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BAAC asserts it has adequate loans for rice pledging scheme

Thailand’s only state bank for farmers stood firm last week that it is financially sound and has sufficient funds to fulfill the government’s rice pledging scheme through the new harvest despite a required fresh loan of Bt240 billion.
Bank of Agriculture and Agricultural Cooperatives (BAAC) deputy manager Boonthai Kaewkanti said the bank has reserved a special fund for the purchase of paddy stocks, targeted at 15 million tonnes in the 2012-2013 harvest, while the government will pay back its loans from its sales of rice from the previous year.
Farmers have gradually transported their paddy to be sold at various locations established by the government under the rice pledging scheme, he said, adding that the latest trading volume was reportedly at more than 1 million tonnes.
Nakhon Phanom Governor Anukul Tangkananukulchai said drought lately has affected the quality of rice sold to the government under the scheme, compelling farmers to release their produce at a lower price. The government sets a pledging price of Bt15,000-20,000 per tonne.
In Buriram province, the provincial rice monitoring committee has asked the Internal Trade Department to set up 10 more rice purchasing sites to facilitate farmers in remote areas. (MCOT)


Bank of Thailand maintains policy interest rate at 2.75%

The Bank of Thailand (BoT) maintained its policy interest rate at 2.75 percent, saying the current policy rate remained accommodative and conducive to growth.
BoT Monetary Policy Committee (MPC) secretary Paiboon Kittisrikangwan announced the outcome of Wednesday’s meeting saying the MPC voted unanimously to maintain the policy rate at 2.75 percent. The MPC will remain vigilant in monitoring global and domestic economic developments and stand ready to take appropriate policy action as warranted.
The MPC viewed that, with downside risks to growth subsided and inflationary pressure in check, the current policy rate remained accommodative and conducive to growth.
The Thai economy continued its positive growth momentum from the previous meeting. The global impact has so far remained limited only to export related sectors, while the greater than expected strength in domestic demand appeared to provide sufficient cushion against the adverse impact of the slowdown in exports, the central bank said in its statement.
Going forward, exports were projected to recover in the first half of 2013 on the back of anticipated improvement in the global economy. Private consumption and investment will continue to be the main growth drivers for the economy, supported by strong private sector confidence and accommodative monetary conditions with high credit growth. Inflationary pressure stabilized at a moderate level close to the previous meeting, it said.
The global economic outlook showed signs of stabilization on the back of better than expected economic data, especially from the US and China. There was sustained improvement in the US labour and housing markets, although the fiscal cliff remains a key risk factor. China’s economy appeared to regain traction with recent strengthening in all key areas including exports, domestic consumption and investment, according to the statement.
Meanwhile, the central bank said the eurozone economy contracted, but the economic and financial outlook of the region was projected to become more stable next year as resolution of the euro debt crisis becomes more concrete and the core economies continued to expand in tandem with improvement in the global economy.
Against this backdrop, the outlook of Asian economies has gradually improved with signs of recovery in exports, and a recent pickup in China’s economy. (MCOT)

 


HEADLINES [click on headline to view story]

BAAC asserts it has adequate loans for rice pledging scheme

Bank of Thailand maintains policy interest rate at 2.75%

 

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