Laos pilots online foreign exchange market system
The Bank of the Lao PDR (BOL) recently piloted an online foreign exchange market system through the Lao Forex Exchange (LFX) mobile banking application, making it easy for all people to buy, sell, and exchange foreign currencies conveniently, quickly, transparently, and with limited risks.
Foreign and Lao currencies. Photo courtesy of https://laotiantimes.com.
The application allows the buying, selling, and exchange of three types of foreign currencies of US dollar, Thai Baht, and Chinese Yuan.
Deputy director of the BOL’s Monetary Policy Department Phoutdavan Sirisombat said that the foreign exchange market is a centralised foreign currency exchange and trading centre within the banking system, which was established on the basis of cooperation between the BOL, the Lao Bankers Association, and 15 commercial banks.
The foreign exchange market system started providing initial services for customers to conduct foreign exchange transactions on August 22 through the LFX application of some commercial banks.
Participating banks are currently focusing on completing their internal systems so that they can soon connect to the foreign exchange trading system, which is expected to provide full services starting October.
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