Poland is selling its strategic butter reserves to curb soaring prices [Yahoo! Finance]
ING Group, N.V. (ING)
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Source: Yahoo! Finance
The government's strategic reserves agency announced the butter auction Tuesday, citing significant increases in butter prices worldwide that it blamed on a shortage of milk. “This emergency action… should contribute to stabilizing butter prices in the market,” the agency said, according to a report by CNN affiliate TVN24 , a local commercial news channel. The agency said it would sell the unsalted frozen spread to businesses in 25-kilogram (55-pound) blocks, for the minimum price of 28.38 zlotys ($7) per kilo. That is well below prices at Biedronka, one of Poland's major supermarket chains. The retailer sells fresh butter for between 39.90-49.95 zlotys ($9.84-$12.32), depending on the brand, according to its website. The final selling price in the auction could, however, be higher than the minimum price. It's not unheard of for governments to tap into emergency reserves in order to boost supply and bring down prices. While such reserves are typically dominated by foreign cur
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