Logo of Phnom Penh Post newspaper Phnom Penh Post - Bank of Lao PDR set to promote financial literacy nationwide

Bank of Lao PDR set to promote financial literacy nationwide

Bank of Lao PDR set to promote financial literacy nationwide

THE Bank of the Lao PDR (BOL) and its development partners are keen to equip more people in the country with knowledge about financial literacy as part of efforts to empower them with key economic skills.

BOL, as a supervisor of the financial sector in Laos, has included financial literacy and customer protection measures in its 10-year strategy and the roadmap for financial inclusion. It has also included financial literacy in the process of establishing a financial education strategy.

To ensure that financial literacy is widely promoted in society, the bank organised a meeting in Vientiane on Tuesday to seek ways for promoting the implementation of activities that will enhance understanding of the subject in Laos.

Financial literacy is the possession of a set of skills and knowledge that allows individuals to make informed and effective decisions regarding all of their financial resources.

In his opening remarks while chairing the meeting, the Deputy Director General of the Financial Institution Supervision Department under BOL, Phanthaboun Xayaphet, said the concerned parties will take this opportunity to seek best practices for promoting and developing financial literacy in Laos.

“We are also set to work together for outlining a plan to promote the implementation of basic financial skills to ensure the action plan is on the same direction and the right track,” he said.

Phanthaboun said financial literacy is internationally recognised as one of the most important priorities that will enable people to access financial services.

“Gaining better insights and understanding about the financial institution system, services, financial products or financial management could lead to brighter livelihoods in future,” he said.

BOL has been working in collaboration with all involved sectors to create a roadmap for promoting basic knowledge of finance since 2014. In 2018, the roadmap and framework was approved by the Board of Management of BOL.

Late last year, BOL cooperated with Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) GmbH, the Organisation for Economic Cooperation and Development and its International Network on Financial Education (OECD/INFE) and the Asian Development Bank Institute (ADBI) to organise a meeting with the theme “Role of Financial Education and Consumer Protection in Supporting Financial Inclusion”.

Last year, OECD/INFE and ADBI conducted a survey about financial literacy in Laos, which found the country’s financial literacy rate was a little higher than Cambodia but a little lower than Vietnam.

At Tuesday’s meeting, representatives of the international organisations, commercial banks and financial institutions in Laos contributed their recommendations for the future promotion of financial education and financial literacy in Laos.

The meeting was organised by BOL in collaboration with GIZ Access to Finance for the Poor (GIZ-AFP). VIENTIANE TIMES/ASIA NEWS NETWORK

MOST VIEWED

  • Purging Sihanoukville’s past with a new masterplan

    Amid illicit activities, haphazard development and abandoned projects, the coastal city of Sihanouk province needs a reset to move forward. A new masterplan might be the answer to shake off its seemingly mucky image to become the Shenzhen of the south Gun toting, shootouts, police

  • Chinese may be first in tourism revival: PM

    Cambodia's tourism industry is gearing up to roll out the red carpet for Chinese travellers after Prime Minister Hun Sen on September 17 indicated that the Kingdom could soon throw open its doors to international holidaymakers vaccinated against Covid-19 – starting with guests from China. Cambodia Chinese

  • Tourism concerns laid bare

    To ensure the success of plans to reopen the tourism market for international visitors, Cambodia must pay utmost attention to two primary determinants – the ongoing paradigm shift in domestic tourism services towards the ‘new normal’, and the factors influencing choices of destinations among foreign holidaymakers.

  • Airline says ready for green light to reopen international tourism

    Sky Angkor Airline Co Ltd on September 21 said it is ready to transport South Korean and Chinese tourists to the Kingdom once the Cambodian government makes good on plans to reopen its borders to vaccinated travellers. The Siem Reap-based airline made the remark during a

  • No ‘Crown Prince’ exists to buy France football club: ministry

    The Ministry of the Royal Palace has denied media reports that a Cambodian “Crown Prince” had purchased the AS Saint Etienne football club of France’s top-flight LIGUE 1 at the cost of €100 million ($117 million). In a press statement on September 19, the ministry stressed that Cambodia

  • Covid jab drive for 6-11 age group to begin Sept 17

    Prime Minister Hun Sen has permitted Covid-19 vaccinations for over 1.8 million children aged 6-11 across the country from September 17 in order for them to return to school after a long hiatus. Hun Sen also hinted that vaccinations for the 3-6 age group will follow in