VO National Assembly (NA) members debates foreign currencies law INTRO: National Assembly (NA) members want the proposed Law on Foreign Currencies Management to limit the exchange and use of foreign currencies by the general public, as despite the controls in place currently the exchange of currencies continues unregulated. STORY: The NA members made the suggestion when debating the draft to the Law on Foreign Currencies Management which was taken to Monday’s agenda of the ongoing NA session. The newly drafted law aims to enhance the management of foreign currencies and maintain the stability of the Lao kip in relation with foreign currencies amidst regional and international integration. The draft law has nine parts containing eight chapters, which are divided into 53 articles. During the morning debate, NA members focused on Part No.2, which was about the activities related to foreign currencies, including the possession, use, and exchange of currencies in Laos, transference, and import-export of currencies in cash to and from the country. Article No.10 of the draft law says that individuals, legal entities, and organisations must use Lao kip in paying for goods, services, debts, salaries and duties to the government. The article also states that for contracted amounts, notices and advertising should be posted in the national currency except in such exceptional cases as permitted by the government. The NA members wanted more details on the integrated regulations which will operate in conjunction with the law and what measures will be taken to educate members of the public to protect and use only the national currency. The draft law also sets out the fines for offenders, which will vary depending on the size or seriousness of the case. For instance, a fine of one million kip shall be imposed on anyone found guilty of advertising prices in foreign currency, which shall be doubled in the instance of a repeat offence. In his response to the NA comments, Bank of Lao PDR Vice Governor Sonexay Sithphaxay spoke on behalf of the law drafting sub-committee. He said the sub-committee will further improve the draft according to the NA members’ suggestions, especially the penalties imposed on offences which threaten the stability of the national currency.
Posted on: Thu, 25 Dec 2014 10:01:53 +0000
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