Banking and enterprise reform tax the government

February 2005
Asia Monitor: South East Asia Monitor Volume 1;Feb2005, Vol. 16 Issue 2, p7
Country Report
Country Report
The article informs that the Lao government recently announced plans to put its state-owned banks on a more commercial footing. The Bank of the Lao People's Democratic Republic (LPDP), the central bank, in the 2004 announced plans to push ahead with reforms aimed at making commercial banks more competitive. A key driving force behind the reforms is an attempt to reduce the need for the central bank to pay subsidies to commercial banks to underpin their operations, a practice which is currently widespread. On top of the reforms, in July 2004, central bank Governor Phoumy Thipphavone also adopted a fairly radical position, saying that it was unacceptable that where banks made a loss, staff continued to draw the same salary.


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