NIK: Polish companies lost PLN 2.1 bln on forex market

According to data released by Poland's Supreme Audit Office, between 2012-2016, Polish companies lost PLN 2.1 billion on the forex market. To prevent such losses in the future, NIK recommends banning advertisement of such companies and putting the currency exchange websites under the supervision of the financial authority (KNF). According to the audit office, Polish currency exchange websites in 2015 alone, had PLN 30 billion cash turnover. According to NIK audit, many forex users are not educated enough to know what risks such investments can bring and are attracted to it by promises of fast income. According to NIK, 80 percent of forex market investors have lost on their investments. NIK also blamed various financial institutions for lack of proper control of the market and insufficient protection of its participants. Only KNF tried to control the forex market, but its actions were often limited, as many such companies are registered in other countries and service their clients online, falling out of KNF jurisdiction.