Government to release 70,000 MT of paddy stock to market

The government has received approval to release 70,000 MT paddy stock to the market to curb soaring rice prices during the upcoming holiday season.

The Cabinet on a recommendation by the Minister of Co-operatives and Internal Trade Johnston Fernando has decided to mill 70,000 MT of paddy purchased in the 2009/2010 Maha season by the Paddy marketing Board.

The government said these stocks will be issued to Lak Sathosa retail outlets and Co-operative sales outlets throughout the country.

Meanwhile, the government on a recommendation from the committee on food and cost of living has re-imposed a ceiling on rice prices with effect from tonight.