Deeper multi-currency support

Description

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.

Environment

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Activity

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Chetan Bekkinkeri
March 13, 2012, 2:20 PM

MifosX requirment. Need more information.

Łukasz Babski
July 6, 2012, 9:00 AM

We will not work on this ticket because Implementation priority is Won't. I am closing this issue as 'Won't fix', it will be reopened if required.

Assignee

Unassigned

Reporter

Ed Cable

Implementation Priority

Won't

URL

None

Team

Core

Epic

None

productboard URL

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Man Day Estimate

None

Components

Priority

Minor
Configure