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Baht/$ 34.21/29 (Bid/Ask)
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GOLD |
12,700
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The government agreed yesterday to buy another one million tonnes under its rice pledging scheme for the second crop, raising the total paddy pledged under the scheme to 4.5 million tonnes. The decision is expected to raise spending on the programme by the state-owned Bank for Agriculture and Agricultural Co-operatives (BAAC) by 12 billion baht to at least 50 billion baht.
According to Suparat Nakboonnum, a deputy government spokeswoman, the government bought 3.354 million tonnes of paddy from June 15 to Sept 15.
The current programme is due to end this month but Ms Suparat said the government expected an additional 50,000 farmers, with about one million tonnes of paddy, to want to participate in the rice-buying scheme.
Ennoo Suesuwan, a BAAC vice president, said the bank estimated that more than 12 billion baht would be allocated, causing the total budget to top 50 billion baht. He said rising rice prices had prompted farmers to grow more rice in the second crop this year
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