The Bank of the Lao PDR (BOL) will enhance bilateral banking cooperation with the central banks of China, Cambodia, Vietnam and Thailand to ensure better management of payments in foreign currencies at international checkpoints.
A senior official at the central bank explained the situation in response to questions raised by members of parliament at the ongoing 4th ordinary session of the National Assembly’s 8th Legislature.
Assembly members wanted to know how BOL was tackling the unauthorised use of foreign currencies at international border crossings, saying this would negatively impact inflation and other monetary issues.
BOL Deputy Governor Ms Vattana Dalaloy said the central bank was collaborating with the central banks of China, Cambodia, Vietnam and Thailand to discuss payments made in foreign currencies at borders.
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“We are also engaged in bilateral cooperation with each other in the field of money transmission or cash circulation at borders,” she added.
Ms Vattana also said the central bank plans to cooperate with various commercial banks in Laos in a bid to open more currency exchange units at international border crossings.