Portal
Type: Decision
Responsible Agency: Bank of the Lao PDR
Issuing Date: 2011-06-06
Click here to see the measures contained in this document
Lao People’s Democratic Republic
Peace Independence Democracy Unity Prosperity
*****
Bank of the Lao PDR No. 433/BOL
Vientiane Capital, date 06 June 2011
Decision
On the Money Transfer in-out of the Lao PDR of Commercial Banks
- Pursuant to the Presidential Decree on the Management of Foreign Currencies and Precious Metals No.01/PO, dated 17 March 2008
The Governor of the Bank of the Lao PDR hereby issued a Decision:
Article 1: Money Transfer into the Lao PDR of Commercial Banks
Commercial banks and financial institutions that want to transfer foreign currencies deposited overseas into their savings accounts in the Banking Operation Department of the Bank of the Lao PDR, do not require permission from the Monetary Policy Department, but the Banking Operation Department shall report to the Monetary Policy Department after every transfer.
Article 2 Money Transfer out of the Lao PDR of Commercial Banks
Commercial banks and financial institutions that want to transfer money abroad have to every time request for permission from the Monetary Policy Department of the bank of the Lao PDR. The Monetary Policy Department shall complete the approval consideration within 1 day.
Article 3 Bringing cash in-out
Bringing cash in-out of the Lao PDR is to be practiced as previously, by requesting permission from the Monetary Policy Department every time.
Article 4 Money Transfer Service Fees
In/out money transfer service fees is according to the Notification issued periodically by the Banking Operation Department of the Bank of the Lao PDR.
Article 5 Implementation
The Monetary Policy Department, the Banking Operation Department, the Commercial Bank Supervision Department, any commercial banks and financial institutions under the management of the BOL shall strictly implement this Decision. This Decision shall replace the Decision No. 517/BOL, dated 09 July 2009.
Any Decisions, instructions and regulations which are contrary to this Decision shall be terminated.
Article 6 Effectiveness
This Decision is effective from the date of signature.
The Governor of the Bank of the Lao PDR
Phouphet KHAMPHOUNVONG
Download English:Decision On the Money Transfer in-out of the Lao PDR of Commercial Banks No. 433/BOL, dated 06 June 2011
Download Lao:Decision On the Money Transfer in-out of the Lao PDR of Commercial Banks No. 433/BOL, dated 06 June 2011
List Measures Related to Legal Documents
| Name | Description | Status |
|---|---|---|
| Requirement to obtain BOL approval for money transfer out of the country. | Approval from the Monetary Policy Department is required for money transfer out of the country by commercial banks and financial institutions. | Active |