Areximbank-Gazprombank Group has launched an intangible metal accounts (IMA) new service to ensure clients’ funds against currency risks.

The intangible metal account is assigned for calculation and non-cash transactions of gold, taking into account gold’s standard and weight only. The Bank provides the opportunity to open an IMA or transfer the current account to IMA based on application, to convert the account cash into gold (intangible gold).

The IMA account offers the following benefits: revenue from growth of gold prices in international markets; reducing the impact of exchange rate fluctuations; ability to avoid fraud and misleading while purchasing tangible gold; eliminate the possible risk of loss or damage to the tangible gold; time saving and fast sale of gold: the intangible gold can always be sold to the Bank at current exchange rate.

Maintenance fee is charged quarterly, at the beginning of each quarter, provided that the fee for accounts opened during the quarter is charged at the beginning of the following quarter. The Bank determines purchase and sale rates of 1 gram of gold for cashless transactions on the accounts. The gold is withdrawn from the metal account by selling at an exchange rate set by the Bank or by transfer to other non-cash gold accounts. Non-cash sale of gold is performed on the basis of the application submitted, the Bank’s website reported.