September 1, 2017 / 9:15 AM / in a year

Thailand approves $2.2 bln in help for rice farmers

BANGKOK, Sept 1 (Reuters) - Thailand has approved $2.2 billion in loans and handouts to farmers to help stabilize rice prices ahead of the annual harvest in November, the commerce ministry said on Friday.

“This is to help take two million tonnes of rice from the market,” Nuntawan Sakuntanaga, head of the commerce ministry’s department of internal trade, told reporters.

The price of benchmark Thai 5-percent broken white rice RI-THBKN5-P1 has fallen by 18 percent over the last two months to $372.50 per tonne, its lowest since April. (Reporting by Aukkarapon Niyomyat; Writing by Patpicha Tanakasempipat; Editing by Tom Hogue)

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