State bank lowers interest rates on loans to farmers to stimulate growth

State-owned Myanmar Agricultural Development Bank (MADB) – the largest small loan lender in the country – will lower interest rates on loans to farmers to stimulate growth next month, according to officials.

The rate will drop from a current 8.5 percent to 5pc in June, MADB Mandalay Region manager Daw Khin Pyone Yi said.

“We will provide new loans to the farmers who have fully paid their old debt,” she said.

“We want farmers to pay back as quickly as they can so that we can provide new loans for the new cultivation season as quickly as possible.”

The bank lent K67 billion for last year’s monsoon paddy cultivation, and plans to increase the amount to K73 billion this year, according to officials. MADB plans to begin providing loans to farmers as quickly as possible and is aiming to start in the last week of June.

Source: Myanmar Times

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