Thailand Faces Loss on Rice Sales to Drain Record Stockpiles
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The Thai government, seeking to offload record stockpiles of rice built up through a state-buying program, is prepared to sell the grain at a loss as it plans to open bids for the hoard every two weeks.
“The sale will probably be at a loss as the government aims to increase domestic prices, not to make profits out of the program,” Deputy Commerce Minister Yanyong Phuangrach told reporters in the central province of Ayutthaya. “Our main purpose is that the distribution must not affect prices.”