Myanmar sets floor price of rice


On 31 July 2020, the Government increased the floor price for the 2020/21 first and second season paddy crops. The price was fixed at MMK 520 000 per 100 baskets (one basket is equivalent to 20.86 kg), 4 percent higher than in 2019 (FPMA Food Policies), reflecting higher production costs. The floor price is set depending on the production costs as well as the prices in the domestic and international market and aims to protect farmers against the low prices during harvest time. The Government, via the rice procurement committees and with the support of the Myanmar Rice Federation, will purchase paddy from farmers at the set rate if the market price falls below it. However, if the market price rises above the floor price, purchases would be made at the prevailing rate.

Country: Myanmar