MINSK, 30 November (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) will hold the first single trading session to sell sawn timber for the domestic and foreign markets on 1 December, BUCE Press Secretary Roman Yaniv told BelTA.
“Previously, the BUCE held separate trading sessions for foreign and to Belarusian consumers. Now Belarusian participants of the session will be able to purchase sawn timber bound for export on equal terms with foreign companies,” Roman Yaniv said.
To hold single trading sessions, the BUCE has introduced changes to its system. For example, transactions in the domestic market will be made in Belarusian rubles taking into account the current VAT rate, and export transactions will be made in the currency stated in the offer with the VAT rate at zero.
Over 87,000 cubic meters of cut and uncut timber products, wooden billets, poles, and stakes have already been put up for sale at the single trading session. The BUCE has received purchase bids from 68 Belarusian and foreign companies. “The number of the registered buyers is already enough to ensure an acceptable level of competition. At the same time, it is still hard to predict how this format will impact exchange quotations. This will be a precedent-setting trading session, the success of which will heavily depend on the participants,” Roman Yaniv noted.
The Belarusian Universal Commodity Exchange was set up in 2004. It conducted its first auctions in June 2005. The BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with exporting products and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.