Embezzlement by executives and staff, combined with poor management, are the main reasons for the chronic losses suffered by state enterprises, the Prime Minister has told the National Assembly (NA).
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Laos lawmakers on Monday approved the appointment of a new central bank chief and two deputy prime ministers
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Two banks previously owned by the state and which suffered chronic losses have begun making a profit following major reforms that saw a 70 percent stake in the banks sold to local investors
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The move is aimed at reducing the amount of money in circulation and curbing the spiralling inflation rate, which was recorded at 9.9 percent in April.
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Mounting foreign liabilities and thin foreign exchange reserves have left the nation of 7 million acutely vulnerable to global financial shocks.
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Laos’ overall balance of payments situation is negative despite a trade surplus of US$1.32 billion in 2021 because foreign exchange inflows represent only 26.45 percent of the total export value.
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The Bank of the Lao PDR (BOL) has issued licences authorising two companies to trade in cryptocurrencies, namely Lao Digital Assets Exchange (LDX) and Bitqik.
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Phongsavanh Group Co., Ltd. (PSVG) on Thursday held a groundbreaking ceremony to start construction of a model modern city project named ‘the Smart City Development Project’ at the Vientiane Industry Zone.
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The government will require 18.7 trillion kip (US$1.8 billion) to address the projected fiscal deficit and repay domestic and overseas loans by the end of this year
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The government has declined a request by the Phousy Group to purchase a major stake in a leading Lao bank, the Banque pour le Commerce Exterieur Lao Public (BCEL).
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No decision has yet been made on the proposed purchase of a major stake in the Banque pour le Commerce Exterieur Lao Public (BCEL) currently held by the Ministry of Finance
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Lawmakers reportedly plan to use the extra revenue for “priority programs,” including paying down the national debt and responding to the pandemic.
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Laos will explore issuing its own digital currency with support from a Japanese financial technology startup that was involved in a similar effort by Cambodia
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Some 419 money exchange units have become representatives of commercial banks and will operate under the authorisation of the bank, in an attempt to tackle the difference in currency exchange rates between banks and money-changing outlets.
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Laos has authorised the mining and trading of cryptocurrencies, in a policy shift by the debt-laden south-east Asian nation that positions it to profit from the crackdown on digital currency mining in China.
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BOL issued a notice informing currency exchange units nationwide to register with commercial banks to ensure their operations are carried out under the authorisation of the banking system.
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Thailand’s baht could weaken further after reaching its lowest point since late 2017 level of 33 baht per USD, an analyst at Krungsri Securities said on Wednesday, as the economy is challenged by its most severe Covid-19 outbreak so far.
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The Bank of the Lao PDR (BOL) is now working to tackle several unresolved issues related to financial matters, including differences between the exchange rates in the market and banks.
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The Thai baht, once the strongest-performing currency in Asia before the pandemic, has been steadily falling in 2021 and is this year’s worst-hit currency in the region
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Officials of the Bank of Lao PDR (BOL) have confirmed that customers or depositors of the Lao Construction Bank Limited (LCB) will be repaid once data of the bank’s depositors are provided.
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Customers of many banks in Laos will now be able to transfer money via a mobile application managed by the joint venture Lao National Payment Network Co Ltd (LAPNet) under the Bank of the Lao PDR (BOL).
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The Bank of the Lao PDR (BOL) is upgrading its IT infrastructure system to ensure financial transaction services throughout the country.
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Many firms are effectively conducting business and basing their pricing on foreign currencies sold in the parallel market
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The country’s foreign exchange reserves have fallen below $1bn, less than Laos’ annual debt payments
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Laos expects to lose millions dollars in remittances from overseas workers this year following the return of thousands of Lao citizens to the country due to the Covid-19 pandemic.
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Source: Vientiane Times The National Committee for anti-money laundering (AML) and counter-terrorism financing (CTF) has reviewed the progress of preparations
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The Bank of the Lao PDR has come up with a new administrative rule designed to administer currency exchange businesses amid the appreciation of international currencies against the Lao kip.
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Source: Vientiane Times Laos needs at least US$4 billion in foreign currencies to purchase goods from other countries each year,
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Bank of the Lao PDR (BOL) has officially launched the Lao Payment and Settlement System (LaPASS), a real-time gross settlement system, to promote a more efficient financial system.
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Laos will be hard-pressed to meet its external debt obligations
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The government needs to speed up the provision of the loans it has approved as this is one of the best ways to help Lao businesses survive amid the Covid-19 pandemic
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Kasikorn, one of Thailand’s largest banks, has announced they have shut all their in branch and foreign exchange booths immediately.
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The Bank of the Lao PDR (BOL) makes a soft launch of the Lao QR Code standard for payments
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China and Laos have signed an agreement on bilateral monetary cooperation to enhance the use of local currencies in trade and investment,
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The Bank of the Lao PDR (BOL), the country’s central bank, on Monday officially launched the new joint venture Lao National Payment Network Co Ltd (LAPNet) in collaboration with seven major banks.
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Source: Vientiane Times The government has asked the National Assembly to approve an amendment to the Law on Enterprise Bankruptcy,
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Laos’ central bank will tackle challenges to ensure the stability of the kip and prevent it weakening further against the Thai baht, and ensure the rate of inflation stays below 5 percent.
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The baht could further strengthen to Bt29 per dollar, a Kasikornbank analyst warned this week.
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Cambodia’s $8 billion microfinance industry, touted by Western aid groups and foreign investors as bringing financial opportunities to the country’s poor, is ensnaring families in crushing debt and could threaten the country’s economy
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The Bank of the Lao PDR has announced that it will issue a 2015 version of the 500 kip banknote. It is giving advance notice of the circulation of the new banknote in a bid to prevent doubts about the validity of the currency.
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The government has issued a prime ministerial decree to establish a Small and Medium-Sized Enterprise Promotion Fund, hoping the intervention will boost business access to finance.
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The cabinet has named the management of currency exchange as one of its top priorities in the coming months, as the gap between the official and market exchange rates widens.
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Source: Vientiane Times The World Bank has recommended that Laos let its currency follow the market as other nations cut
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The Bank of the Lao PDR (BoL) should not merely issue warnings to money changers who break the currency regulation rules
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The Lao government will try to sell more domestic bonds in the local currency in an attempt to address the fiscal deficit and strengthen the national capital market.
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The injection of bank credit into the economy continues to slow despite government measures to improve the investment climate for the private sector.
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There is growing concern about the strengthening of the Thai baht and US dollar against the Lao kip.
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Lao Development Bank (LDB) and Singapore-headquartered blockchain-based fintech Everex have signed Memorandum of Understanding (MOU) on the initiative.
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The private sector in Laos is optimistic that trade and investment will be made easier by the public sector following the application of international evaluation standards.
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Despite Thailand’s vow to rely on domestic funding as it expands its network of high-speed railways, it could soon accept the offer of a low-interest loan from the Export-Import Bank of China (CEXIM), raising concerns about whether the country is on the verge of falling into a debt trap.
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Seven major banks in Laos signed a memorandum of understanding on April 22 to establish the Lao National Payment Network (LAPNet) company for a faster, reliable and more convenient payment system.
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Source: Vientiane Times The Lao banking sector is working to improve regulations and update preparations for implementing the Basel II
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The Bank of the Lao PDR must introduce more concrete measures to keep the value of the kip stable, otherwise the country will face a big challenge in keeping the cost of living at an acceptable level
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The government is planning to purchase foreign currencies from various sectors as part of measures to boost foreign reserves, according to a government leader.
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Prime Minister Thongloun Sisoulith has urged the Bank of the Lao PDR (BOL), the nation’s central bank, to pay serious attention to implementing Order No. 02/PM on improving the climate for doing business.
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Maybank Foundation has expanded its Maybank Women Eco-Weavers centre in Laos with the addition of a hostel for the women who are being trained in this traditional skill.
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Commercial banks in Thailand have boosted security to prevent unauthorised access to their automatic teller machines as cybercriminals are reportedly planning to carry out a large-scale global ATM attack.
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The Bank of the Lao PDR looks set to face a big challenge in keeping the value of the kip against the US dollar stable, as the local market is ignoring the official reference currency exchange rate.
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Despite development boom, exchange has listed only 7 companies since 2011 launch.
The Lao Securities Exchange wants to increase the number of listed companies from the current seven to 25 or 35 by 2020, but experts are skeptical.
The removal of barriers to bank lending and borrower withdrawals foreign currencies are set to benefit enterprise in Laos after the Bank of the Lao PDR removed restrictions in this regard, according to an announcement from the central bank.
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The deadline for 2018 road tax payments is June 30 this year.
The finance ministry warned that those failing to pay by the deadline would be fined 40 percent of their obligated road tax rates.
Laos makes a move towards increasing its crypto-friendliness. The new development has brought the first-ever crypto exchange with an official certification in Laos. The exchange’s name is Vientiane Exchange Money, and it will only offer seven currencies – digital and traditional, at least for the time being.
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The injection of bank credit into the Lao economy has been on the decline after reaching a peak over the past several years, according to economists.
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The Bank of the Lao PDR (BOL) is warning the public about illegal QR code payment services being offered by banks or financial institutions that have not been granted permission by the BOL.
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Thailand’s four largest banks have decided to waive off digital transaction fees to retain retail customers as new channels for online payments and electronic wallets are being launched in the country.
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MID-TIER lender Thanachart Bank has joined with Laos’ largest bank by assets, Banque Pour Le Commerce Exterieur Lao Public (BCEL), to provide a cross-border QR code payment service for Laotians visiting Thailand.
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Many business people and ordinary savers still deposit money in foreign currencies despite increased efforts by the Bank of the Lao PDR to promote the use of the national currency, according to data from the central bank.
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Australia and New Zealand Banking Group said on Thursday it would close its retail products and services in Laos to focus on its institutional banking business in the Southeast Asian country.
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Maybank Group through its Corporate Responsibility arm, Maybank Foundation, has expanded its “Maybank Women Eco Weavers” programme to Laos making it the third country in Asean to have such an initiative.
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Banque pour le Commerce Exterieur Lao Public (BCEL) has launched a new service called ‘OnePay’- a mobile phone app that allows users to pay anyone, anywhere, directly from their account by simply photographing a QR code.
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The Bank of the Lao PDR (BOL) will enhance bilateral banking cooperation with the central banks of China, Cambodia, Vietnam and Thailand to ensure better management of payments in foreign currencies at international checkpoints.
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The Bank of the Lao PDR has warned members of the public to beware of unauthorised bank accounts after learning that some people have been tricked into making transactions with fake banks.
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The Lao People’s Democratic Republic successfully completed its largest and longest bond issue, with a 14 billion baht ($419 million) six-tranche offering in the Thai debt capital markets.
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The US dollar and Thai baht have continued to appreciate against the Lao kip over recent weeks, sparking concerns that the currency fluctuation could further drive up prices of products sold in Laos.
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Business loans given to private companies have not increased this year since the government limited finance granted to developers for carrying out infrastructure projects.
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Investors who have overseas exposure should take advantage of the baht, which is close to this year’s highest level, by swapping the local currency for the US dollar, says Credit Suisse Thailand.
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The Bank of the Lao PDR has permitted commercial banks to release loans in foreign currency to importers, including those who currently have no income in foreign currency.
The central bank issued a decision recently to relax borrowing restrictions, which previously allowed only those having income in foreign currency to borrow in ….
Illegal financial institutions that have sourced funds by offering abnormally high interest rates will face legal measures, the governor of the central bank has warned.
Governor of the Bank of the Lao PDR, Dr Somphao Phaysith, told the ongoing ordinary session of the National Assembly (NA) that 24 institutions have been found acquiring deposits illegally. He said the bank has issued a notice instructing these institutions to …..
Many people want to buy foreign currencies especially dollars and baht for transactions including the import or purchase of foreign goods but currently customers are confused as to the current situation regarding foreign exchange.
Customers who need kip to buy dollars or baht at the Banque Pour Le Commerce Exterieur Lao Public (BCEL) can only ….
Commercial banks in Laos have lowered the interest rates charged on loans and offered on kip accounts in line with a recent decision made by the Bank of the Lao PDR, hoping to stimulate economic activity.
Conversely banks have raised the interest rates offered on Thai baht and US dollar deposit accounts hoping to build up …..
The government is taking a tough stance on financial transparency as well as crime prevention, especially in the area of money laundering, to help encourage foreign direct investment in Laos.
As part of government’s efforts to bring the country’s financial standards in line with international systems, the Bank of the Lao PDR (BOL)’s Anti-Money Laundering Intelligence Unit yesterday signed a Memorandum of Understanding (MoU) with the ….
Despite the fact that the Bank of the Lao PDR (BOL) recently declared a lower interest rate for deposits and loans, many banks in Laos believe the number of depositors and borrowers will not decrease in the years to come.
ACLEDA Bank Lao Ltd. is one of several banks that have expressed confidence that the lower interest rate will not cause a decrease in …..
The Bank of the Lao PDR looks set to be in a strong position to secure sufficient supplies of US dollars for goods importers despite a rising demand for the currency in the country.
Value of foreign reserves in the country has been growing over the past several months thanks to the imposition of an appropriate monetary policy.
Foreign reserves rose to US$994 million in August, which made the country able to …..
The Bank of Thailand will issue a new 1,000 baht banknote later this week, one that celebrates the many contributions made to the country by King Chulalongkorn, who reigned from 1868-1910.
The first 100 million of the new banknotes will be put into circulation on Friday, central bank governor Prasarn Trairatvorakul said on Monday.
The new note will eventually replace the …..
The Ministry of Finance expects to have widened the availability of modern tax payment systems via private banks in Laos, seeking to make it easier for business operators to meet their tax obligations.
The project shall help prepare towards the AEC while the tax and duty collection sector requires modern services systems to improve accountability and make it easier for …..
Quiet Lao bourse looks to attract more companies, possibly with the help of dual listings.
Having been open since October 2010, the slow-moving Lao Securities Exchange (LSX) is looking to raise the number of listed companies to about 25 by 2020 from the six that are now trading.
“Our aim is to have a least 25 companies listed by 2020 and we are looking at encouraging many state-owned enterprises and private-sector companies to be on the ……
The Chinese government has agreed to provide a grant of 56 million yuan (more than 70 billion kip) to the Lao government to improve the Lao ATM Pool Switch (LAPS) project.
The pool system will effectively create a centralised ATM network, cutting unnecessary costs and saving time for customers as they will no longer have to seek out the ATM of a particular bank.
The system will also ….
Kasikornbank is venturing into the Asean market by opening a bank with registered capital of Bt1.2 billion in Laos. The bank, which will commence operations this month, will focus on high-end customers and groups of companies investing in that country.
With its high growth potential, proximity to Thailand, and small number of privately run banks, KBank sees Laos as attractive for business.
In the initial stage, Kasikornbank Co Ltd will focus on …..
Banque Franco-Lao (BFL) is launching a new VISA Debit Card program.
BFL is the chosen partner bank of J&C Services; by referring our Expat customers to BFL we rest assured that they will receive modern, professional premium banking services.
Visa debit cards are a convenient and secure way to pay anytime, anywhere. With the new VISA debit card BFL clients will be able to shop online, draw ……
The Bank of the Lao PDR is gaining support from the local and foreign communities after receiving legal backup to fight financial crimes in the country.
ANZ Lao, one of the international commercial banks in the country, joined with the Bank of the Lao PDR last Thursday to hold a workshop, aiming to educate Lao bank officials on how to combat financial crimes in the country.
A number of diplomats from the UK and US embassies, as well as representatives from international organisations and banks also ….
A leading Lao bank has warned its e-banking customers to be aware of identity and password theft which has occurred recently to several customers.
Banque Pour Le Commerce Exterieur Lao (BCEL) made the announcement to warn customers using i-Banking and e-Banking to be aware of someone stealing their private information such as user identity and password.
The bank noted that recently criminals have been attempting to steal user and password information of BCEL i-Banking and E-Banking customers by using ……
The Bank of Lao PDR, the nation’s central bank, has announced a suspension of the establishment of new commercial banks in Laos, as it moves to evaluate the current situation in the country’s banking industry.
The suspension applies to investors and legal identities who are not representing an existing bank or group of banking businesses which already have operations in foreign countries. It will be imposed from ….
The Bank of the Lao PDR has built up a strong foreign reserve as part of efforts to secure the supply of international currencies for importers, according to a senior bank official.
The central bank governor, Mr Somphao Phaysith said the bank had been able to increase its foreign reserves to meet the demand of imports. “The current foreign reserve is now able to secure imports for about ….. .
Commercial banks in Laos are still in sound financial shape as non-performing loans (NPL) remain below 3 percent despite a rapid increase of credit, according to the top central bank official.
Speaking at a session of the National Assembly conference recently, the Bank of the Lao PDR Governor, Mr Somphao Phaysith said that credit released by banks in Laos saw a 42 percent increase in September compared to the same period last year.
Despite the rapid increase of credit, non-performing loans remain at 2.75 percent, below the annual target of 3 percent, he told law makers amid worries that at rapid rise in credit would pose negative impacts on …..