(KPL) Governor of the Bank of the Lao PDR Bounleua Sinxayvoravong has proposed amendments to the Law on Commercial Banks.

Defending the amendments to the law at the ongoing 5th Ordinary Session of the National Assembly on Jul 12, BoL governor said that the revision aims to ensure better management and supervision of commercial banks, facilitate their integration into international banking eco-system and contribute to stabilizing national currency and national socio-economic development.

Mr Xayadeth Phouyavong, a member of the National Assembly for Savannakhet Provincial Constituency called on the government to urge commercial banks to guarantee their currency exchange services meet market demand, especially from SMEs and merchants who need foreign currencies to pay for imports.

Mr Saybandith Thatsaphon, a member of the National Assembly for Champassak provincial constituency asked the government to better supervise the establishment of commercial banks and make sure they can open on the weekends, especially at markets, airports, border checkpoints, and shopping centres.

Mr Souvanny Xaysana, a member of the National Assembly for Borikhamxay provincial constituency asked the government to impose strict punishments against corrupt bankers like Vietnam, Thailand and China where corrupt banking officials always face severe punishments.

The lawmaker expressed his belief that once approved by the National Assembly, the revised law will be a reference for tackling the problems of commercials banks, and promote the rule of law in the banking industry.

Across the country, there are 42 commercial banks, and almost 1,500 ATMs.

Source:
courtesy of KPL NEWS AGENCY

by KPL Lao News Agency

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