General division: Law does not license companies to keep hold of customers’ gold savings

Lotfi Mounib, deputy head of the General Division for Gold and Jewelry at the General Federation of Chambers of Commerce, said that buying and selling foreign currencies is only licensed to practice for exchange companies from the Central Bank without the rest of the transactions authorized for banks such as keeping money and making investment deposits for customers and transfers.

Mounib added, therefore, any transactions with exchange companies outside the limits of the licenses issued to them, such as investing or transferring funds inside or outside the country, is a risk, and the use of money and smuggling is punishable by law.

He pointed out that the new advertisements for buying and selling raw gold online for individuals through electronic applications on mobile phones are a confusion between what is permitted and what is not, and is similar to the attempts of some exchange companies to conduct unauthorized transactions other than for banks only.