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Cash registers set to jingle over Lao New Year
The Banque pour le Commerce Exterieur Lao (BCEL) expects consumer spending over the Lao New Year holiday to surge by 30 percent compared to last year due to higher commodity prices and economic growth.
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| ATM machines outside the BCEL headquarters. |
BCEL General Director Mr. Sonexay Sitphaxay told Vientiane Times yesterday that consumers will spend more during the New Year festivities this year.
“Due to international events making the price of fuel and some products increase, we expect that the amount of money Lao consumers spend on food and transport over the New Year will increase.”
Mr. Sonexay also said that the nation's sustained economic growth and numerous investment projects will see more people spending their hard earned money during the festivities.
“With the strong growth of the economy and higher fuel and goods prices, we expect that there will be substantially greater cash flows over the holiday, up an estimated 30 percent from last year.”
Mr Sonexay confirmed that account holders will be able to withdraw money over the holiday period even though the bank will be closed from April 14-18.
“We already have a working team in place to ensure there will be adequate funds available for withdrawals from ATM machines over the New Year.”
“Technology now means it is easer for clients to access their money and enjoy the celebrations,” he added.
Mr. Sonexay said the bank usually sees about 90 billion kip withdrawn from its ATMs in Vientiane each month. “However, during the New Year period, we will increase the amount available by about 25 percent,” he added.
“Based on last year's figures the amount of money withdrawn during the New Year was about 25 percent higher than normal, so we've assumed the same for this year.”
“Whatever the figure, we will ensure enough funds are available for clients throughout the festive period,” he added.
BCEL currently has 18 branches in 16 provinces and Vientiane, and plans to continue its expansion of service units and branches in commercial and densely populated areas.
Strengthening and modernising state banking and finance institutions is one policy of the Lao government to boost economic growth in the country. According to a report from the Bank of the Lao PDR, there are now 24 commercial banks in Laos.
Lao New Year is celebrated by all Lao people. This year the holiday runs for five days, including Monday April 18. People will gather with family and friends to eat and drink together, as well as buying gifts for older family members and loved ones.
vientiane times
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