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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Kasikorn, one of Thailand’s largest banks, has announced they have shut all their in branch and foreign exchange booths immediately.
Read moreThe Bank of the Lao PDR is urging the public to join forces to combat a rising tide of fake US dollar banknotes and other foreign currencies.
The central bank made the call last week after learning that a group of people were circulating large numbers of fake US$100 notes and other currencies in Laos. The bank is concerned about the damage this can inflict both on individuals and the national economy.