BOL warns of counterfeit kip banknotes
BOL warns of counterfeit kip banknotes
The Bank of the Lao PDR (BOL) is warning the public to be on the lookout for fake banknotes, saying that some unscrupulous individuals are printing and circulating counterfeit notes in markets.
At the start of this month the bank issued an announcement concerning fake 50,000 kip banknotes, urging everyone to be vigilant when making monetary transactions.
The announcement came after the economic police discovered a group of people using fake notes to buy goods in markets.
Officers were able to arrest the group and confiscated a large number of fake 50,000 kip banknotes.
“We don't know the exact face value of the money that was impounded or how many people were arrested,” Director General of BOL's Currency Issues Department, Mr Sivilay Phommachack, told Vientiane Times recently.
The gang used sophisticated machinery to print notes that look very similar to genuine banknotes, employing different methods to those used previously when forgers simply photocopied banknotes on A4 paper, he added.
The widespread use of foreign currencies continues to provide a niche for criminals to print counterfeit US and Thai banknotes, which are also circulated in markets.
The use of counterfeit 20,000, 50,000 kip and 100,000 kip notes appears to be on the increase at present as the forgers believe these notes are more likely to change hands undetected.
Unfortunately, careless and innocent people become the victims of these scams, Mr Sivilay said.
The bank called for public cooperation in the matter and asked people to notify the police if they were handed a forged banknote.
Mr Sivilay called on traders and customers to make greater use of the kip and to make large transactions through banks or by cheque to avoid falling victim to the forgers.
BOL is now stepping up efforts to crack down on the circulation of counterfeit foreign banknotes.
“We are working with the Economic Police Office. They are responsible for arresting wrongdoers and the bank is responsible for checking the validity of banknotes,” he said.
The department plans to distribute more information about the use of genuine banknotes and how people can tell the difference between genuine and fake notes.
“We are working with the Cinema Department of the Ministry of Information, Culture and Tourism to produce a video clip for public distribution that will explain the damaging effects of circulating forged banknotes,” Mr Sivilay said.
The video will be shown on television in the near future after officials have edited the content.
