BOL brainstorms solutions to high inflation

22/05/2024 15:21
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KPL (KPL) The Bank of the Lao PDR (BOL) held in Vientiane today a brainstorm meeting on how to address high inflation.

(KPL) The Bank of the Lao PDR (BOL) held in Vientiane today a brainstorm meeting on how to address high inflation.

Chaired by Governor of the Bank of the Lao PDR Bounleua Sinxayvoravong, the meeting saw the presence of representatives from relevant departments under BOL, commercial banks, international organizations and relevant offices.

The participants identified the cause of the inflation in the world and domestic markets, and possible solutions.

“Over several years, inflation has posed economic and social impacts worldwide as we have seen high inflations in many countries. As a result, developed countries have used strict currency policies, especially by raising and prolonging basic interest rates,” said the central bank governor.

Laos’ inflation reached its peak in February 2023 at 41.26%. Despite of declining trends, the inflation in the country remains at two digits (24.92% in April 2024).

“Inflation will remain high through the end of 2024. As a result we will be unable to decrease the inflation rate to one digit number,” said BOL Governor Bounleua Sinxayvoravong.

Mr Bounleua urged the participants to make sure the public has broader knowledge of the inflation in the country and the measures the government is using to address the problem.

Increased food production and switching to cheaper food remain the most common strategies for coping with food inflation, World Bank said in its latest report launched last month. However, after a protracted period of high inflation, more households are taking on additional work or borrowing from financial institutions.

KPL

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