Behind-the scenes maneuvers on wheat export ban by admin- Tuesday, May 17th, 2022 08:19:31 AM
When the news broke out early on May 14 that the Centre had banned wheat exports with instantaneous impact, it caught every person by way of marvel — from media to exporters to even authorities officials.
But behind that “wonder” choice — which a few called a surgical strike in opposition to exporters — taken late on May thirteen (Friday) night, there has been meticulous planning and pretty a bit of strategic wondering.
For example, it became intentionally implemented on Friday night with a couple of precautions taken in order that government officers in fee of creating the order public could return domestic simplest early on Saturday morning.
Sources stated that first, the order become signed handiest round nighttime by using which time the calculation changed into media would have long gone to bed. The 2d precaution taken was to make certain that the order became made public handiest after the United States markets and banks closed. “Had the order been launched whilst the United States markets and banks had been open, exporters should have without problems opened letters of credit for as a minimum one million tonnes or maybe extra,” stated one of the two assets.
China sides with India on wheat export ban, criticises G7
The order allows shipments of wheat wherein the irrevocable letter of credit (ILOC) has been issued on or before May 13. One of the primary reasons for the authorities to prohibit wheat exports became the looming grim global meals state of affairs because of the continuing Russia-Ukraine struggle.