The Bank of the Lao PDR published an agreement on the management of foreign currency deposit accounts in Laos, setting out requirements for domestic transfers in foreign currency through commercial banks and related documentary controls, with formal application from 5 April 2025. The central bank presented the measures to commercial banks and the Lao Bankers Association to support consistent implementation. The rules apply to individuals and legal entities holding foreign currency deposit accounts at commercial banks and cover foreign currency transfers within Laos through any bank service channel, including bank applications and branch counters. For transfers that meet the value thresholds specified in the agreement, customers must provide relevant supporting documents, either as copies submitted at the counter or as images attached in the bank’s application to complete the transfer. The agreement does not restrict the holding of foreign currency in cash or in foreign currency deposit accounts, and it is positioned as a framework to regularise domestic settlement, improve monitoring of foreign currency flows in the economy and promote greater use of the Lao kip in the payment system.
Bank of the Lao 2025-02-27
Bank of the Lao PDR issues rules on foreign currency deposit accounts and domestic FX transfers effective 5 April 2025
The Bank of the Lao PDR issued an agreement effective 5 April 2025, detailing requirements for domestic foreign currency transfers via commercial banks. The rules mandate supporting documents for transfers meeting specified value thresholds to regularize settlements and enhance monitoring of currency flows. The agreement does not limit holding foreign currency in cash or deposit accounts and encourages greater use of the Lao kip.