Regulatory Alerts2022-08-19
Added · Updated
Law on Foreign Exchange Management (Amended)
The Law on Foreign Exchange Management (Amended) establishes regulations for foreign currency possession and use, requiring residents and non-residents to convert foreign currencies to Lao Kip for domestic payments through commercial banks. It mandates that importers maintain specific bank accounts for international trade payments and requires exporters to repatriate proceeds through these accounts. Foreign direct investment capital must be deposited in specific bank accounts, with transfers monitored by commercial banks and reported to the Bank of the Lao PDR. External loans and trade credits require approval from the Bank of the Lao PDR, with specific reporting obligations for transactions exceeding one year.
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