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Monday, August 15, 2022

Thailand to assist rubber farmers

BANGKOK: The government has announced measures to help rubber farmers reeling from a slump in global prices, helping push up futures in Tokyo and Shanghai by nearly five per cent yesterday.

The steps include nearly US$1 billion (RM3.27 billion) in funds to finance rubber purchases by the Rubber Estate Organisation (REO), which oversees Thailand’s stocks of the commodity. It is unclear if these are extra funds to those announced for rubber purchases last month.

“We believe the steps will raise rubber prices within the next couple of months so they do not fall below 60 baht (RM6.06) a kg,” Deputy Prime Minister Pridiyathorn Devakula said.

Pridiyathorn said the bank will provide a fund of around 20 billion baht to the REO to buy rubber from the market for resale. Reuters

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