BRIEF - Farmers to benefit from interest rate drop

The state-run Myanma Agricultural Development Bank announced on Wednesday a plan to lower the interest rate for agriculture loans by 40 percent to coincide with the end of Burma’s wet season around October. Interest on agricultural loans, previously set at 8.5 percent, will be lowered to five percent according to the announcement. The bank indicated that it will oversee nearly one trillion kyat in loans for farmers across the country before the end of May.