Lao Central Bank restores foreign currency control department


VIENTIANE, June 4 (Laotian Times): The Bank of the Lao PDR has reinstated the Foreign Currency Control Department for foreign currency management in the country amid the depreciation of the national currency.

Vientiane Mai reports that the central bank officially announced the re-establishment of the department after over 20 years in the presence of the Governor of the Bank of the Lao PDR, Mr. Bounleua Sinxayvoravong.

Ms. Vinkham Lounthone, Deputy Head of the Department of Foreign Currency Control, said the department was established in 2001 to manage foreign currency circulation in Laos.

According to Ms. Vinkham, the change in the economic climate required the simplification of the structure of certain departments within the ministry and the development of policy plans that required the department to unite with the Department of Monetary Policy.

The ministry said that the department is also being restored to expand the role and responsibility of the central bank to the government of Laos.

The Foreign Currency Control department will manage trade, services, investment, debt, and international trade loans as well as monitor the local currency to reduce the use of foreign currency demand in Laos. - Laotian Times

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
Laos , National Bank , Finance Measures

Next In Aseanplus News

South Korean President Yoon set for release, as prosecutors decide not to appeal court’s detention revocation
How China is solving F-22’s stealth coating cracks with 3,000-year-old silk weaving tech
Hope renewed with new search for MH370, say next-of-kin
Power bank catches fire in train cabin at Singapore's Raffles Place MRT station
As a Cantonese opera AND J-Pop artiste, Rika Woo bridges two cultures in Hong Kong
High Court in India grants bail to YouTuber Ashish Chanchlani in obscenity case
Doraemon showcase, a hit in Hong Kong, set for world tour beginning in Shanghai
Women hold one in five board seats in Hong Kong firms for first time, report says
Five years on, the economic impact of COVID-19 lingers
63-year-old man with 14 prior offences killed by police in Johor Baru shootout

Others Also Read