Essay On Warehouse Receipt System
Countries like Bulgaria, Kazakhstan, Hungary, Slovakia, Lithuania and Moldova have an advanced warehouse receipt system, where a proper legal framework and several other elements of a warehouse receipt system have been in place for about ten years and where warehouse receipts issued by public warehouses play a significant role in commodity-based finance. These countries have been able to build initial consensus among key stakeholders, institutionalize all the important elements of a warehouse receipt system, and involve the financial sector in utilization of the system.
In Kazakhstan, local banks started financing grain traders against warehouse receipts in the early 1990s. Experiences were not ideal- more than once, a bank found that the elevator was empty after it tried to take possession of grain evidenced by warehouse receipts when its borrower had defaulted but warehouse receipt finance continued, sometimes in cooperation with international banks for export finance transactions. Banks often managed their risks by setting up their own field warehousing operations, and putting their own agents on the elevator premises (such practices continue). Primary and
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either they have started to develop their warehouse receipt systems or have adopted at least primary legislation. For various reasons such as initial efforts to create a legal framework and to pilot warehouse receipt finance, it has not developed into full-scale implementation. Core elements of a warehouse receipt system, like a proper institutional framework for licensing and inspection of public warehouses or financial performance guarantees, are still missing, preventing the use of warehouse receipt finance based on public warehouses (although there is some financing based on field warehouse arrangements, particularly for grain and oilseed exports and various imports)
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