Lao

Announcement

Bank of Lao PDR issued a new regulation on purchase-sell of foreign currencies to individuals and legal entities

Summary

Bank of Lao PDR issued a Decision on Selling Foreign Currency to Individual and Legal Entity for International Settlement Purposes No. 1083/BOL, dated 9 December 2016 to replace Notification No. 243/BOL, dated 05 August 2013. The Decision specifies selling foreign currencies mechanism to individuals and legal entities.

Updated on : 27-03-2017


Bank of Lao PDR issued a new regulation on purchase-sell of foreign currencies to individuals and legal entities

Bank of Lao PDR issued a Decision on Selling Foreign Currency to Individual and Legal Entity for International Settlement Purposes No. 1083/BOL, dated 9 December 2016 to state-owned commercial banks, joint state commercial banks, private banks, foreign branch banks, and currency exchange bureaus.

The decision specifies that the selling of foreign currencies to individuals is allowed for individuals those have a bank account with any commercial bank. This bank account is not allowed to withdraw cash in foreign currency and transfer to other in domestic. It’s only allowed to be settling for goods and services in domestic. The total amount in the account shall not exceeding or equal to 20 million kips. The selling of foreign currencies to customers in cash is only allowed in international border checkpoints, traditional border checkpoints, local border checkpoints for the purpose of settling for goods or services in other countries but it is not allowed to settling in domestic.

The selling of foreign currencies to legal entity is allowed for commercial banks to sell to legal entities who aims to settling to foreigners and transfer to specific account to settle with foreigners. It is not allowed to withdraw in cash or transfer to other legal entity in domestic.

The Decision becomes effective on the date if its signatory and replace the notification No. 243/BOL, dated 5 August 2013 and any regulations against this decision is invalid.



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