Myanmar Edible Oil Milling Development Loans Management Team issued an announcement which says that 21 oil millers were given loans of up to 1,773 million Kyat each.
The Deputy Union Minister of Planning and Finance Maung Maung Win said at the Myanmar Edible Oil Milling Development Loans Management Team meeting held on 24 October that the government had given low interest development loans of 1,773 million Kyat to 21 edible oil millers from seven States and Regions and the Naypyitaw Union Territory in the period from July to October 2023.
These development loans have a 5% per annum interest rate and edible oil millers from seven States and Regions received them for the first batch.
The Loan Management Team said that there were many millers who applied for loans in the second batch in the last week of September and those who meet the requirements and specifications would be given these loans.
The Military Council adopted a policy to reduce edible oil imports and promote oil seed cultivation in the country and manufacturing edible oil domestically.
According to the domestic edible oil production data, there are over 230 large edible oil mills, over 920 medium-size mills and over 3,100 small mills in the country.
Myanmar Edible Oil Milling Development Loans Management Team said that domestic edible oil production made up about 66,000 tonnes.
The Consumers Affairs Department said that the consumption of edible oil in the country is 2.25 ticals (approx. 37 gms) per day per person and the annual demand is about 1.1 million tonnes.
The data released by the Ministry of Economy and Commerce shows that about 60-70% of this annual demand is being imported from the foreign countries.
The Edible Oil Import, Storage and Distribution Supervisory Committee issues the basic wholesale reference price weekly for edible palm oil. This reference price issued on 23 October for the last week of October was 4,395 Kyat per viss (approx. 1.6 Kg) but it was later increased to 4,725 Kyat per viss on 24 October after facing rising prices in the global market.
This latest weekly reference price is nearly 500 Kyat higher than the previous week’s price and also the consumers said that the price in the open market rose too by 500 Kyat per viss.
