Laos to launch a new system to monitor foreign currency flow

22/02/2024 15:07
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KPL (KPL/Xinhua) Laos will launch a new system to monitor and manage the flow of foreign currency.

(KPL/Xinhua) Laos will launch a new system to monitor and manage the flow of foreign currency.

The Ministry of Finance, the Ministry of Industry and Commerce, and the Bank of the Lao PDR (BOL) will jointly implement the Capital Flow Management System (CMS), which will link business registration and the transactions of exporters and investors with commercial banks and the central bank.

The system will also provide a dashboard for relevant ministries to track the value and products of export and import activities.

The CMS aims to manage and monitor the movement of international funds, maintain economic and financial stability, hedge the risks from fluctuating exchange rates, and encourage investment and international trade. 

The system is expected to be operational by the end of February 2024. 

Deputy Director of the BOL’s Foreign Currency Management Department Vatthana Sanouban said on Feb 20 that BOL has developed the cutting edge CMS which can help BOL manage and track foreign currency flow and exporters and importers monitor their transactions. 

In the future, the system will be connected with the Ministry of Planning and Investment to form a database of investment approval.

Mr Vatthana Sanouban has called on relevant sectors, importers and exporters, investors, commercial banks to engage in using the system so that the management of foreign currency flow in the country is systematic.

KPL

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