New Exchange Rules set by the BOLOctober 26, 2022
The Bank of the Lao PDR (“BOL”)Issued Decision No.779/BOL dated 11 October 2022 on the Determination of Exchange Rates to support currency stability.
Commercial Bank Exchange Rates
- The purchase and sale exchange rates for Lao Kip (“LAK”) to US dollars (“USD”) must be set to fall within the range of ±4.50% of the reference exchange rate published daily by the BOL’s Monetary Policy Department, and the difference between the purchase and sale rates must not exceed 1%.
- Likewise, the difference between the purchase and sale exchange rates for LAK to Thai baht, Chinese yuan renminbi, and euros must not exceed 1%.
Currency Exchange Shop Exchange Rates
Currency exchange shops must set the purchase rate for USD within the range of ±3% of the daily reference exchange rate of the BOL. In addition, the purchase rates for other currencies must be the same exchange rates used by the commercial bank to which they belong.
Currency exchange shops are not allowed to sell foreign currency.
Publishing of exchange rates and reporting to the BOL
The exchange rates of commercial banks and currency exchange shops must be published via their website or other platforms clearly and accurately.
The exchange rates and the total amount of foreign currency purchased and sold must be reported to the BOL by 16:00 on a daily basis.
This decision enters into force from the date of signing onwards and replaces Decision No. 525/BOL dated 15 September 2021 on the Determination of Exchange Rates.
For more information regarding new exchange rules, please contact the VDB Loi Laos office: Meckhala Vilivong ([email protected]).
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