The premier said changes to the quantity of vehicles, alcoholic beverages and other imported luxury items would be considered, so that shrinking foreign currency reserves could be kept for essential goods.
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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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A plummeting currency, dwindling foreign reserves, and a spike in global oil prices have led to shortages across the country.
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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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Fitch Ratings has downgraded Laos’ rating to “CCC” from “B-,” meaning that the Southeast Asian nation faces “substantial credit risk” and that default is a “real possibility,”
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The country’s foreign exchange reserves have fallen below $1bn, less than Laos’ annual debt payments
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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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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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Is Laos on the edge of an economic boom, or a bust?
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