The export duty on wheat was introduced to stabilize the domestic market in the conditions of turbulence in the foreign exchange market. The decision to cancel or changing the fee depends on the dynamics of the exchange rate and economic status related factors.
SHARM EL SHEIKH, 28 Oct. Russia’s agriculture Ministry will raise the issue of canceled export duties for wheat in the stabilization of the situation on the currency market, said Deputy agricultural Minister Sergei Levin.
“We will keep abreast of and evaluate the effectiveness and balance of existing measures. None of them is indefinite, dogmatic in nature. We just react to the situation in the foreign or the domestic market,” said Levin, speaking at the International grain conference in Egypt.
He noted that the export duty on wheat was introduced to stabilize the domestic market in the conditions of turbulence in the foreign exchange market. “If we see that this turbulence was that the dynamics of the exchange rate, and all related factors entered into the stable phase — no matter what: increase, decrease, means, we are immediately in an open format will take a decision on removal or change of restrictions,” said Levin.
Russia to stabilize the situation on the domestic grain market from the 1st of February introduced an export duty on wheat. The first version of the formula is bound to the Euro exchange rate was valid until may 15, after which it was cancelled. From 1 July we introduced a new formula is duty — bound to ruble prices for grain, however in September has been changed and it. From 1 October the export duty on wheat is 50% of the customs value minus 6,5 thousand rubles per ton, but not less than 10 rubles per 1 ton.