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BCEL New Year cash flow up more than 150 percent
Banque pour le Commerce Exterieur (BCEL) has revealed that its cash flow during the Lao New Year holiday increased by more than 150 percent on the same period last year.
BCEL General Director Mr. Sonexay Sitphaxay told Vientiane Times yesterday that over the holiday people withdrew about 25 billion kip through the bank's ATM machines, up from about 10 billion kip last year.
“This constitutes an increase of more than 150 percent on the same time last year.”
Mr. Sonexay attributed the increase to several factors, mainly economic growth, higher food and fuel prices, and easy access to money via ATMs.
“The increase reflects the strengthened economy of Laos, meaning people can earn more and buy more during the New Year period.”
“However, it is also attributable to the current high costs of food and fuel and the convenience of our banking services,” he added.
Mr. Sonexay said the bank now has about 150 ATM machines throughout the country, up from 100 machines last year.
BCEL currently has 18 branches in the 16 provinces and Vientiane, and plans to open more service units and branches in commercial and densely populated areas.
Cash flow not only increased during the Lao New Year, but on a daily basis.
“Currently, clients withdraw about 240 billion kip per month through our machines, while in previous years they only withdrew 80 billion kip per month.”
It is expected that other major banks also enjoyed greater cash flow during the holiday period compared to previous years.
According to a report from the Bank of the Lao PDR, there are now 24 commercial banks in Laos.
Lao New Year is a long holiday when people gather with their families and friends to celebrate. They typically buy more food and drink, as well as gifts, and many travel to the provinces and visit their hometowns.
vientiane times
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