Laos installs new central bank chief, limits FX sales

Laos installs new central bank chief, limits FX sales

Laos lawmakers on Monday approved the appointment of a new central bank chief and two deputy prime ministers, according to state media.

Former Deputy Minister of Finance Bounleua Sinxayvoravong was appointed the new governor of the central bank, Lao News Agency reported, taking over at a time when the neighbouring country is feeling the impact of rising global inflation.

The central bank on Monday introduced new rules requiring commercial banks and currency exchange kiosks to limit the daily sales of foreign exchange to 15 million kip ($1,002) per person, according to media.

Commercial banks will also be required to prioritise organisations that buy "fuel, medicine or other essential goods imported from abroad", the Laotian Times reported.

Meanwhile, Foreign Affairs Minister Saleumxay Kommasith and Public Security Minister Lt Gen Vilay Lakhamfong took on added roles of deputy prime minister.

The National Assembly also approved the appointments of new heads of the Industry and Commerce Ministry and State Audit Organisation, state media reported.

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