Banque Pour Le Commerce Exierieur Lao ( BCEL ) was established at the same time when the Lao People's Democratic Republic was declared at the end of the year 1975 and has undertaken its activities since 1976. From 1976 to 1989, the BCEL operated as a specialized branch of the formerly State Bank ( Central Bank ) of the Lao PDR and was assigned the monopoly of and limited solely to international banking activities. It was also assigned the management of assistance grants and loans provided by foreign countries and international organizations to the Government of Lao PDR.