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Published on August 29, 2007

A source from the rice committee said yesterday that the Commerce Ministry is waiting for Deputy Commerce Minister Kosit Panpiemras to approve a budget of Bt1.7 billion for the debt payment.

The total debt of Bt1.7 billion includes costs for renting private warehouses from rice millers, rice fumigation, and rice surveyors.

Unless the deputy PM approves the budget soon, some rice millers may take recourse to solving their financial liquidity problems by smuggling rice from the government's stockpiles, the source said.

Meanwhile, the Commerce Ministry held a meeting yesterday to seek a resolution to release huge rice stockpiles and re-brand the Public Warehouses Organisation's image after the scandal of recent thefts of rice. - The Nation

Draft bill for depository protection

The Thai Cabinet approved a draft bill yesterday to facilitate the establishment of a deposit protection institution.

The institution will protect individuals for deposits of up to Bt1 million, regardless of the number of accounts, deputy government spokesman Chodechai Suwanaporn said in a statement yesterday.

The draft bill will be forwarded to the National Legislative Assembly for consideration.

The establishment of the institution will reduce the burden of the central bank's Financial Institutions Development Fund in providing full protection for deposits. - Dow Jones Newswire

Home and Condo Show 2007

The Thai Condominium Association, the Thai Real Estate Association and the Housing Business Association have set aside a budget of Bt20 million to organise the "Home and Condo Show 2007" from October 11 to 14 at the Queen Sirikit National Convention Centre.

The three associations expect sales of up to Bt3 billion from the four-day event.

Thai Condominium Association president Atip Bejanond said that the event will boost the property market in the last quarter of this year after home-buyers delayed decisions in the first half. - The Nation