From
Vietnam News Agency
Monday, August 26, 2024 | 22:28 GMT+7
The Bank of the Lao People’s Democratic Republic (BOL) recently piloted an online foreign exchange market system using the Lao Forex Exchange (LFX) mobile banking application, making it easy, convenient, fast, transparent and risk-limited for everyone to buy, sell and exchange foreign currencies.
Foreign and Lao currencies. Photo courtesy of https://laotiantimes.com.
The application allows buying, selling and exchanging three types of foreign currencies: US dollar, Thai baht and Chinese yuan.
Deputy Director of the BOL’s Monetary Policy Department Phoutdavan Sirisombat said the foreign exchange market is a centralized foreign exchange and trading center within the banking system, established based on cooperation between the BOL, the Lao Bankers Association and 15 commercial banks.
The foreign exchange market system began providing initial services to customers to conduct foreign exchange transactions through the LFX application of some commercial banks on August 22.
Participating banks are currently focusing on finalising their internal systems in order to soon be able to connect to the foreign exchange trading system, which is expected to provide all the necessary services from October.
