Sharp drop in rice price in two weeks

A. U. Gunapala

ARACHCHIKATTUWA: The open market price of rice is expected to drop sharply within the next two weeks when existing paddy stocks are milled and released to the market to make storage facilities available for the forthcoming Maha paddy harvest, Finance Ministry Secretary Dr. P. B. Jayasundara said.

He said the Government has allocated Rs. 2,000 million for the Maha harvest purchasing exercise.

The balance money available in the special fund set up for paddy purchasing would also be utilised to purchase paddy in the coming harvesting season.

A bountiful harvest is expected this Maha season. It may exceed previous harvests by at least 100,000 bushels.