Central bank disseminates policies on foreign currencies
Central bank disseminates policies on foreign currencies
It is the public's responsibility to boost the use of the Lao kip and to ensure proper management of foreign currencies in a bid to lower inflation, according to a senior bank official.
The Deputy Director General of the Foreign Currency Policy Department Ms Vinkham Lounthone spoke about the issue at a meeting last Friday.
“The Bank of the Lao PDR in collaboration with other relevant government sectors is working hard to promote the use of the Lao kip, as well as to ensure that foreign currencies are well-controlled,” she said.
The use of foreign currencies in Laos still needs to be carefully controlled by the relevant sectors to ensure the management of foreign currencies is correctly maintained.
The Foreign Currency Policy Department under the Bank of the Lao PDR is representing the government in order to disseminate various government policies, ministerial decrees and other regulations on boosting foreign currency management and the use of the Lao kip.
A dissemination seminar attracted over 400 officials from the Ministry of Foreign Affairs, where they heard about the policies on the usage of the Lao kip.
The gathering of the ministry officials aimed to introduce and create an understanding of the policies on foreign currency management, as well as to bring into account practical implementation.
At the same meeting, the message of the necessity of payment through credits was also acknowledged to ensure that ministry personnel understand modern payment systems and their safe use.
Numerous regulations in relation to the declaration of the Lao kip in the price of goods, service fares and other payments were also distributed.
Ms Vinkham also called on members of the public, civil servants and private individuals to take part in efforts to increase the use of the Lao kip and to avoid using foreign currencies in direct payments.
The governments of many countries across the world have strictly promoted the use of their currencies by enforcing stricter regulations, with the Lao government actively setting out to lower the inflation of the Lao kip by collaborating with several relevant sectors.
vientiane times
