Laos strengthens measures to curb inflation

The Lao government is prioritising the rolling out of tough measures to solve economic difficulties and control inflation.

According to Prime Minister Sonexay Siphandone, temporarily measures include focusing on gradually ensuring the balance of international payments, managing exchange rates, regulating the exchange rates between commercial banks, and encouraging currency exchange through the banking system, among others.

The leader said medium- and long-term measures include strengthening the management of foreign currency market, strictly controlling payment and money transfer activities of import-export enterprises and investors both home and abroad. Besides, the government will take measures for items that directly affect people’s lives, such as prices of goods and service charges for increased commodity groups like food, fertiliser and animal feed, among others.

Inflation rate in the country fell from 41% in March to 28.8% in June.

In the first half year of 2023, the price of goods and services in Laos increased by 38.06%, affecting the daily life of households across the country./.

Source: Vietnam News Agency