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The government will raise 320 billion baht from domestic financial institutions to help finance the rice mortgage scheme from December to February 2012.

The state-owned Bank for Agriculture and Agricultural Co-operatives will use 90 billion baht of its own funds and borrow from other banks to help finance the purchase of up to 8 million tonnes of paddy rice over the next two months.

The programme, set to be launched today, will offer farmers 15,000 baht a tonne for pledges of paddy, or unhusked, white rice and 20,000 baht a tonne for jasmine hom mali rice.

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Courtesy: Bangkok Post

7th October 2011