Deeper multi-currency support
-----------------------------
Key: MIFOS-5311
URL: http://mifosforge.jira.com/browse/MIFOS-5311
Project: mifos
Issue Type: New Feature
Components: Product Definition
Reporter: Ed Cable
Currently Mifos only supports multi-currency for loan repayments on a
per-product basis (i.e you can assign currencies to different loan products but
only one currency can be assigned per product. These settings are
organization-wide.
Full multi-support is needed in other countries including the ability to
disburse a single loan product in multiple currencies as well as to disburse in
one currency or to collect in another.
Requests have also come up to limit currency per branch and not have the
setting be organization-wide.
Requirements from Binny:
a) The same loan product is disbursed in multiple currencies
b) A Loan may be disbursed in currency X and may be repaid in either currency X
or currency Y
Discussion: https://groups.google.com/d/topic/mifosusers/Ymd9RB4kUdQ/discussion
Requirements from Maxima in Cambodia
In regard to the multi-currency, Maxima currently has all their loan products
in USD only but allows customers to make repayments in both currencies (USD &
KHR), KHR will then convert with the current exchange rate into USD - so it is
not a real multi-currency support. For the future, Maxima wants to comply with
the NBC (National bank of cambodia) regulations by having their loan products
in both currencies. The way banks in Cambodia implementing multi-currency is to
offer major of their products in both currencies. And for example if a customer
needs/wants to do transactions in KHR he/she will have to open accounts in KHR
too otherwise it is just a type of foreign exchange. To your questions bellow,
I think MFI/Bank here would rather implement the multi-currency support on
products/accounts basis and they may restrict the availability of those
products to certain centers, branches or locations. If for example a group
wants to do transactions in KHR, they will have to open account in KHR.
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