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25 October 2022, 16:32

Belarusian commodity exchange to embrace reverse auctions to sell fruit, vegetables, groceries

MINSK, 25 October (BelTA) - Belarusian Universal Commodity Exchange will soon change the algorithm for fruit, vegetable and grocery auctions for the domestic market, BelTA learned from the BUCE press service.

From 31 October, trading sessions for these commodities will be held in the format of a reverse auction to drive down prices. It is expected that this step will help curb inflation and minimize prices for seasonal vegetables for Belarusian consumers. "Until now, in order to support domestic agricultural producers during the off-season, BUCE held ascending auctions based on the principle of an English auction which generated additional revenue for farmers due to competition among potential buyers. However, today, when the new harvest is in, and the supply of goods is in excess, BUCE will be working to reduce wholesale purchase prices for processors and retail chains, which will ultimately have a positive impact on expenses of retail buyers," the BUCE press service noted.

Fruit, vegetable and grocery auctions are held at BUCE weekly, on Mondays. BUCE trades in fresh carrots, potatoes, beets, onions and garlic. Potato starch has recently been added to the list of commodities traded on BUCE. The first transaction in this commodity was made on 24 October. One of the largest domestic meat processing plants acted as a buyer.

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