Decision on Repealing the Decision on Foreign Currency Credit Provision by Commercial Banks
关于废止《商业银行提供外币信贷决定》的决定
ຂໍ້ຕົກລົງ ວ່າດ້ວຍ ການຍົກເລີກຂໍ້ຕົກລົງ ວ່າດ້ວຍການສະໜອງສິນເຊື່ອເປັນເງິນຕາຕ່າງປະເທດຂອງທະນາຄານທຸລະກິດ
Summary
The Governor of the Bank of the Lao PDR issued a decision repealing the 2016 Decision No. 1008/BOL on Foreign Currency Credit by Commercial Banks, allowing commercial banks and foreign commercial bank branches to provide foreign currency credit, and stipulating related management requirements.
Articles
Article 1
Article 1: This Decision completely repeals Decision No. 1008/BOL on the Provision of Foreign Currency Credit by Commercial Banks (November 17, 2016). Commercial banks and branches of foreign commercial banks are permitted to provide foreign currency credit.
Article 2
Article 2. Commercial banks and branches of foreign commercial banks operating in the Lao People's Democratic Republic that provide foreign currency credit shall strictly manage such credit to ensure correctness and compliance with relevant laws and regulations, and shall stipulate this in credit manuals and loan contracts. Commercial banks and branches of foreign commercial banks providing foreign currency loans shall not allow borrowing customers to withdraw foreign currency loans in cash. The use of foreign currency loans shall comply with the provisions of Article 10 of the Law on Foreign Exchange Management No. 55/NA (December 22, 2014), and shall be settled and cleared only through the banking system, paid to suppliers of goods and services, except in cases otherwise provided by laws and regulations.
Article 3
According to the provisions of the Law on Foreign Exchange Management (No. 55/NA, dated December 22, 2014), settlement payments to suppliers of goods and services must be made solely through the banking system, except in cases otherwise provided for by laws and regulations.
Showing the first 3 of 4 articles. Open the LaoPaniti app for the full trilingual text.
Read the full trilingual text with AI explanation in the LaoPaniti app← LaoPaniti home: AI legal Q&A · contract drafting · Chinese-Lao translation