ASHGABAT, Turkmenistan, Dec. 12
By Huseyn Hasanov– Trend:
A working meeting dedicated to the issues of improving the activity of the Turkmen State Commodity and Raw Materials Exchange (SCRME) was held in Ashgabat, Trend reports Dec. 12 with reference to the Turkmen government.
Turkmen President Gurbanguly Berdimuhamedov has instructed to study the issue of changing the organizational and legal form of SCRME and the formation of a joint stock company, the report said.
Begench Charyev, the chairman of the exchange, has been entrusted with the task of developing the strategy of the exchange’s activity.
The Turkmen president drew attention to the accelerated implementation of the digital system in the SCRME’s activity.
Brokers should be provided with the service of remote monitoring of trading online, Berdimuhamedov said. Thus, the opportunity will be created for the purchase of goods put up for auctions from any country, the head of state noted.
It was also reported that such types of services, as the placement of goods not only at the place of their production, but also transfer at the border, delivery to the specified place, should be actively used.
In addition, instructions were given to regularly provide the tender commissions operating on the basis of state institutions with information on prices that have been formed in the global market and registered at SCRME.
SCRME was established in 1994 and regulates export-import operations. Unlike other exchanges, the range of activities of the stock exchange is universal - here through trades various commodities and materials are sold, except for objects of intellectual property, works of art and real estate.
In addition to the main function of an intermediary and a wholesale market organizer, the exchange is also responsible for monitoring the compliance of the set prices for goods, based on their prime cost, the state registration of concluded foreign trade contracts and contracts within the Turkmen domestic market.
Presently, domestic products are being sold at the exchange trades. The products are exported to more than 40 countries, including Turkey, China, Russia, the UAE, Iran, Germany, the US, the UK, Ukraine, Switzerland.
Oil products, cotton fiber, local textile goods and chemicals are mainly exported by Turkmenistan.
Businesses and organizations of all ownership types, residents of Turkmenistan and other countries can participate in the exchange trading by acquisition of a broker place or signing the service contract with exchange brokers.
Prices for some products put up for auction change daily and are set in accordance with the international quotations; for cotton in accordance with Liverpool’s Cotton Outlook news agency and for oil products in accordance with Platts news agency.