The Bank of the Lao PDR will implement policies and priorities to ensure monetary stability in the country, Sonexay Sithphaxay, Governor of the Bank of the Lao PDR told the 3rd Ordinary Session of the 9th National Assembly on Monday.
“In the last 6 months we need to make the Lao kip appreciate against the US dollar at a significant pace every month and inflation must be lower than 12%,” said Mr Sonexay.
” We will implement an intergrated monetary policy to maintain the amount of money circulated in the economic system at a level suitable to the current demand of social economic development, avoid causing an unnecessarily high demand for consumption and imports than what is needed.
BoL will sell 10 trillion worth of 6-month bonds to the general public not excluding financial institutes and use an exchange rate policy that is market-oriented to ensure exchange rate at commercial banks and exchange shops fluctuate at level friendly to the economic and monetary balance.
Bol also pledged to further improve foreign currency management mechanisms to strengthen the national foreign currency status and foreign exchange reserves and work with relevant authorities to help micro, small and medium enterprises access funding from banks.
Source: Lao News Agency
