Agreement on Cross-Border Foreign Exchange Transaction Service Management
关于跨境外汇交易服务管理的协议
ຂໍ້ຕົກລົງວ່າດ້ວຍ ການຄຸ້ມຄອງການໃຫ້ບໍລິການທຸລະກຳເງິນຕາຂ້າມສະກຸນ
Summary
This agreement governs cross-border currency transaction services of commercial banks, specifying application for permission, document requirements, and rules for use and renewal of three-year valid licenses.
Articles
Article ມາດຕາ 1
Article 2 Management of Cross-Currency Transaction Services
Management of cross-currency transaction services is the organization and implementation of principles, regulations, and measures in the operations of commercial banks regarding the provision of services in Lao kip currency and currencies of partner countries.
Article ມາດຕາ 2
Article 2 Interpretation of Terms
The terms used in this agreement have the following meanings:
1. Cross-currency foreign exchange transaction means payment, transfer, deposit, credit provision and exchange between Lao kip and the currency of a partner country, carried out by commercial banks authorized by the Bank of the Lao PDR to provide cross-currency foreign exchange transaction services;
2. Partner country means any country or countries with which the Bank of the Lao PDR has cooperated with its central bank in a bilateral or multilateral form to promote the use of its own currency in cross-currency foreign exchange transactions;
3. Commercial bank of a partner country means a commercial bank authorized by the central bank of that country to conduct cross-currency foreign exchange transactions.
Article ມາດຕາ 3
Article 4 Scope of Application
This agreement applies to commercial banks and relevant departments within the Bank of the Lao PDR concerning the provision of cross-currency transaction services.
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