ECONOMYNEXT – A state-run trading firm has been given the approval to import 20,000 metric tonnes of rice from Burma for 460 US dollars a tonne, as domestic rice prices were pushed up by a milling oligopoly taking cover under import control.
State Trading Corporation has been given the nod to import the first consignment after the Cabinet of Ministers earlier approved the import of 100,000 metric tonnes of rice.
Sri Lanka has banned the import of rice and slammed a 65 rupee import tax, helping a milling oligopoly to push up prices.
The wholesale price of Nadu, the cheapest grade of rice was 128.13 rupees a kilogram (128,130 a tonne) at the Maradagahamula economic centre last week, valuing a tonne of Nadu at 631 US dollars a tonne.
A tonne of Samba rice is valued at 731 dollars.
The state trading corporation is ostensibly importing the rice to ‘stabilize’ the domestic price of rice. (Colombo/Nov30/2021)