Ex­change rate for farm pay­ments rises by 5%

The Press and Journal (Inverness) - - FARMING -

The ex­change rate be­ing used to cal­cu­late 2017 di­rect farm pay­ments has in­creased by around 5% on last year.

Scot­tish Gov­ern­ment last night con­firmed that the 2017 ex­change rate will be one euro to £0.89470.

This is based on the av­er­age of the Euro­pean Cen­tral Bank rates set over Septem­ber, and it af­fects around 16,400 farm­ers who have cho­sen to re­ceive their 2017 Ba­sic Pay­ment Scheme (BPS) sup­port in sterling.

Ru­ral Econ­omy Sec­re­tary Fer­gus Ewing also yes­ter­day con­firmed that all el­i­gi­ble farm­ers and crofters would shortly re­ceive a let­ter out­lin­ing how to ap­ply for this year’s BPS and green­ing loan scheme.

“Those el­i­gi­ble will re­ceive 90% of their en­ti­tle­ment in the first two weeks of Novem­ber to a max­i­mum of 150,000 eu­ros,” said Mr Ewing.

“I hope that con­fir­ma­tion of the ex­change rate will pro­vide farm­ers and crofters with some de­gree of cer­tainty that will en­able them to plan for the year ahead and con­tinue to drive for­ward the ru­ral econ­omy.”

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