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Type: Instruction
Responsible Agency: Bank of the Lao PDR
Issuing Date: 2007-11-30
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LAO PEOPLE’S DEMOCRATIC REPLUBIC
PEACE INDEPENDENCE DEMOCRACY UNITY PROSPERITY
Bank of Lao PDR No 11/BOL
Vientiane Capital, 30 November 2007
Additional Instruction
Foreign Currency Cash Withdrawal
- Pursuant to the Law of the Bank of the Lao PDR No.05/NA, dated 14 October 1999;
- Pursuant to the Decree Law on Management of Foreign Currency and Precious Metals No. 01/PC dated 09 August 2002;
- Pursuant to an agreement made at the Technical Consultation on solution for current challenges of the Bank of Lao PDR, dated 29 November 2007.
The Governor of the Bank of the Lao PDR issues the Additional Instruction:
1.Commercial banks shall continue implementing the instruction no.01/BOL, dated 05 February 2004, as defined in paragraph 3, article 3 of such Instruction, for which commercial banks are responsible to consider and approve foreign currency cash withdrawal no exceeding USD 10,000 or other currencies with the same amount based on KYC.
The Commercial banks shall report all suspicious and large cash withdrawals to the bank of Lao PDR
2.Managing directors of commercial bank’s head office shall issue notification guiding all their branches on the implementation of the above-mentioned article 1
3.Administration Department, Monetary Policy Department, Department of Commercial Bank and Financial Institution Management including individuals and legal persons shall acknowledge and strictly implement this Additional Instruction
4.Any previous decisions, instructions and regulations in conflict with this Additional Instruction are hereby cancelled. This Instruction takes effect from its signature date.
Governor of the Bank of the Lao PDR
[Sign and Seal]
Phouphet KHAMPHOUNVONG
Download English:Additional instruction on Foreign Currency Withdrawal No. 11/BOL, dated 30 November 2011
Download Lao:Additional instruction on Foreign Currency Withdrawal No. 11/BOL, dated 30 November 2011