Jakarta, Jan. 2 - Indonesia may lower its rice import duty to IDR450 per kilogram from IDR550 in an effort to stabilize domestic rice prices, the Antara news agency reported, citing a minister.
The price of rice in the international market has increased and a duty cut will make it cheaper for the State Logistics Agency - known as Bulog - to import the grain, Coordinating Minister for the Economy Boediono was cited as saying.
The agency is tasked with importing rice whenever there is a shortage so as to ensure that domestic prices do not soar out of control.
The duty cut is pending the Finance Ministry's approval, said Boediono.