Agreement on Inward and Outward Remittance of Funds by Commercial Banks to and from Abroad
关于商业银行向境内外汇入、汇出资金的协议
ຂໍຕົກລົງ ກ່ຽວກັບການໂອນເງິນເຂົາ-ອອກ ປະເທດຂອງທະນາຄານທຸລະກິດ
Summary
Bank of the Lao PDR Agreement No. 22/BOL (June 2011) prescribes approval and reporting procedures for commercial banks and financial institutions regarding inward and outward remittances and cash carrying across borders, and replaces Agreement No. 517 of 2009.
Articles
Article 1
Inward Remittance of Funds by Commercial Banks. Commercial banks and financial institutions that need to remit foreign exchange held abroad into their deposit accounts opened at the Banking Operations Department of the Bank of the Lao PDR are not required to obtain permission from the Monetary Policy Department; however, the Banking Operations Department must report each remittance to the Monetary Policy Department for record-keeping.
Article 2
Remittance of funds by commercial banks. Commercial banks and financial institutions that need to remit funds abroad must apply for permission from the Monetary Policy Department of the Bank of the Lao PDR each time. The Monetary Policy Department shall complete the review and processing within one day.
Article 3
Carrying Cash into and out of the Country. Carrying cash into and out of the Lao People’s Democratic Republic shall be carried out in accordance with past practices, and a permit must be applied for from the Monetary Policy Department each time.
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