VIENTIANE, Feb. 27 (Xinhua) -- The Lao central bank, the Bank of the Lao PDR (BOL), has introduced new guidelines to improve the management and transparency of foreign currency transactions, as part of its efforts to strengthen the value of the Lao kip and ensure currency stability.
Under the central bank's new guidelines, individuals must specify the purpose of their foreign currency transactions when the amount exceeds 1,000 U.S. dollars, Deputy Governor of the BOL, Aloun Bounyong, said during a press conference on Wednesday.
For businesses, the reporting threshold is higher, with transactions exceeding 10,000 U.S. dollars requiring documentation. Additionally, any transactions over 20,000 U.S. dollars by an organization must be fully justified, with the relevant documentation provided to ensure transparency.
These guidelines are part of broader efforts by the government to regulate foreign currency use, control illegal foreign exchange activities, and foster a more orderly foreign currency market in Laos. ■
