Bank of Laos Targets Single-Digit Inflation in 2024
Source: Lao News Agency
The Bank of the Lao PDR (BOL), will attempt to lower the rate of inflation to 9 percent or another single-digit figure by the end of 2024.
To ensuring that the income earned from exports enters the banking system.
The Governor of BOL Bounleua Sinxayvoravong reported to the sixth ordinary session of the National Assembly’s ninth legislature on Oct 31.
Bounleua said to achieve this goal, the bank will tighten the enforcement of monetary policy in order to create a larger money supply for circulation within the country.
The bank will also continue to ensure that currency exchange rates are set in line with market mechanisms and make foreign currency exchange more flexible by improving the services provided by commercial banks, he added.
In addition, the central bank will improve the foreign trade market and make it easier for importers, exporters and investors to change foreign currencies and carry out transactions through the banking system.
The central bank wants 70 percent of export earnings to enter the Lao banking system.
The bank will also try to adjust foreign currency exchange rates for priority products that are essential for social and economic development and for people’s everyday lives, as well as improve cross-border retail payments through the use of QR codes, which will facilitate foreign currency exchange and payments through the banking system.
