Thailand has issued a warning against sticky rice hoarders that want to make the most of a current surge in prices: Why do this and risk jail time.
The nation is taking measures to stem the lack of glutinous rice following prices jumped to some more significant than five-year high. Anyone involved with the rice industry, such as millers and dealers, has to report their stockpiles to officials, according to a note from the Department of Internal Trade.
Any party found trying to push the cost of rice failing to record inventories will likely be fined 5,000 baht ($164) or face up to five years in prison, the ministry stated. “That’s resulted in the sharp gain in the purchase price of the product.”
Thailand was struck by the worst drought in the past decade, with the dry weather drying plants in the farming heartlands from the northeastern area. That helped exacerbate an economic downturn, which directed the central bank to decrease the policy interest rate for the first time in over four decades. The government intends to begin a $683 million software to help rice farmers by encouraging incomes.
Thailand is among the world’s most important exporters of rice, and one of the biggest customers of this grain, with roughly 3.7 million families based on the commodity to get their earnings. While they have the lowest income among farmers, they still play a significant part in the nation’s social and political equilibrium, as stated by the Rice Department.