VIENTIANE, Aug. 8 -- The Lao central bank will establish a centralized foreign exchange market to stabilize currency, improve transaction monitoring and provide convenient currency exchange options.

The move was in response to current economic challenges in Laos, such as inflation, the need for foreign currency for purchases and high foreign debt, the local news website Lao Phattana News reported on Thursday.

The establishment of a centralized foreign exchange market will allow individuals and legal entities to buy and sell foreign currencies conveniently while making it easy for relevant authorities to monitor.

The concept for the market has been developed through discussions with 15 commercial banks. They have outlined the market's goals, conditions and transaction models, setting the stage for future research and development.

To ensure a smooth implementation of the initiative, the central bank plans to support the 15 banks through workshops, manuals and additional research.

  - Xinhua