May 21, 2008

Kazakhstan to create grain intervention pool

Kazakhstan's government considers the creation of a grain intervention pool to support the domestic market and compensate losses of major exporters, agriculture minister Akylbek Kurishbaev said.

The country's grain intervention pool will be in partnership with Prodkorporazia and private grain companies.

Kazakhstan's grain pool is a temporary measure to augment domestic supply and compensate losses of exporters after grain export was banned, the minister said Monday.

The minister pointed out that this step would keep grain prices stable in the local market.

In mid April, Kazakhstan banned wheat export until September 1, 2008.

Last year the country harvested a record of over 20.1 million tonnes in net weight, 22 percent more from 2006.