Foreign investors are now required to open bank accounts in Laos, says central bank

VIENTIANE (Bernama-VNA): The Bank of the Laos (BOL) has issued a decision on the regulation of foreign currency, which requires foreign investors to open specific bank accounts in Laos to process their financial transaction.

The decision was issued after the government found that foreign investment inflows recorded in the banking system were much lower than the agreed value of investment capital, Vietnam News Agency (VNA) citing Vientiane Times reported.

The move by the central bank is part of the government’s efforts to ensure that more foreign currency enters the banking system.

It is also will be used to address the shortfall in the overall balance of payments, believing that stabilising the value of the kip, the Laos currency, will help resolve the country’s financial woes, it reported.

Accordingly, foreign investors must open bank accounts in Laos kip and foreign currencies at a commercial bank in Laos within 15 working days after receiving their business licence or having their investment proposal approved. - Bernama-VNA