Friday, 13 December 2019

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Rice hits highest price since Nargis

Demand from China and the US dollar exchange rate have caused a surge in the price of Myanmar rice—the highest since Cyclone Nargis.

Photo: Ye Min / Mizzima
“The increase in price of the rice is mainly because of the dollar exchange rate," said Kyaw Kyaw Win from the Myanmar Rice Federation.

According to rice merchants, it is now more profitable to export rice to foreign countries, and there is a strong demand for Myanmar rice along the Chinese border due to the exchange rate.

Kyaw Kyaw Win said that a metric ton of rice exported to China nets US$350. One hundred tins of  'Ae-Ma-Hta' brand of Myanmar rice increased from 380,000 kyat ($408) to 400,000-500,000 kyat ($430-$537) within a week.

The Myanmar kyat hit a record low last week of 921.50 against the US dollar.

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