Bank of the Lao P.D.R., located in Vientiane, is the central bank of Laos. It is also the bank of last resort, controlling the money supply, managing the country's reserves, and supervising the commercial banks operating in Laos. The bank is managed by an executive board, a governor and a deputy governor. The current governor is Xonexay Sithphaxay. The Bank of Laos was formed on 7 October 1968 and has been since operating in the country's capital. Source: On 16 December 1979, the old Pathet Lao “Liberation” kip was replaced by the new Lao kip at a rate of 100 to 1. More information...
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