State Bank Warns Against Online Gold and Foreign Currency Trading

State Bank has warned that online gold and foreign currency trading may cause financial losses for investors. 

Online gold and foreign currency trading are developing rapidly and offer interest rates between 5 percent and 20 percent a month. 

These rates have attracted the participation of many investors. Investors must make a deposit of at least US$5,000 or the equivalent of 5 to 10 percent of the total transaction value, according to the bank.

This amount can be paid in form of foreign currency directly or by bank transfer.

These businesses will pay the interest they agreed to only during the initial months and will later default.

This is an illegal business activity, the bank said.

According to existing regulations, only bodies that are authorized by the bank have the authority to engage in foreign currency business. 

Source: SGGP – Translated by Kim Anh

Other news