The Bank of Laos (BOL) and 15 commercial banks have signed a Memorandum of Understanding (MoU) to establish a centralized foreign exchange market to stabilize the national currency, improve transaction monitoring, and provide convenient currency exchange options..
Representatives of the BOL and 15 commercial banks at the signing ceremony (Photo: vientianetimes.org.la)
Vientiane (VNA)ꦆ - The Bank of Laos (BOL) and 15 commercial banks have signed a Memorandum of Understanding (MoU) to establish a centralized foreign exchange market to stabilize the national currency, improve transaction monitoring, and provide convenient currency exchange options..
Director General of the BOL Monetary Policy Department, Soulisack Thamnouvong said the objective of the forex system is to minimise the imbalance between the demand and supply of foreign currency, especially the demand for foreign currencies to pay for imported goods and services and debts owed to other countries.
He noted that while the exchange rate and the level of inflation remain high, this inevitably affects everyone’s lives, while currency exchange in the off-system market makes it difficult to monitor and collect transaction data outside the banking system, which hinders the implementation of BOL’s policies.
To maintain the stability of the kip and regulate exchange rates, BOL plans to introduce a centralised foreign exchange market as a centralised foreign currency exchange platform that will enable individuals and entities to trade in foreign currencies in ways that are more convenient while also being auditable, he added.
Following the signing ceremony, Director General of the BOL’s Monetary Policy Department, Soulisack Thamnouvong, and the Managing Director of BCEL Saysamone Chanthachack held a media briefing to clarify the aims of the centralised foreign exchange market.
The ultimate aim of the scheme is to encourage members of the public to change foreign currencies at banks. The centralised foreign exchange market will be a convenient platform for the purchase and sale of currencies by individuals and businesses.
Saysamone said commercial banks will continue to work with the central bank to ensure the project is smoothly implemented and benefits the people of Laos while also stabilising the economy.
Every bank that has signed the MOU today is now eligible to become a shareholder in establishing a legal entity and to create the conceptual framework, establishment criteria and market transaction model so that the system can soon become operational, she noted./.
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