Bank of Lao PDR Issues Instruction on Converting Foreign Exchange Stores into Commercial Bank Representatives
On 2 August 2021, the Monetary Policy Department, Bank of Lao PDR ("BOL") issued Instruction No. 878/MPD on “Transferring Foreign Exchange Stores into a Representative of a Commercial Bank” ("Instruction"). The Instruction supplements/implements Notice No.758/MPD dated 12 July 2021 on “Converting Foreign Exchange Stores Representative of a Commercial Bank”. To comply with the laws and relevant regulations, BOL has issued various guidelines which cover, among other things, the following:
(a) Application to be a representative of a commercial bank;
(b) Determining exchange rates and trading currencies; and
(c) Operation of a foreign exchange store after becoming an agent.
On 14 July 2020, the Ministry of Finance ("MOF") issued a Decision on the management of the accounting software No.1835/MOF ("Decision"), which was published in the Lao Official Gazette on 13 July 2021 and came into force on 28 July 2021. This Decision sets out the principles, rules, and measures in relation to the promotion of the use of modern tools in management-accounting activities. The Decision applies to individuals, legal entities, accounting units, and relevant departments/agencies using and developing accounting software in Lao PDR, and replaces the Decision No.0210/MOF dated 1 February 2010.