The Lao central bank has imposed a limit on selling foreign currencies as part of a group of measures designed to stabilize the kip, which has plunged to its lowest value in decades.
The new rules prohibit currency exchange bureaus from selling foreign currency to legal entities and international organizations, instead permitting only licensed commercial banks to do so, Vientiane Times reported.
“Currency exchange units will only be allowed to change money for individuals and tourists, up to a maximum of 15 million kips ($1,004) per person per day,” said Sonexay Sitphaxay, the governor of the Bank of the Lao PDR.
Sitphaxay said that legal entities would only be allowed to make foreign exchange transactions at commercial banks, with priority given to organizations importing fuel and other essential goods from abroad….