Kuala Lumpur, March 31 - Malaysia's federal government has no plans to raise rice prices despite a recent rise in global prices, the Bernama news agency reported Monday quoting Deputy Prime Minister Najib Razak.
The government will ensure the country has adequate rice supply by sourcing it from neighboring countries, Najib was quoted as saying after launching the prospectus of Dayang Enterprise Holdings Bhd. for its initial public offer.
He said the National Price Council will hold a meeting to discuss ways to control the prices of essential commodities without imposing a burden on the people.
In Malaysia, the sale of rice is subsidized by the government.
Global rice price prices have firmed up after India and Vietnam, two of the world's largest suppliers by volume, imposed restrictions on exports recently. Egypt has also banned rice exports from next month until October.
The Philippines is considering slashing the import tariff on rice to allow wider participation in import of the country's staple food, Agriculture Secretary Arthur Yap said Friday.
May rice on the Chicago Board of Trade closed 37 cents higher Friday at $19.67 1/2 per hundredweight, up $1.64 on week.