Burma: Rice Merchants Operating Under Investigation for High Prices

The Burmese military regime is intervening in the rice market to control higher prices. The regime detained dozens of domestic and foreign rice merchants and representatives from supermarkets and has pledged to prosecute traders who were selling rice at 51-70 percent higher than the regime-set reference prices. Wholesale prices dropped after the investigations and the Myanmar Rice Federation (MRF) notified retailers to sell at regime-set reference prices. Contacts in Myanmar have relayed that rice exports are diminishing due to these actions; however, this is expected to be temporary.