The Ministry of Commerce is taking action to stop a drop in the price of white rice.
Following reports of a fast decline in the price of the commodity, the Ministry of Commerce started working with local authorities to gather information in major rice-producing areas, including Battambang, Kampong Thom, Kampong Cham, Prey Veng and Takeo.
“The ministry found that the price of white rice has dropped by 15 percent,” the ministry said in a statement.
It then held an urgent meeting with the Rural Development Bank (RDB), rice millers, and rice exporters to put an end to the price fall and ensure farmers’ livelihoods.
At the meeting, a number of factors were identified to be the source of the decline, including rising water levels following heavy rains, a lack of capital from rice millers and exporters to buy rice, and a decline in the price of rice in the international market, which dropped about $50 per ton, the statement said.
“In order to support the people, the ministry has consulted with RDB to review the possibility of disbursing loans to rice millers and exporters so that they can purchase white rice by taking rice as collateral,” it said
“At the same time, the ministry will continue to cooperate with relevant parties and institutions to monitor the price of white rice in order to solve the issue as soon as possible.”