The Bank of Lao PDR (BOL) officially opened its new northern regional branch in Phonmixay village, Pek district, Xiengkhouang Province on Jul 26.
The branch will serve as the regulator of commercial banks and financial institutes in two northern provinces of Houaphanh and Xiengkhouang.
The branch opening ceremony was attended by the Governor of the Bank of Laos Somphao Faisith, Huaphan Governor Vanxay Phengsumma, Vice Xiengkhouang Governor Buasone Sinouanthong and relevant officials.
“Over the past years, BOL has expanded its branches to several provinces to ensure the macro management of currencies, loans, commercial banks, and financial institutions,” said Deputy Governor at the Bank of the Lao PDR Sonexay Sitphaxay.
Currently, BOL have five regional branches in Oudomxay, Luang Prabang, Savannakhet, Champassack, and Xiengkhouang provinces.
“According to our experience and observation, we have found that there are some problems regarding landscapes as these provinces are located in remote areas and the transport infrastructure in this region is substandard, especially in Xiengkhouang, Huaphan and Xaysomboun provinces. And, more and more commercial banks and financial institutes are opening their branches here. Therefore the opening of new BOL branch in this region will enable BOL to better manage these financial institutes in this region,” said Mr Sonexay.
Mr Sonexay also said that the opening of the new BOL branch will contribute to the promotion of socio economic development and poverty reduction in the two northern provinces.
“The management of currentcies, commerical banks and financial institues is among duties to which the Party and government attach importance as it is crucial for maintaining the stability of national currency, exchange rates, as well as the monitoring of commercial banks performance,” said Mr Somphao.