The Bank of Russia has approved the first Russian commodity index. The pilot price indicator was the wheat stock index, which is calculated daily by the National Commodity Exchange based on the results of trading. This is stated in the message of the regulator.
The exchange index for wheat reflects the cost of a ton of wheat on the terms of delivery to the port of Novorossiysk. For market participants, the index is a benchmark that they can use to solve their business problems and launch price risk hedging tools. It can also be used to regulate commodity markets.
Using the example of the first index, the Central Bank will prepare proposals for the creation of an interdepartmental assessment mechanism and send them to the Government of the Russian Federation for discussion.
