Paddy to be mortgaged to Banks

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Paddy has become the latest item to enter the mortgage market.

The Banks have informed the Paddy Marketing Board (PMB) that no more loans could be made for the purchase of paddy and farmers are angry that they have not been paid.

PMB Chairman Neil Alwis said that the mortgage deal has been worked out and a pledge loan of Rs two billion has been worked out to buy 30,000MT of paddy.

As delays in payment of the PMB are spreading farmers are moving towards private traders to sell their harvest.

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