The Bank of the Lao PDR has reinstated the Foreign Currency Control Department for foreign currency management in the country amid the depreciation of the national currency.
Vientiane Mai reports that the central bank officially announced the re-establishment of the department after over 20 years in the presence of the Governor of the Bank of the Lao PDR, Mr. Bounleua Sinxayvoravong.
Ms. Vinkham Lounthone, Deputy Head of the Department of Foreign Currency Control, said the department was established in 2001 to manage foreign currency circulation in Laos.
According to Ms. Vinkham, the change in the economic climate required the simplification of the structure of certain departments within the ministry and the development of policy plans that required the department to unite with the Department of Monetary Policy.
The ministry said that the department is also being restored to expand the role and responsibility of the central bank to the government of Laos.
The Foreign Currency Control department will manage trade, services, investment, debt, and international trade loans as well as monitor the local currency to reduce the use of foreign currency demand in Laos.
