The buying and selling vehicles in Laos in Lao Kip is being promoted this year to help the national currency become more valuable, according to Governor of the Bank of the Lao PDR Mr Somphao Phaysith.
In recent years, it has been uncovered that most vehicles bought and sold in the country are paid for in foreign currency causing kip to decrease in value. This is obviously in violation of the law, explained Mr Somphao.
Currently the Bank of the Lao PDR is improving transactions with other business banks to provide better the cash transfer services via ATMs.
The Bank of the Lao PDR has determined a measure for controlling the currency exchange by limiting the buying of foreign currency.
The Bank of the Lao PDR pays attention to controlling currency strength and seeks to raise awareness about the importance of using Lao kip for buying and selling in the country.
However, the car companies and used car shops often show car prices in foreign currency, he said.
Source: Lao News Agency