufficiency. So, we would like to urge the public not to hoard rice, and rather just to buy the necessary amount,” said a federation official.

People can contact the federation, rice merchants association and wholesalers if they need rice in the aftermath of the storm, the federation said.

Rice prices have increased by 2,000 to 3,000 kyats per sack in the domestic market following the storm reports, according to retailers.

Business is slow at rice wholesale centres, but demand is high at retailers, according to a retailer from Yangon’s Hlaing Township.

“Rice prices have increased due to the storm reports. We have to adjust prices often as prices keep increasing. As we are a retailer, we have to be careful with pricing to avoid making losses, and losing customers,” said the retailer.

The federation has also urged people in areas where summer paddy has recently been harvested, is being harvested, or is due for harvest, to prepare shelters. It also urged those engaged in the rice industry to make preparations to properly store rice.

A weather report issued by the Department of Meteorology and Hydrology on Tuesday said the depression in the Bay of Bengal would further intensify and become a cyclonic storm on Wednesday. It is expected to move toward the Bangladesh-Myanmar coast on May 12.