Bank of the Lao PDR Regulates Currency Exchange Rates in Bid to Stabilize the Economy
BOL has issued a new decision on the setting of currency exchange rates, as a guideline for commercial banks trading in foreign currencies.
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Bank of the Lao PDR (BOL)
Meat Prices Rise Further With No Sign Of A Fall
The price of beef, pork and farmed fish on sale in markets is continuing to rise, with no sign of a pending decrease given the weak kip and high inflation rate.
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Gov’t Targets Reduced Inflation Rate Of 9 Percent In 2023
Skyrocketing inflation is causing great hardship and people are desperately wondering how they can survive as prices across all categories hit record highs.
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Money Exchange Units Banned From Selling Foreign Currency
Under the new policy, money changers will be allowed to buy foreign currencies from customers but are forbidden to sell currencies other than kip
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Lao Central Bank Places New Banknotes In Circulation
The new banknotes can be used alongside the old 2003 notes, which will remain in circulation and can be used as normal.
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BOL Issues Licences For Cryptocurrency Exchange Platforms
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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Govt Rejects Proposal To Buy Its Stake In BCEL
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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Laotian Govt Budget Expected To Gain $194M From Crypto Miners By 2022
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 Enlists Japan Startup For Study On Digital Currency
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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BOL Gives Update On Authorised Money Exchange Units
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 Pushes Into Crypto As It Authorises Mining And Trading
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 Requires Currency Exchange Units To Partner With Commercial Banks
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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BOL Launches QR Code Payment Standard
The Bank of the Lao PDR (BOL) makes a soft launch of the Lao QR Code standard for payments
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China’s Central Bank Signs Currency Settlement Agreement With Laos
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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Lao Banks Partner In Integrated Payment System
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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Central Bank To Focus On Currency Management Amid Challenges
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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Cambodia’s “Reckless” Microfinance Industry Puts Economy At Risk
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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Central Bank To Circulate 2015 Version Of 500 Kip Note
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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Govt To Issue Bonds To Tackle Fiscal Deficit
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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Govt Sets Measures To Boost Foreign Reserves
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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Inflation Rate Climbs Above 3 Percent
The Lao inflation rate continued to increase above 3 percent in September despite the government introducing a number of measures to control the price of goods in local markets.
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Central Bank Removes Foreign Currency Borrowing Restrictions
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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IFC Promotes Increased Access To Credit
The International Finance Corporation (IFC), a member of the World Bank Group, is working with the Bank of the Lao PDR (BOL) to reform its credit-reporting framework.
This is part of a wider effort to improve the country’s financial infrastructure, facilitate lending for smaller businesses, and boost economic ….