India Bans Rice Exports At Less Than $650/Ton - Reuters

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DHAKA (Reuters) - Bangladeshi traders said on Sunday that an Indian ban on exports of rice at less than $650 per tonne would cause further volatility in Bangladesh markets, where food grain prices have risen nearly 60 percent in the past six months.

The ban will particularly affect rice imports by Bangladesh's private sector, which brings in the bulk of grains imported every year to fill the gap between production and demand and to build emergency stocks in the calamity-prone south Asian country.

"The latest export restrictions imposed on Saturday will stop all private sector rice imports from India," said K.A. Mannan, a trader in Dhaka.

But Bangladesh government officials said the Indian decision to increase the minimum rice export price by 30 percent to $650 per tonne did not include 500,000 tonnes bought by Bangladesh under a state-to-state deal.

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http://in.reuters.com/article/businessNews/idINIndia-32379220080309