Russian Central Bank developing matter of establishing BRICS grain exchange

MOSCOW. May 23 (Interfax) - The Central Bank of Russia is developing the matter of establishing a grain exchange among the BRICS countries, Mikhail Arakelyan, head of the department for overseeing organizations within the trading and clearing infrastructure of the Central Bank's financial market infrastructure department, said on Thursday at the Exchange Market for Russian Agricultural Products: the Main Directions and Prospects for Development forum in Moscow.

"There has been an initiative to establish a platform for trading within the BRICS countries. We are currently developing this, consulting with the exchange, and consulting with participants," Arakelyan said.

As reported, President Vladimir Putin has instructed the government and the CBR to submit proposals by July 1, 2024, on establishing an agricultural exchange with the BRICS countries.

This mainly involves establishing a BRICS grain exchange.