| Ms Massinda |
Commodity exchange market is expected
to start operations in Tanzania in June, next year, officials told the
‘Daily News’ in Dar es Salaam on Wednesday.
“The
committee will monitor the roadmap for the creation of the commodity
market and speed up the process,” Ms Massinda said.
“June 2014, looks as a positive and
systematic date for the commodity exchange to go into operation,” she
expalined.
President Jakaya Kikwete, the pioneer of the commodity
market, said recently that the exchange would provide a marketplace
where buyers and sellers meet to trade and be assured of quality,
delivery and payment.
Mid-last year, the president toured the
Ethiopian Commodity Exchange (ECX) to get first hand information on how
the facility works.
According to CMSA, the Tanzania’s exchange will
initially trade in four commodities, namely cashew nut, coffee, cotton
and rice.
Currently, the four crops are being
traded under the warehouse receipt system. The exchange is designed,
among other things, to include a trading floor, warehouse delivery
locations and price tickers.
Experts in agro-business have it that the
exchange is designed to liberate farmers by exposing them to reliable
market environments locally and abroad.
Last year, the Bank of Tanzania (BoT)
called for bidders for consultants to provide legal and regulatory
framework and design a robust trading system.
BoT said bidders have been
given the task of “reviewing existing legal and regulatory framework
for warehouse receipt system, cooperative and crop bodies and commodity
trading.”
Source: The Daily News, www.dailynews.co.tz, reported by Abduel Elinaza in Dar es Salaam
0 comments :
Post a Comment