Bangladesh's financial institutions disbursed 129.95 billion taka (about 1.67 billion U.S. dollars) as farm credit during the July-May period of the last 2012-13 fiscal year ending last month, a year-on-year increase of about 13.47 percent, central bank data showed Wednesday.

According to the Bangladesh Bank, farm credit disbursements in Bangladesh increased 0.19 percent year-on-year to 12.55 billion taka (about 160.91 million U.S. dollars) in May.

A central bank official who preferred to be unnamed said farm credit disbursement has increased to a large extent in the final half of the last fiscal year 2012-13 (July 2012-June 2013) as farmers flocked to low-interest loans during the past months to procure agri-inputs for the current Boro (winter) rice cultivation.

Following disbursement boom in the last fiscal year 2011-12, the central bank in July last year elevated the farm credit disbursement target by over 2 percent to 141.3 billion taka (about 1.81 billion U.S. dollars) for the current fiscal year 2012-13 to support farm production.

A record of 139.45 billion taka (about 1.79 billion U.S. dollars) was disbursed as farm credit in the 2011-12 fiscal year by state-owned banks and financial institutions, as well as over 50 local and foreign private commercial banks in Bangladesh. Endi

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