The Bank of Russia is considering the creation of a grain exchange within the BRICS countries, said Mikhail Arakelyan, an official at the Bank of Russia's Directorate for Financial Market Infrastructure.
"There was an initiative to create a trading platform within the BRICS countries. We are working on it now, consulting with the exchange, consulting with participants," Arakelyan said at the exhibition forum "Russia."
In early March, the Chairman of the Board of the Union of Grain Exporters, Eduard Zernin, at a meeting with Russian President Vladimir Putin, proposed the creation of a grain exchange within the BRICS member countries.
At the meeting, President Putin praised the initiative to create a grain exchange within the BRICS framework. According to Putin, many BRICS member countries will be interested in the idea of creating a grain exchange, as many of them produce and buy grain.
Proposals on the creation of the BRICS agricultural trade exchange are expected to be submitted to the Russian leader by July 1.