PMB to release entire paddy stock to market at lower prices

Wednesday, 22 July 2015 00:00 - - {{hitsCtrl.values.hits}}

By Waruni Paranagamage

The Paddy Marketing Board (PMB) has been ordered by Prime Minister Ranil Wickremesinghe to release its entire stock of paddy to the market at a lower price, to commence the purchase of yields from the ongoing Yala season of production.

They have also received the order to purchase Yala production stock under a certified price of Rs. 50 per kilogram.

PMB Chairman M.B. Dissanayake yesterday told the Daily FT that they had already commenced releasing paddy stocks and further clarification on the subject had already been provided to relevant officials.

However, the prices of three varieties, namely Sudu Kekulu, Ratu Kekulu and Naadu, would be reduced as part of the process. The decision was taken in order to create access to surplus paddy stocks, which were produced during the ongoing Yala season.

The 2014/15 Maha season produced 1.67 million MT of paddy while the ongoing Yala season produced 1.04 million MT. The total production is 2.71 million MT but the local requirement is 2.27 million MT. The Ministry of Agriculture last week said that they would feed the entire country until next march with the excess stock.