Bank of Laos vows to resolve foreign exchange problems in country


VIENTIANE, May 28: The Bank of the Lao PDR has announced solutions it has proposed for the ongoing foreign currency problem faced by the country, reports Laotian Times.

Governor of the Bank of the Lao PDR (BOL), Sonexay Sitphaxay, said that the central bank would implement a number of measures to ensure foreign currency enters the economy at an appropriate volume.

He said that he understands that current issues are causing panic among members of society who are concerned about the nation’s financial stability.

Sonexay said BOL would heavily promote the use of Lao kip among society and improve the quality of credit systems to ensure they are appropriate to market demand.

This will help to protect against another liquidity squeeze, according to Sonexay, who said the bank would use some instruments of monetary policy to relieve pressure and lower demand for the import of consumer goods.

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Laos , Foreign Exchange , Central Bank

   

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