BOL urges media to spur investment in financial services
BOL urges media to spur investment in financial services
The Bank of the Lao PDR (BOL) is confident that government officials, especially media personnel, will help the bank to boost the number of domestic and foreign investors in microfinance businesses.
Speaking at a meeting yesterday on the management of fina ncial institutions, Deputy Director General of BOL's Financial Institutions Supervision Department, MrVisoneSaysongkham, said the Ministry of Information, Culture and Tourism had been cooperating closely with BOL for many years.
The ministry and the central bank have been working together for a long time to promote the use of the kip and pub licise the bank's regulations, he said.
MrVisone also said the growth of social media was allowing people to access information much more quickly and helped them to understand financial policies and the kind of microfinance services available in Laos.
Officials at the Ministry of Information, Culture and Tourism can not only help in promoting the financial services and microfinance businesses in Laos but can also monitor suspicious services that are unfair for members of the public, he added.
Yesterday's meeting was organised for senior officials, director generals and deputy director generals of each department, along with representatives from state enterprises, schools and institutions under the Ministry of Information, Culture and Tourism.
The ministry's Deputy Office Head MrBounphengSouphab was also present at the meeting and spoke about the importance of microfinance for socio-economic development.
It is important that ministry officials better understand BOL policy on the microfinance business in Laos and help to spread the message so that more people can access financing, MrBounpheng said.
At the meeting, ministry officials from various departments shared their opinions on financial services and the establishment of leasing companies in Laos.
Meeting participants also asked the central bank to inspect financial service providers that failed to fully comply with the government's regulations.
A total of 156 enterprises have now been registered and approved by the BOL's Financial Institutions and Supervision Department, including microfinance providers, financial institutions, leasing companies, and pawn shops.
