[:en]The government has announced its intention to increase deposits in commercial banks to 84 percent of Gross Domestic Product (GDP) by 2020, up from the 57 percent expected in 2016, in a bid to meet growing development needs. Additionally, every effort will be exerted to increase the total credit in commercial banks to 74 percent of GDP by the end of 2020, an increase on the 50 percent expected by the end of 2016.[:]
[:en]Banks in Laos have implemented stricter controls on foreign currencies notably the Thai baht and US dollar in a move to stabilise exchange rates and sustain the country’s economy. Speaking to Vientiane Times on Wednesday, bankers attributed the move to falling foreign currency reserves because businesses constantly required Thai baht and US dollars to import goods.[:]
[:en]Commercial banks in Laos have lowered the interest rates charged on loans and offered on Kip accounts in line with a recent decision made by the Bank of the Lao PDR, hoping to stimulate economic activity. Conversely, banks have raised the interest rates offered on Thai Baht and US dollar deposit accounts hoping to build up reserves of these currencies amidst rising demand for the baht and US dollar. Banks informed Vientiane Times yesterday that lowering the interest rates on Kip accounts and loans was intended to encourage people to spend Kip and boost economic productivity.[:]
[:en]Kasikornbank (Laos) aims to triple lending growth and open a new branch this year to cash in on strong economic prospects in neighbouring Laos. The bank, a 90%-owned subsidiary of Kasikornbank (KBank), expects 2016 loans outstanding to grow by more than 250% to 1.5 billion baht.[:]
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