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NBG warns people about entities offering high interest profit

By Tatia Megeneishvili
Wednesday, April 6
The National Bank of Georgia (NBG) has warned Georgian consumers about an increasing number of various entities offering high interest profits, which might lead to negative consequences for consumers.

The NGB says among the entities might be those with false promises who are engaged in swindling activities.

The bank stressed any individual had the right to decide independently what to do with his/her own money, but the NBG said that dispensing financial advice was one of its chief obligations.

“We call on the public to take reasonable decisions and to get all necessary information over qn6 legal entities they are going to contact before making final decisions over loans or investments,” the NBG said.

According to the NBG, before investing any money, one must take into account that high interest profits include significant risks when other actors on the market offer different conditions.

“We call on all citizens to be careful before giving their money to another person until they are sure of the safety of their investment,” reads the statement.

According to the NBG, people must take into consideration whether a particular entity is subject to state regulations, and only after learning about potential risks make a final decision.