The financially powerful companies and physical entities in
Macedonia will probably soon have the alternative to invest their money.
Ilirika Fund Management works hurriedly on opening the Gold Fund. The
investment in gold, as a precious medal, became the most profitable
business if one takes into consideration the losses on the world capital
markets that were caused by the economic crisis and the high increase of
the price of the yellow gold. Investment funds intended only for
investment in precious medals, namely in gold, are already functioning
throughout the region. Such funds are working successfully in Croatia,
Slovenia and Serbia, who invest merely in shares of companies that
produce gold and other precious metals. It is a world trend as the gold
protects from inflation and when panic appears on the global market or
some undefined situation.
"There is money in Macedonia but people do not have an idea
how and where to invest it. This shows the Macedonian reality in
investing," says Director of Ilirika Fund Management Aleksandar
Manev. Manev says that the drop of the interest rates of bank deposits
will make people realize what is good and profitable.
"Our goal is to offer an alternative to the financially
capable companies and individuals to benefit from what is happening
around the world. Ilirika decided to offer Macedonian investors the
opportunity to invest in golden companies. Our offer will now be
strictly restricted and our target will be richer clients, clients that
have greater financial knowledge, higher level of education, corporative clients, banks who want to protect their portfolio. We are
optimistic," says Manev.
With this Ilirika Fund Management enables companies and citizens to
invest in gold outside Macedonia.
"We are to set up a gold fund in the first quarter of next
year. I am optimistic about collecting the necessary 300,000 euro,"
At the moment, Article 67 of the Law on Investments Funds, which
stipulates that the funds are not allowed to invest in precious medals
or precious metals securities, is contestable.
"We asked for an opinion from the Securities and Exchange
Commission and we are waiting for the outcome. If nothing changes, we
will continue with the current investing," Manev said.
According to the present circumstances, gold investment in is not
possible in Macedonia.
According to the Law on Foreign Currency Operations, Macedonian
citizens cannot invest and possess securities abroad. They can buy gold
in goldsmith's shops but they are unable to make a profit from it,
it has no investment value.
The minimal investment in Ilirika's newly opened gold fund
will be 100 euro. According to the had of the potential
"Gold", the entering commissions will be more relaxed as they
want bigger clients such as insurance companies, pension funds, banks.
There are no limitations for physical entities but a minimal
investment above 10,000 denars is considered. Ilirika Fund Management
says that the goal is to acquire a culture for investing and secure a
long-term solid profit which is better than saving in banks.
This opens new horizons for the investors on the domestic capital
market, especially now when the circumstances on the Stock Exchange are
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Ilirika works on the field
and conducts polls of companies and citizens to determine the level of
information and citizens' view on investing.