Rosselkhozbank going to launch Fish Exchange in test mode

Russian Agricultural Bank Rosselkhozbank is going to launch the Fish Exchange in test mode in 2007 with the pilot project to provide for fish auctions between Moscow, Murmansk and Kaliningrad, according to the bank's president Yuri Trushin.

Rosselkhozbank will provide technical support for online sales at the exchange via its branches and guarantees of the funds inflow to fish sellers. Besides, the bank will give loans to fish buyers.

The pilot project is supposed to last for half a year and in the future the auctions can be conducted in other regions of Russia via the bank's branches.

Head of the State Fisheries Committee Andrey Krainy says than the exchange can be founded by the authority and large fishing companies. The Fish Exchange is supposed to make fish products more affordable because now there are up to 8 intermediaries between the first hand seller and the consumer which considerably increases the end prices of fish products.