November 26, 2009 12:54
The government plans to establish a commodities exchange to promote transparent transactions of gold, raw materials and carbon emission credits by as early as 2011. Where it will be built remains undecided.
The government on Wednesday said a private-public task force will be formed to set up the exchange, a decision reached at the monthly crisis management meeting chaired by Finance Minister Yoon Jeung-hyun. The commodities exchange will also handle agricultural produce like rice and meat, and petroleum products like gasoline and liquefied petroleum gas.
The aim is to prevent massive tax evasion by bringing in gold trade into the regulated fold. Gold prices are skyrocketing as its value as a safe asset has rebounded amid the financial crisis. A government official said if rice is traded in the futures market, it will become easier to predict prices, minimizing fluctuations and leading to greater price stability.
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