Bt2.6 billion spent by rice association for buying rice

BANGKOK, Nov 7 (TNA) -- Thai Rice Exporters Association will spend more than 2.6 billion baht on buying fragrant rice, also known as Hom Mali rice, from farmers in an attempt to shore up the rice prices which has just been harvested and to also boost morale of the indebted farmers, said Charoen Laothamatas, President of the Association. Mr Charoen said he has told members of the association to start buying 100,000 tonnes of fragrant rice from farmers which is harvested for 2015/2016 season by spending more than 2.6 billion baht. Members of the association will buy the rice at the minimum price of 26,000 baht per tonne, or at 13,000 – 13,500 baht for the unmilled rice a tonne, and the purchased rice will be stored at warehouses for three months, starting from December. The association will pay for all expenses for the buyers during the storage which would cost it about 50 million baht. Mr Charoen said his association has decided to help farmers and hopes that every related agency would do the same to help improve the quality of life of farmers and to also help boost rice production in Thailand. (TNA)