Agreement on Currency Exchange Business Operations
关于经营货币兑换业务的协议
ຂໍ້ຕົກລົງ ວ່າດ້ວຍການດຳເນີນທຸລະກິດແລກປ່ຽນເງິນຕາ
Summary
This Agreement prescribes principles and regulations for the application, operation, management, monitoring and inspection of currency exchange businesses, including application conditions and documents, registered capital, exchange rate publication, changes and relocation, rights and obligations, accounting reports, suspension and revocation, prohibited matters, and penalty measures.
Articles
Article 1
Purpose. This Agreement stipulates the principles and regulations concerning the application, operation, management, monitoring, and inspection of currency exchange business licenses, aiming to ensure that currency exchange business is stable, safe, credible, and efficient, to legalize the operation of currency exchange business, and to contribute to the effectiveness of foreign exchange management in the Lao People's Democratic Republic.
Article 2
Currency exchange business. Currency exchange business refers to the buying and selling transactions of currency conducted by currency exchange shops licensed by the Bank of the Lao PDR to operate such business.
Article 3
Definition of Terms. The terms used in this Agreement shall have the following meanings: 1. Currency: refers to the base currency and foreign currencies; 2. Cash: refers to banknotes, coins, and traveler's checks; 3. Currency exchange business operator: refers to an enterprise entity licensed by the Bank of the Lao PDR to conduct currency purchase and sale transactions; 4. One-way currency purchase transaction: refers to a transaction in which a currency exchange shop only purchases foreign currency from the public without supplying foreign currency; 5. One-way currency sale transaction: refers to a transaction in which a currency exchange shop only sells foreign currency to the public without purchasing currency.
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