The Bank Of The Lao People's Democratic Republic (Lao ：ທະນາຄານແຫ່ງ ສປປ ລາວ； English: Bank Of The Lao P.D.R., Abbreviation: BOL) Is The Central Bank Of Laos In South East Asia. It Was Established On October 14, 1995, But The Official Date Of Establishment Was October 7, 1968, When The "Liberation Kip" Was Printed Before The Founding Of The Country. The Bank's Registered Capital Is Paid In Full By The State, So The State Is Also The Sole Holder Of Its Capital. Its Main Responsibilities Are To Issue The Lao Kip, The Currency, And To Carry Out Macro-management Of Domestic Credit. The Current President Is Zonessai Siphasay.
History
During The French Colonial Period (1893-1945), The French Indochina Dollar Issued By Orient Bank Circulated In Laos. During This Period, Laos Did Not Have A Central Bank At The Government Level. Later, Japan Invaded And Occupied Laos In World War II Until Japan Surrendered In 1945. In October Of The Same Year, Laos Announced The Establishment Of The Kingdom Of Laos And Instructed The Newly Established Ministry Of Economics And Finance To Issue The "Free Lao Kip" As A Temporary Currency In 1946. Soon After, France Regained Control Of Laos. In 1950, The Royal Family Of Laos, Prince Suphat Nouvong, Established A Separate Side Of Patlao In Northeastern Laos, And Later Issued The "Pathet Lao Kip" (Pathet Lao Kip). Then In December 1951, After The Signing Of The Currency Printing Agency Agreement Among The Three Countries Of French Indochina, The Government Of The Kingdom Of Laos Established The Currency Board. In 1952, The "Royal Kip" (Royal Kip) Was Issued. During This Period, Two Types Of Kip Were In Circulation In Laos. Soon After July 21, 1954, France Relinquished All Power Over Laos, And The Kingdom Of Laos Became Independent. At The Same Time, The Currency Board Was Renamed The Lao National Bank. By October 7, 1968, The Lao People's Revolutionary Party In Pat Lao Began Printing The "liberated Kip". In 1975, The Lao People's Revolutionary Party Army Overthrew The Pro-American Kingdom Of Laos. On December 2 Of The Same Year, The Lao People's Democratic Republic Was Established And Began To Implement A Socialist Economic System. All Banks In Laos, Including The National Bank Of Laos, Were Nationalized. Soon After, The Authorities Officially Issued The "Lao PDR Kip" (Lao PDR Kip), Which Is Still In Use Today. On November 13, 1986, The Fourth Party Congress Of The Lao People's Revolutionary Party Was Held, And It Was Decided To Implement The New Socialist Economic Policy. On March 12, 1988, In Order To Implement The Spirit Of The Party Congress, The Government Began To Reform The Banking System. Then On October 14, 1995, The President Of The Lao People's Democratic Republic Promulgated The Law On The Bank Of The Lao People's Democratic Republic, Which Came Into Effect Immediately. The Bank Of The Lao People's Democratic Republic (Lao ：ທະນາຄານແຫ່ງ ສປປ ລາວ； English: Bank Of The Lao P.D.R.) Was Officially Established.
Organizational Structure
The Board Of Directors Of The Bank Of The Lao People's Democratic Republic Is The Highest Decision-making Body In The Bank. The Board Of Directors Consists Of 7-9 People. The Deputy Prime Minister Of The Central Government Is The Ex Officio Chairperson Of The Board Of Directors, The Minister Of Finance And The Governor Are The Ex Officio Vice-chairpeople, And The Deputy Governor Is The Ex Officio Member. The Remaining Members Of The Board Are Under The Board Of Directors, The President Acts As The Executive Officer. Under The President, Various Institutions And Units Are Under The Jurisdiction.
List Of Board Members Of The Bank Of The Lao People's Democratic Republic (2013)
