Turkey launches global commodity exchange

The Turkish government prepares to start a global commodity exchange (TÜRİB) to reduce food prices.

Report informs, referring to foreign media, that TÜRİB will operate based on futures contracts that reflect price expectations. As a result, the prices of fruits and vegetables will be determined according to futures contracts. At the same time, the promotion of production will contribute to price stability.

Some 200,000 operations a year, the sales of up to 10 million tons of products worth 15 billion pounds will be carried through TÜRİB. These products will include strategically important crops for the food and livestock sector, such as wheat, corn, and barley, which will be sold with a certificate. Proceeds from sales will not be taxed until the end of 2023. Farmers will be able to get interest-free loans based on the securities they receive.