Some 419 money exchange units have become representatives of commercial banks and will operate under the authorisation of the bank, in an attempt to tackle the difference in currency exchange rates between banks and money-changing outlets.
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BOL issued a notice informing currency exchange units nationwide to register with commercial banks to ensure their operations are carried out under the authorisation of the banking system.
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The Bank of the Lao PDR (BOL) is now working to tackle several unresolved issues related to financial matters, including differences between the exchange rates in the market and banks.
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Many firms are effectively conducting business and basing their pricing on foreign currencies sold in the parallel market
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The Bank of the Lao PDR has come up with a new administrative rule designed to administer currency exchange businesses amid the appreciation of international currencies against the Lao kip.
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