The gap between the official and parallel market exchange rates has widened in recent months, driven by a mismatch in supply and demand, resulting in pressure on importers and inflation.
An elevated fiscal deficit will result in growing public debt, which will ramp up pressure on Laos’ debt servicing capacity amid the Covid-19 crisis.
The Bank of the Lao PDR has come up with a new administrative rule designed to administer currency exchange businesses amid the appreciation of international currencies against the Lao kip.
The Tax Revenue Management Information System (TaxRIS), the new payment platform for Easy Tax and Smart Tax, has become a new tool employed in Laos as part of steps to boost efficiency and transparency in revenue collection.
The Bank of the Lao PDR (BoL) had a soft launch of the Lao QR Code standard for payments on Wednesday to prompt the development of the standard and boost payment integration.
The value of the kip when exchanged for other currencies at commercial banks in Laos has gradually decreased, with the Bank of the Lao PDR (BoL) issuing a neutral rate of 8,864 kip per US dollar as of Wednesday.