BCEL, China bank sign deal to ease currency exchange

BCEL signed an agreement with Pudian Bank of China to facilitate the opening of accounts and simplify currency exchange between the two banks.

The agreement was signed in Vientiane by Banque pour le Commerce Exterieur Lao Public Deputy Director General Mr Vankham Voravong and Deputy Director General of the Pudian Bank of China Mr Zhong Shijun. Other officials from both banks were also in attendance.

BCEL General Managing Director Mr Sonexay Sitphaxay said that previously there was some difficulty exchanging kip into yuan because of Chin a’s strict currency controls.

“This agreement will make transactions easier. It will save time and lower the cost because the previous arrangement required money to first be changed into a third currency, which had to be done at the border,” Mr Sonexay said.