BAAC to pay farmers with 20 billion baht budget allotted

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BANGKOK, 24 Mar 2014, According to a source from the Bank of Agriculture and Agricultural Cooperatives, since it received the 20 billion baht of central budget from the Finance Ministry on March 18th, the bank, between March 20th-21st, paid out 6 billion baht to farmers registered under the rice pledging program as planned.

At this rate, the bank will spend the whole allotted amount on debts owing to rice farmers within this month, said the source, adding that BAAC would soon receive another 2 billion baht from the sales of the stockpiled rice and would immediately start distributing the sum to 100,000 farmers who have yet to receive rice support program payments.

The BAAC has already paid approximately 70 billion baht, out of the 90.3 billion baht owed, to 594,000 farmers participating in the rice mortgage scheme; who have pledged 4.5 tons of rice under the program.

In addition, the bank has paid 500 million baht, out of the 1.24 billion baht generated from its Rice Farmers’ Fund, to the farmers. Out of the total amount of over 1.2 billion baht paid out, 21 million baht of which was donated, 730 million was from non-interest-bearing savings accounts, and the rest was from savings accounts earning 0.63% interest.