Rubber debts extended
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Bank for Agriculture and Agricultural Cooperatives (BAAC) is giving a bigger breathing room to rubber growers in light of falling rubber prices.
Somsak Kangteerawat, the bank's senior executive vice president, said that the bank notified all branches in writing on the policy. Those farmers are entitled to a reduction in installments and the extension of debt repayment period to up to 15 years.
Rubber prices have been falling to around Bt50 per kg, the lowest in three years.
About 360,000 rubber farmers have borrowed from BAAC for the combined amount of Bt40 billion, or 5 per cent of the bank's loan portfolio.
The Nation
