BOL weighs strategic plan to develop financial institutions

BOL weighs strategic plan to develop financial institutions

More effective management of financial institutions and currencies in Laos will make a huge contribution to the growth of the economy, according to a senior banking official.

As part of government efforts to develop financial institutions and bring them in line with regional and international standards, the government is seeking consultation with various financial sectors around the country.
The Bank of the Lao PDR (BOL) is disseminating its strategic plan for Laos’ financial institutions and currencies from 2016-25 and the Vision for 2030.
Addressing a consultation meeting in Vientiane on Friday, BOL Governor DrSomphaoPhaysith said the revision of the strategic plan for financial development from 2009-2020 aims to grow the financial and currency sector.
“We are looking at improvements to the stability, strength and ability of the financial and currency systems so they can better compete with international competitors,” he said, noting that compared to other Asean countries, Laos needs to speed up development of the financial services sector.
During the half-day meeting, participants called for the relevant government sectors to be more aggressive in minimising the use of cash for daily expenses as the government tries to promote the effective collection of taxes.
An official from the Ministry of Finance also gave a presentation on financial policy as well as government expenditure.
In addition, an official from the SME Promotion Department under the Ministry of Industry and Commerce gave a presentation on the promotion of SMEs and the issuing of establishment documents for these businesses as well as the management of price labelling.

In summing up, DrSomphao called for representatives from the government sector, financial institutions, and banks to adopt the lessons learnt at the meeting and put them into practice.

vientiane times