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State-owned Myanma Economic Bank (MEB) will disburse 983.58 billion kyat ($1.02 billion) agriculture loans this financial year which started on April 1, compared with 1,156.1 billion kyat in the previous year, the state-run Mirror Daily reported.
Myanma Agricultural Development Bank used to handle agricultural loans, but MEB has started issuing such loans since last fiscal, the paper added. Now, MEB is the only government-run bank that issues agri loans.
The annual interest rate for this year's loans will be 5 percent, down from 8.3 percent in the previous year. ----
NOTE: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 966.0000 Myanmar Kyats) (Yangon Newsroom; Editing by Subhranshu Sahu)