PMEX holds awareness program for farmers

F.P. Report

KARACHI: Pakistan Mercantile Exchange (PMEX), the country’s only multi-commodity futures exchange, in collaboration with GROWTECH Services, Naymat Collateral Management Company Limited (NCMCL), HBL, and Bank of Punjab, held an awareness program about Electronic Warehouse Receipts (EWR) mechanism for farmers in Hafizabad.

The aim of the awareness programs was to educate farmers about the EWR mechanism and its benefits including safekeeping, financing, and trading.

A large number of bankers, warehouse operators, and more than 400 farmers attended the program. During the session, NCMCL briefed the audience about the safekeeping of commodities to avoid distress selling and post-harvest losses.

HBL and the Bank of Punjab elaborated on using EWR as collateral for borrowing from financial institutions. PMEX talked about the trading of EWRs at its platform and elaborated the benefits to the farmers such as the fair price of produce and payment within 48 hours.

In the end, GROWTECH Services briefed the audience about increasing yields and saving input costs through its farm-specific services.

The presentations were followed by a Q&A session where farmers took an active part in knowing the details of the EWR regime.

PMEX believes that by adopting EWR regime, farmers can grow their income and improve their standard of living thereby promoting economic growth and development in the country.

The Exchange will continue to organize similar awareness programs for the farmers in collaboration with all stakeholders including NCMCL, HBL, Bank of Punjab and GROWTECH Services in other agri centers located throughout Pakistan.