The National Bank of Georgia launches information campaign against pyramid schemes

On 4 October the president of the National Bank of Georgia presented a video along with information booklets on ‘How to protect yourself from pyramid schemes and how risky they can be, however tempting the offer is at first sight’.

He called upon the population to be cautious and declared 2018 the year of financial education.

According to Gvenetadze, the National Bank decided to conduct an information campaign after a recent rise in the number of pyramid scheme victims. He also noted that in order to protect citizens from financial risks, changes in legislation are being planned for the near future.

The video from the National Bank explains how to recognize a pyramid scheme:

The video and brochures were created by the National Bank of Georgia with the support of the Savings Banks Foundation for International Cooperation (SBFIC) of Germany. They are designed to inform people as to what a pyramid scheme is, how risky it is to invest savings thoughtlessly, and how to recognize high-risk pyramid schemes and avoid financial losses.

“We want to give the population information which will provide people with the opportunity to properly assess the risks and possibilities for investing in one form or another, to ask as many questions as possible, and to critically and responsibly approach any financial decision,” said the president of the National Bank.