November 26 2002, 15:48

Russia plans to create grain exchange

A permanently operating grain exchange can be created in Russia in nearest time, Russia's Minister of Agriculture Aleksey Gordeyev has declared.

"We have a task to create a permanently operating grain exchange on the basis of the mechanism, established for the state purchases of grain," he said after visiting on November 26 the Central Russian Universal Exchange, at which the state has been purchasing grain into the intervention fund since November 13.

The minister said that in order to create a full-value grain exchange, some changes were necessary to be made into the country's legislation and new instruments were needed to be introduced into trading mechanism, in particular that of storehouse certificates.