Bank of the Lao PDR (BOL) has announced that it would be using a new logo starting this week.
A notice issued by the Bank of the Lao PDR stated that the central bank required a more distinguishable logo rather than using the national seal for all its activities.
The central bank announced its intention to create a new logo in April 2018, inviting graphic designers to submit their ideas for a new logo, with a prize of LAK 5,000,000 (USD 289) on offer for the winning logo, while the runner-up would also receive a prize of LAK 3,000,000 (USD 173).
The Bank of the Lao PDR selected the design of the winning logo with approval from the government on 6 October this year.
According to the Bank, the new logo depicts two elephants as they are the national animal of Laos and symbolize strength. The yellow jar on the logo is believed to be an ancient Lao treasure chest used to secure valuables.
In October this year, the Bank of the Lao PDR (BOL) released two new banknotes to increase the quality of currency being printed and prevent forgery.