Vientiane, Aug 27 (IANS) The Lao central bank, the Bank of the Laos (BOL), and commercial banks have jointly launched a trial run of an online foreign exchange market system through the Lao Forex Exchange (LFX) platform to integrate and centralize foreign currency exchange system.
The new platform aims to reduce the imbalance between the demand and supply of foreign currency, especially the use of foreign currency to pay for imported goods and services and to pay debts, according to a report issued by the BOL on Tuesday.
It will also enable individuals and entities to trade in foreign currencies in more convenient ways while also being auditable through the use of data stored during banking transactions, Xinhua news agency reported.
The platform will make it convenient, quick, and transparent for all to buy, sell, and exchange foreign currencies, and with limited risks. It allows the buying, selling, and exchange of three types of foreign currencies – the US dollar, the Thai baht, and the Chinese yuan.
The system started providing initial services on August 22 through the LFX application of some commercial banks.
Other participating banks are currently focusing on completing their internal systems to connect to the new system, which is expected to provide full services in October, according to the report.
–IANS
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