KPL
The Bank of the Lao PDR (BOL) has issued a decision to enhance the management of foreign currency deposit accounts in the country. Signed on February 19, 2025, the decision will take effect starting April 5, 2025.
BOL Vice Governor Aloun Bounyong
(KPL) The Bank of the Lao PDR (BOL) has issued a decision to enhance the management of foreign currency deposit accounts in the country. Signed on February 19, 2025, the decision will take effect starting April 5, 2025.
BOL Vice Governor Aloun Bounyong told a press conference on Wednesday that the decision aligns with the Foreign Currency Management Law and the Prime Minister's Order on the Management of Foreign Currencies.
These laws and regulations mandate the BOL to improve the domestic e-payment system for foreign currency transactions by implementing proper transaction verification mechanisms. This ensures that the use of foreign currencies remains lawful, orderly, and consistent with the socio-economic needs of the Lao PDR.
The decision encourages individuals holding foreign currency in cash to deposit it into commercial bank accounts and aims to enhance the electronic payment system for foreign currency transactions.
Individuals, legal entities, and organizations—both domestic and foreign—in the Lao PDR will continue to be able to hold foreign currencies in bank accounts without restrictions on the amount. They can deposit, withdraw, and transfer funds domestically without limitations on the transfer amounts.
However, the decision does not apply to accounts related to import-export businesses and investment activities. This means that international transactions, such as payments for imports and foreign investments, can proceed as usual under existing regulations.
The issuance of this decision aims to promote the use of the Lao Kip and curb illegal foreign currency exchange activities.
KPL
