Lao, Thai banks further cooperation

Two banks of the Lao PDR and Krung Thai Public have signed a memorandum of understanding on promotion of mutual commerce and investment.

The MoU signing ceremony was held here on Wednesday between Head of Administration Department of the Bank of the Lao PDR, Mr. Sivilay Phommachack and a senior representative of Krung Thai Public Bank, Mr. Pongsaton Sriyotin in the presence of Deputy Governor of the Bank of the Lao PDR, Mr. Somphao Phaysith and high-ranking officials concerned.

The main objective of the MoU was to improve the finance service and banking cooperation of both banks to facilitate trade and investment.

The MoU was determined widely cooperation on finance and banking services which comprise the transaction operation between Lao Kip and Thai Baht currencies.

It also determined bilateral cooperation on the circulation of banknote of Baht and foreign currencies, transaction of foreign currencies, payment mechanism between Lao Kip and Thai Baht currencies, information, and human resources development on administration, credit management, capital management and banking administration.

kpl lao news agency

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