VIENTIANE, Dec. 8 (Xinhua) -- Lao central bank, the Bank of the Lao PDR (BOL), will continue implementing existing measures and regulations to tackle financial problems.

BOL Governor Bounleua Sinxayvoravong told members of the National Assembly (NA) that regional and global economic volatility is a key factor for domestic economic unrest, but the central bank focused on implementing the original plans approved by the NA.

"We have to take high caution in the implementation of the monetary policy and work harder to prevent any crisis for our country through the better management of revenues and expenditures," Lao National TV on Wednesday quoted Bounleua as saying.

Bounleua said the central bank is working to promote agricultural projects and other essential initiatives for food trade.

"In addition, the management of foreign currencies in the investment sector and other sources of inflow should be brought into the management system to ensure accurate amounts of foreign currencies," he said.

"Most importantly, the central bank will continue to seek ways to boost economic growth and stabilize the rates for exchange and inflation, alongside building the capacity for financial institutions and the nation's foreign reserves," Bounleua said.

Laos has been unable to avoid economic problems and financial challenges since the country is heavily dependent on imported goods. Foreign currencies are required for imports at a time when the Lao kip continues to depreciate.

Therefore, the central bank will further tighten existing measures, laws and regulations to bring foreign currencies into the banking system through exports and foreign investment projects.

To achieve these goals, the bank will team up with other parties involved in implementing the existing regulations and measures, according to the report. Enditem

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