BUSINESS – Paddy fields may be used as collateral, says Central Bank

Burma’s Agriculture and Irrigation Deputy Minister Ohn Than said on Thursday that his ministry is devising a plan with the Central Bank to allow farmers to use their paddy fields as collateral in exchange for borrowing money from the Bank. Speaking in parliament, he said any loans would only be made for investments in agricultural projects. Discussions would continue on linking loans to conditions such as crop production, he said, adding that the Central Bank would announce interest rates and conditions in the near future.