.Laos, Cambodia enhance banking cooperation ties
.Laos, Cambodia enhance banking cooperation ties
Bilateral cooperation between the Bank of the Lao PDR (BOL) and National Bank of Cambodia (NBC) has been expanded and consolidated thanks to the ongoing annual bilateral meetings held each year.
The two neighbouring central banks have shared experiences and overviews toward the changes in the regional and global situation in regards to financial markets and economic circumstances.
In addition, site visits between the two delegations were frequently organised with the aim of allowing the bank officials to learn from each other in the related fields.
Senior bank officials from the two countries have discussed the current situation of banking services in the two countries as well as their policies and strategic plans related to trade and investment in Vientiane last week.
Governor of the National Bank of Cambodia Dr Chea Chanto led his delegates to meet with Lao bank officials in Vientiane; the Lao side was also led by BOL Governor Dr Somphao Phaysith, who was also co-chair of the meeting.
BOL also gave a brief report on the management of the commercial banks and the financial institutions in Laos. The bank officials of the two sides also spoke about the policies on foreign currencies.
Speaking at the meeting, Dr Somphao said it was a significant meeting for the two sides to have exchanged views as it will enable them to enhance the bilateral cooperation ties of the two banks.
“Tightening cooperation in the banking sector of the two countries will provide facilities for trade and investment, which will also contribute to the social and economic development of the two countries,” he said.
During the meeting, the two sides briefed each other on the economic climate and the growth of banking services in each country. Many interested officials from both sides also raised questions on their policies for foreign currencies and how they planned to manage them and stem the resultant inflationary pressures.
Officials from both sides reported that the meeting served to further bilateral cooperation ties in the banking arena, paving the way to financial service connections with the onset of the Asean Economic Community in 2015.
