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July 3, 2007

Currency exchange in dark markets
The release of non- system-credit loans and currency exchange in dark market is spreading throughout the country.

Mr Phoupheth Khamphouvong, Governor of the Bank of the Lao PDR, has admitted the phenomenon at an annual meeting of the bank branches in the southern provinces of Champassak, Saravane, Attapue and Sekong on June 26.

This condition is worsening spreading throughout the four southern provinces. To prevent and crack down on the problem, the Bank’s southern branches and other business banks have to join hands in intervention and suppression of the illegal services, advised Mr Phoupheth.

In parallel, the banking sector will provide more facilities for customers and upgrade their working system to new standard, he continued.

The ideological training is a work should be conducted for Bank officials to make them grasping Party’s guideline and work with high responsibility as well as socio-economic development, he added.

By focusing on stability keeping on national currency, funds, deposit mobilisations and the improvement of released credit loan harmoniously, in particular, the promotion of market-oriented production, industrial, handicraft, goods processing and other business services. KPL

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