YEREVAN, 11 November. / ARKA /. The Russian-owned Bank VTB (Armenia), launched today a new service for its customers – unallocated metal accounts (UMA) for making transactions with unallocated 24 carat gold.
The bank said in a press release that unallocated metal accounts are the easiest and most profitable way to invest in precious metals. Transactions are carried out without the precious metals ever leaving the bank vault. Transactions can therefore be carried out very quickly. As a result, customers can generate additional income by using the fluctuations of metal values even over short periods of time. When purchasing precious metals on an unallocated metal account, customers do not pay for metal storage and transportation. UMA allows selling and buying precious metals any time.
“Unallocated metal account is a new and modern method of using precious metals in the investment environment. Unlike traditional bank deposits, no interests are accrued on unallocated metal accounts. Instead a source of income is the projected growth in the price of gold,” Valery Ovsyannikov, Bank VTB (Armenia) CEO, was quoted as saying.
Unallocated metal accounts also allow reducing the impact of volatile financial markets, in particular, fluctuations in currency exchange rates, providing high liquidity growth, since the client may at any time sell his gold to the bank. The minimum amount of precious metal required to open a UMA is set at one g for gold.
Bank VTB (Armenia) is fully owned by Russian VTB Group. It is one of the leading banks here operating 68 branches across the country and providing a wide range of contemporary services. -0-
