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Necessary Conditions for an Effective Warehouse Receipts Activity

2007 - in English and Russian

One of the most important aspects of market-oriented development activities over the last decade has been the intro-duction of new agricultural commodities market infrastructure. One of the fundamental efforts was the introduction of Warehouse Receipts (WHR) systems as an alternative solution for commodity producers, processors and traders to access short-term financing for operations, take advantage of price fluctuations, and secure the storage of their produce. The framework for estab-lishment of a WHR system focuses on structural components, including legislation, registration, licensing and inspec-tion of public warehouses; and development of financial instruments for collateralized loans, insurance and indemnity funds. This paper will describe the necessary conditions of the commodity market infrastructure that enable imple-mentation of successful WHR systems. This paper will also present lessons learned from countries in which com-modity-based finance systems are used. There are no off-the-shelf approaches for implementation of WHR sys-tems. Each market should be carefully assessed and the implementation design should be targeted to the specific conditions in the country.

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