The Thai government has approved a 15 billion baht ($477 million) budget to buy unsmoked rubber sheet from farmers at up to 120 baht per kilogram as part of its plan to solve recent rubber price fall.

Earlier this month, a meeting of the natural rubber policy committees has approved stimulus package of two billion baht to support the industry cooperatives’ effort to stockpiling through the Bank for Agriculture and Agricultural Cooperatives (BAAC).

Beside from a plan of five billion baht which aim to support the industry cooperatives’ effort, another 1 billion baht plan is aiming to lift benchmark purchase price at the local government warehouses.