Question for the Money Doctors
Question submitted on Dec 9, 2011.
QuestionThanks for your response. Forex Trading in my country is all about buying and selling "Foreign Currencies". This activity wouldn't present any particular problem in as far as understanding the pros & cons of trading is concerned. My experience in banking is in general banking operations including foreign transactions.
The problem however is
1. Raising the funds for both registration and working capital.
2. Our country's foreign exchange rates fluctuates every 12 hours
3. Inflation has reached 30% baseline 4. Central Bank Rate changes every 7 days and is at this time 29.5% p.a.
Even without thinking about taxation, Would taking a bank loan be sensible in these circumstances if one can't raise own funding?
I don''t know what your country is, which makes it very difficult to give you any specific advice. Without seeing your business plan it would be difficult to know what kind of returns that you can expect and the likelihood that you would qualify for bank financing. I suspect you may have a difficult time borrowing money for this venture.
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