The Deputy Governor of the Bank of the Lao PDR (BOL), Mrs Vatthana Dalaloy, responds to questions and comments on the Currency Management Law from the National Assembly (NA) at a meeting on Thursday.

NA members hold brainstorming session for currency management law

Members of the National Assembly (NA) are participating in consultations on essential aspects of the Law on Currency Management ahead of the official approval of the legislation at the next NA session.
The Vice President of the National Assembly (NA), Mr Sommad Pholsena, is chairing a four-day meeting during June 7-10 that is being attended by members of the NA and Provincial People’s Councils from across Laos.
During the meeting, the members of parliament from various constituencies raised questions related to the requirement for amendments to some articles of the law on currency management to ensure the implementation of the legislation is effective and practically productive.
The NA vice president called on the members to contribute their comments on articles 9, 13, 19, 29, 32, 38 and 47 to 49, and 54 to 60 before the finalised version of the law is approved.
In response to questions and comments from the NA members, the Bank of the Lao PDR’s (BOL) Deputy Governor, Mrs Vatthana Dalaloy, spoke about the difficulty in implementation of the law as reflected by the inefficiency of foreign currency management.
“It is clear, for example, in the declaration of agricultural products at the customs office at the border. Exporters must inform [the authorities about] the exact quantity of goods in containers so that it will be beneficial for revenue collection,” she said.
She said BOL will continue to work with other sectors to address unresolved issues, including cracking down on unauthorised use of foreign currencies by taking advantage of lessons learnt from other countries in the region.
Key matters discussed at the meeting included the use of foreign currencies in Laos, payments for trade and services with foreign trade partners, the import of direct investment funds to Laos, foreign debt, the depositing of money in foreign countries by Lao nationals, money exchange and punishment for misbehaviour.
BOL, the central bank, expects to use the law on currency management, especially its amended articles, to tackle financial difficulties and derive benefits that will help the nation’s economic development. 

By Times Reporters
(Latest Update June 10, 2022)