M'sia supports palm oil with extension of tax-free exports
Kuala Lumpur
MALAYSIA'S extension of tax-free exports of crude palm oil until the year-end is intended to support prices and curb the build-up of reserves, said Plantation Industries and Commodities Minister Douglas Uggah Embas.
"We hope this will continue to prevent any drastic fall in the price," Mr Uggah said in an interview after the government announced the decision on Friday. "There is a need to give time for the exporters to organise the whole machinery including shipping and so on . . . Now, we're giving them an additional two months."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns