BOL Foundation Day is observed in Laos every October 7, commemorating the establishment of the Bank of the Lao People’s Democratic Republic. Although it is not a public holiday, all banks are closed, making it a professional holiday for bank employees. The day marks the anniversary of the Central Treasury, which was established during the Laotian Civil War on October 7, 1968. The origins of the banking system in Laos trace back to the piastre de commerce, the official currency from 1896 to 1952, before the National Bank of Laos began issuing the Lao kip as the national currency. Following the civil war and the establishment of the Lao P.D.R. in 1975, the Bank of Laos merged with other institutions to form the Bank of the Lao P.D.R.