The Bank of the Lao PDR convened government and financial sector representatives to assess implementation of the foreign exchange management law and the effectiveness of regulatory instruments under the central bank’s oversight. The review continues its focus on strengthening foreign exchange compliance and promoting use of the Lao kip to support monetary stability, trade, investment, the balance of payments and foreign exchange reserves. Participants included representatives from relevant ministries and associations for commercial banks, microfinance institutions, and credit and savings cooperatives. The law, introduced in 2014 and amended in 2022, is supported by a dedicated foreign exchange management department established in 2023 and 28 detailed implementing regulations covering policy, licensing, transactions, monitoring and enforcement.
Bank of the Lao PDR reviews implementation of foreign exchange management law
The Bank of the Lao PDR reviewed implementation of the foreign exchange management law with government and financial sector representatives. The assessment covered the effectiveness of the central bank’s foreign exchange controls, which are supported by a dedicated department and 28 implementing regulations.