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Bank of Lao PDR pledges to further stabilise kip currency
The Bank of the Lao PDR will create all conditions to maintain stability of the national currency in the next five years to push forward the growth of the national economy as planned, said Governor of the Bank of the Lao PDR, Mr. Phouphet Khamphounvong.
Under the plan, the bank will further research and determine currency policy in line with local realities, formulate necessary regulation as a tool to implement the indirect monetary policy effectively such as the interest rate of the Bank of the Lao PDR, the ratio of savings and the inter-bank market, he continued.
Mr. Phouphet has added that the Bank of the Lao PDR will further implement a policy on currency exchange rate based on market mechanism under the state management. Currency exchange will be an important tool to maintain the stability of the Kip currency by controlling the exchange rate between the national currency and the US dollar reasonably. Foreign currencies will be further adjusted to keep balance between supply and demand in society. The regulation on maintaining stability of net foreign currency will be enforced effectively.
Efforts will be made to promote the transaction of foreign currencies between banks and to increase inspection and take appropriate measures against illegal foreign exchange operators, he went on.
The bank will also pay attention to control foreign currency gained from export, service, loan and import of foreign investors capital, valuable materials and the flow of foreign currency to be legalised.
The bank will also further strengthen its promotion campaign of the use of kip in the country and expand legal foreign currency exchange agents, and improve the quality of the kip banknotes in the new period, said the director of the Bank of the Lao PDR.
Lao News Agency
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