SAC forms committee to monitor commodity prices

The State Administration Council formed the Union Steering Committee to stabilize commodity prices on 27 July for commodity price stability.
The committee is led by Union Minister U Aung Naing Oo of the Ministry of Commerce as chair and 19 members are assigned to it, as per the SAC›s notification (114/2023).
The tasks and responsibilities of the committee are to give priority to stabilize dry groceries including staple food such as rice and edible oil, maintain a balance between domestic production and consumption, form organizations for coordination matters to stabilize the commodity prices and work together with the stakeholders concerned to deal with high freight rates and unnecessary measures. Additionally, coordination and support regarding smooth trade flows and improving staple food production and monitoring market abuse and manipulation cases that disrupt the price stability of the staple food are also included in those tasks and responsibilities. Moreover, objectives contain necessary support to bolster production in agriculture and livestock sectors, to develop businesses on a manageable scale, to be persuasive in businesses and come up with ideas to enhance gross domestic production by the region and state governments.
The MoALI deputy minister takes the role of vice-chair of the committee and officials from the respective ministries are also on the committee. — TWA/EM