Author Topic: Rice auctions save THB93 bn in damage  (Read 889 times)

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Rice auctions save THB93 bn in damage
« on: September 12, 2018, 10:45:28 AM »

Rice auctions save THB93 bn in damage

The government has concluded its four-years of rice auctions, saying that more than 93 billion baht is saved by having sold all of the rice from the earlier rice-pledging scheme.

Director-General of the Department of Foreign Trade, Adul Chotinisakorn said today all 17.76 million tons of rice in the government’s warehouses was auctioned off from August 2014 - September 2018. All of the rice auctions were transparent with consideration given to the public interest and effects on the Thai rice production and trade.

Before the rice auctions, the government was spending as much as 1.8 billion baht a month to store the rice. The rice auctions help the government save more than 93 billion baht in costs such as warehouse rent and storage.

An account-closing sub-committee chaired by the permanent secretary for finance will reach a conclusion on the damage caused by the rice pledging program of the last government. The program’s loss summary is expected to be announced after 30th September 2018.