Lao Central Bank To Lower Inflation To 9 Pct In 2024

The Lao central bank, the Bank of the Lao PDR (BOL), will attempt to lower the rate of inflation to 9 percent or another single-digit figure by the end of 2024, by ensuring that the income earned from exports enters the banking system

VIENTIANE, (UrduPoint / Pakistan Point News - 1st Nov, 2023) The Lao central bank, the Bank of the Lao PDR (BOL), will attempt to lower the rate of inflation to 9 percent or another single-digit figure by the end of 2024, by ensuring that the income earned from exports enters the banking system.

The ambitious target was cited by Governor of BOL Bounleua Sinxayvoravong when speaking at the sixth ordinary session of the National Assembly's ninth legislature on Tuesday, according to a report of the Lao People's Army Radio on Wednesday.

To achieve this goal, the bank will tighten the enforcement of monetary policy in order to create a larger money supply for circulation within the country, he said.

The bank will also continue to ensure that currency exchange rates are set in line with market mechanisms and make foreign currency exchange more flexible by improving the services provided by commercial banks, he added.