- Illustrative photo: iStock
VIENTIANE: The Lao central bank, the Bank of the Lao PDR (BOL), is strengthening foreign exchange management to boost the value of the Lao kip and ensure currency stability, Lao News Agency reported on Friday (Jan 31).
To promote this initiative, the foreign exchange management department of the BOL held a meeting to inform stakeholders about key legislative measures, reinforcing the government's commitment to reducing reliance on foreign currencies and ensuring orderly financial transactions, the report said.
In a move towards economic self-reliance, Laos is strengthening foreign exchange regulations and promoting the use of the kip, including stricter rules on foreign currency use.
The Lao central bank has completed several regulatory documents, such as agreements on foreign currency use, income transfers from abroad, and managing foreign currency deposits. - Xinhua
