MRF invites proposals for Warehouse Receipt Financing System

Myanmar Rice Federation has invited proposals from warehouse operators who want to participate in the “Warehouse Receipt Financing System-WRFS”, according to a release by the organization on 23 January 2024.
As directed by the Ministry of Commerce, Myanmar Rice Federation is operating the Warehouse Receipt Financing System to be able to solve the financial problems of farmers at the time of harvest, drying and storing, as well as the hardships of seed producers who are often unaffordable to keep the seeds until the required season due to the same conditions. To translate the system into action, the Ministry of Commerce has established a task force led by its deputy minister, and the working group under the task force is drafting the regulations and Standard Operation Procedure (SOP) to be able to implement the WRFS.
Therefore, warehouse operators who want to participate in the system can submit their expressions of interest to the MRF, including required details, in accordance with the requirements of the organization.
Myanmar Rice Federation (MRF) has issued its notification to register the storage of 50 tonnes of rice or 5,000 baskets of paddy and above on Myanmar Rice Online (MyRO) www.myro.com.mm on 3 November 2023. A total of 193 warehouse facilities for rice storage located in Yangon, Ayeyawady, Bago, Mandalay and Sagaing Regions, Rakhine State and Nay Pyi Taw Union Territory have been registered on the online registration platform – Myanmar Rice Online (MyRO) as of 13 January, according to MRF.
For additional information about MyRO registration, businesses can reach the Department of Consumer Affairs via phone numbers 067 3430563 and 067 3430131 and the Myanmar International Trade Centre located at No 622/626 on Merchant Street, Pabedan Township, Yangon, via phone number 01 385323. — NN/TH