Annual report 2011

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Message from the Governor Page No.

1

I. ¦½²¾®-À¦©«½¡ò©-¢º¤ ¦¯¯ 쾸 I. Lao Economic Performance 6

1. ¢½-ÁΤ-¡½¦ò¡¿ 1. Agriculture 6

2. ¢½-ÁΤ-º÷©-¦¾-¹½¡¿ 2. Industry 8

3. ¢½-ÁΤ-®ðìò¡¾− 3. Service 8

4. ¡¾−- ȼ−-Á¯¤-£¤-¯½¡-º® GDP 4. Changes in GDP Components 10

5. 콩ñ®-ì¾£¾ 5. Price Level 10

II. ¢½-ÁΤ-¡¾−-À¤ò−-¢º¤-ìñ©. II. Public Finance 13

1. ì¾ -»ñ®-¤ö®¯½´¾− 1. Revenues 13

2. 쾨¥È¾¨¤ö®¯½´¾− 2. Expenditures 15

3. ¡¾−-©÷ú−©È¼¤¤ö®¯½´¾− 3. Financing 16

III. ¢½-ÁΤÀ¤ò−ª¾ III. Monetary Sector 17

1. −½Â¨®¾¨ºñ©ª¾-Áì¡ È¼− 1. Exchange Rate Policy 17

2. −½Â¨®¾¨À¤ò−ª¾ 2. Monetary Policy 19

3. ¯½ìò´¾−-À¤ò− 3. Monetary Supply 19

4. «¾−-À¤ò−ª¾ 4. Monetary Base 21

5. À¤ò−-±¾¡¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© 5. Deposits 21

6. ¦ò−À§º¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© 6. Credits 22

7. ºñ©ª¾©º¡À®û -À¤ò−-±¾¡ -Áì½ -À¤ò−-¡øÉ 7. Interest Rates Deposits and Loan 23

8. ¡¾−-£÷É -£º¤-À¤ò−ª¾-ªÈ¾¤¯½-Àê©Áì½

¡¾−-¦‰¤-À¦ó -¡¾−-−¿-çÉ-À¤ò−-¡ó®

8. Foreign Currency Management and the Promotion of the Use of Kip

25

9. ¡¾−-£÷É -£º¤-ê½−¾£¾−-ê÷ì½-¡ò©- 9. Commercial Bank Supervision 27

10. ¡¾−-£÷É -£º¤-¦½-«¾-®ñ−-¡¾−-À¤ò− 10. Financial Institutions Supervision 27

11. ¸¼¡-¤¾−£÷É -£º¤ª½Í¾©-Íñ¡-§ñ®-Ã− ¦¯¯ 쾸 11. Stock Exchange Management 28

IV. ©÷−-¡¾−-§¿-콡ñ®ªÈ¾¤¯½Àê©- IV. Balance of Payments 30

1. ¡¾−£É¾-¡ñ®ªÈ¾¤-¯½-Àê© 1. Foreign Trade 31

2. ©÷− -®ðìò¡¾− 2. Services 33

3. ©÷− -ì¾ -Ä©É - 3. Factor Income 34

4. À¤ò−-º−-§È¸ -ÀÍõº 4. Current Transfers 35

5. Κ¦ò−ªÈ¾¤¯½Àê© 5. External Debts 35

6. ¡¾−ìö¤êô−¥¾¡ªÈ¾¤¯½Àê© 6. Foreign Direct Investment 36

V. êò©-꾤-츴꾤-©É¾−-´½¹¾-²¾¡-À¤ò−ª¾-¢º¤ ¦¯¯ 쾸 ó 2012 V. Lao Monetary Outlook for 2012 37

¦½²¾-®ðìò¹¾− Executive Board 39

Á°−-¸¾©êó1: -£¤-»È¾¤-¡¾−¥ñ©-ª¤ê½−¾£¾−Á¹È¤ ¦¯¯ 쾸 Chart 1: Organizational Chart of the BOL 44

Á°−-¸¾©êó 2 : -£¤-»È¾¤-¡¾−¥ñ©-ª˜¤¢º¤-ì½®ö®ê−¾£¾−--Ã− ¦¯¯ 쾸.

Chart 2: Organizational Chart of the Lao Banking System

46

¦¾ì½®¾−»ø®

List of Figures Page No. 

»ø®êó 1: ¡¾−¢½¹¨¾¨ªö¸À¦©«½¡ò© Figure 1: GDP Growth Rate 7

»ø®êó 2: ¡¾−¢½¹¨¾¨ªö¸¢½ÁΤ¡½¦ò¡¿ Figure 2: Growth of Agriculture 7

»ø®êó 3: ¡¾−¢½¹¨¾¨ªö¸¢½ÁΤº÷©¦¾¹½¡¿ Figure 3: Growth of Industry 8

»ø®êó 4: ¡¾−¢½¹¨¾¨ªö¸¢½ÁΤ®ðìò¡¾− Figure 4: Growth of Services 9

»ø®êó 5: ¡¾− ȼ−Á¯¤Â£¤¯½¡º® GDP Figure 5: Changes of GDP Components 10

»ø®êó 6: ºñ©ª¾À¤ò−À³š Figure 6: Inflation 12

»ø®êó 7: −ÕÎñ¡¢º¤ÁªÈì½Ï¸©¦ò−£É¾¡½êö®ªÒ©ñ© §½−óì¾£¾°øɧö´Ã§É

Figure 7: Weight of each Group of Goods and Services Influencing CPI

13

»ø®êó 8: «¾−½¡¾−À¤ò−¢º¤ìñ© Figure 8: Fiscal Performance 14

»ø®êó 9: 쾨»ñ®¢º¤¤ö®¯½´¾− Figure 9: Revenues 15

»ø®êó 10: 쾨¥È¾¨¢º¤¤ö®¯½´¾− Figure 10: Expenditures 16

»ø®êó 11: ¡¾−©÷È−©È¼¤¤ö®¯½´¾− Figure 11: Fiscal Financing 17

»ø®êó 12: ºñ©ª¾Áì¡ È¼− Figure 12: Exchange Rates 18

»ø®êó 13: ¯½ìò´¾−À¤ò− M2 Figure 13: Money Supply (M2) 20

»ø®êó 14: ºö¤¯½¡º®¢º¤ M2 Á¨¡ª¾´¦½¡÷−À¤ò− Figure 14: M2 by Currency Components 20

»ø®êó 15: «¾−À¤ò−ª¾ Figure 15: Monetary Base 21

»ø®êó 16: À¤ò−±¾¡¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© Figure 16: Commercial banks’ Deposits 22

»ø®êó 17: ¦ò−À§º¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© Figure 17: Commercial banks’ Credits 23

»ø®êó 18: ºñ©ª¾©º¡À®É¨¦½ÀìȨÀ¤ò−±¾¡¡¿−ö©12 À©õº− Figure 18: Average 12 Months Deposit Rates 24

»ø®êó 19: ºñ©ª¾©º¡À®É¨¦½ÀìȨÀ¤ò−¡øÉ¡¿−ö© 12 À©õº− Figure 19: Average 12 Months Lending Rates 25

»ø®êó 20: ©ñ©-§½-−óª½Í¾©-Íñ¡-§ñ®-쾸 -Áì½ ø−-£È¾-»÷É−-ê†- ó-¡¾−-§œŒ¢¾¨

Figure 20: Lao Stock Index Market and Trading Volume

30

»ø®êó 21: ©÷−¡¾−§¿ì½¡ñ®ªÈ¾¤¯½Àê© Figure 21: Balance of payments 31

»ø®êó 22: ¡¾−£É¾ªÈ¾¤¯½Àê© Figure 22: Foreign Trade 32

»ø®êó 23: ¡¾−¢½¹¨¾¨ªö¸¢º¤¡¾−¦‰¤ºº¡Œ−¿À¢í¾ Figure 23: Growth Rate of Exports - Imports 33

»ø®êó 24: ªö¸Àì¡−ñ¡êȺ¤êȼ¸À¢í¾´¾ ¦¯¯ 쾸 Figure 24: Number of Tourist Arrivals to Lao PDR

34

»ø®êó 25: Κ¦ò−ªÈ¾¤¯½Àê© Figure 25: Extenal Debts 35

»ø®êó 26: ¡¾−ìö¤êô−©¨¡ö¤¢º¤ªÈ¾¤¯½Àê© Figure 26: Foreign Direct Invesment 36

¦¾ì½®¾−ª¾ª½ì¾¤

List of Tables

Page No. ª¾ª½ì¾¤êó 1: ªö¸À졧š®º¡À¦©«½¡ò©ê†¦¿£ñ− ¢º¤ ¦¯¯ 쾸 Table 1: Selected key Economic Indicators

of the Lao PDR 5

ª¾ª½ì¾¤êó 2:츴¨º©°½ìò©ª½²ñ−²¾¨Ã−£ò©ÄìÈ ª¾´ ø−£È¾À²†´ Table 2:Gross Domestic Product by Value Added

48

ª¾ª½ì¾¤êó 3: ©ñ©¦½−óì¾£¾°øɧö´Ã§É Table 3: Consumer Price Index (CPI) 49

ª¾ª½ì¾¤êó 4: ºñ©ª¾À¤ò−À³š Table 4: Inflation 50

ª¾ª½ì¾¤êó 5: «¾−½¡¾−À¤ò−¢º¤ìñ© Table 5: Status of Government Budget 51

ª¾ª½ì¾¤êó 6: 쾨»ñ®¢º¤¤ö®¯½´¾− Table 6: Revenues 53

ª¾ª½ì¾¤êó 7: «¾−½¡¾−À¤ò−¢º¤ ê¹ì Table 7: Balance Sheet of the BOL 54

ª¾ª½ì¾¤êó 8: «¾−½¡¾−À¤ò−¢º¤ì½®ö®ê½−¾£¾− Table 8: Monetary Survey 55

ª¾ª½ì¾¤êó 9: ºñ©ª¾©º¡À®É¨ Table 9: Interest Rates 56

ª¾ª½ì¾¤êó 10: À¤ò−±¾¡¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© Table 10: Commercial banks’ Deposits 58

ª¾ª½ì¾¤êó 11: ¦ò−À§º¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© Table 11: Commercial banks’ Credits 59

ª¾ª½ì¾¤êó 12: ©÷−¡¾−§¿ì½¡ñ®ªÈ¾¤¯½Àê© Table 12:Balance of Payments 60

ª¾ª½ì¾¤êó 13: ¡¾−£É¾ªÈ¾¤¯½Àê© Table 13: Foreign Trade 61

ª¾ª½ì¾¤êó 14: Κ¦ò−ªÒªÈ¾¤¯½Àê©¢º¤ìñ© Table 14: External Debts 62

ª¾ª½ì¾¤êó 15: ºñ©ª¾Áì¡ È¼−ê½−¾£¾− Áì½ ª½¹ì¾© Table 15: Official and Parallel Exchange Rate

63

ª¾ª½ì¾¤êó 16:À¤ò−º−À¢í¾´¾ìö¤êô−©¨¡ö¤ ¢º¤ ªÈ¾¤¯½ÀꩰȾ−ì½®ö®ê½−¾£¾−

Table 16: FDI Funds Transferred Through Banking System

64

ª¾ª½ì¾¤êó 17: 츴¡¾−ìö¤êô−¥¾¡ªÈ¾¤¯½Àê© Á®È¤ª¾´¢½ÁΤ¡¾−

Table 17: Approved Foreign Direct Investments by Sector

65

ª¾ª½ì¾¤êó 18: ªö¸Àì¡−ñ¡êȺ¤êȼ¸ Áì½ ì¾¨Ä©É ¥¾¡¡¾−êȺ¤êȼ¸ ¢º¤ 쾸.

Table 18: Tourist Arrivals to Lao PDR and Revenues from Tourism

66

   1

Ã−-¯ó 2011 °È¾−´¾¡¾−»ñ¡¦¾¦½«¼−ì½ ²¾®À¤ò−ª¾Á¹È¤§¾© ĩɯ½À§ó−¡ñ®®ñ−¹¾®ÒÎûº¨ ¨Éº−®ñ−¹¾Îš¦ò− -Ã−À¢©Àºó-Âë®, ®ñ−¹¾-¡¾− - Ⱦ¤-¤¾−, IJ꿴½§¾©; ì¾£¾−Õ ñ−, -ì¾£¾-£¿ -Áì½ ì¾£¾-¦½®¼¤-º¾¹¾− óêȾºÈ¼¤À²†´¢›− À»ñ©Ã¹Éºñ© ª¾-À¤ò− -À³šμ øÈ;¨¯½Àê©Ä©ÉÀ²†´-¢›−. −º¡-¥¾¡-− š, ¦½²¾®-Á¸©-ìɺ´μøȲ¾ -Ã−¡Ò¨ñ¤¯½À§ó−¡ñ®®ñ−¹¾ IJ꿴½§¾© Áì½ ²½¨¾©¦ñ©ì½®¾©. À«ò¤μ Ⱦ¤− ˜−¡ðª¾´, À²º--»ñ¡¦¾-¦½«¼−ì½-²¾®ê¾¤-©É¾− -À¤ò−ª¾-ùÉ-´ó-£¸¾´Ï−êȼ¤-¨¾-¸−¾−, ì½®ö®-ê½−¾£¾− -´ó-£¸¾´Ï−£ö¤»º®©É¾− ²Éº -êñ¤-¯½¡º®¦È¸− -¨øÉ-Á»¤-¡¾− -²ñ©ê½−¾À¦©«½¡ò©Œ ¦ñ¤£ö -ùÉ-®ñ−ì÷-ª¾ -Á°−¡¾−-¡¿-− ö©-Ä É ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 (ê¹ì) Ä©É¥ñ©ª¤¯½ªò®ñ©²¾ì½-®ö©®¾©-Îɾ-ê†-¢º¤-ªö−©É¸¨¡¾−: ¦õ®ªÒ¯½ªò®ñ©−½ ¨®¾¨À¤ò−ª¾Á®®¯½¦ö´-¯½¦¾−©¨−¿Ã§ÉÀ£ˆº¤ ´õÀ¤ò−ª¾ê¾¤ºÉº´À¯ñ−ªí−£õ: ¦õ®ªÒ»ñ¡¦¾ºñ©ª¾ ©º¡À®É¨¢º¤ªö−Ä쨽®ÒÀ¡ó− 7 ñ− Ã−ºñ©ª¾ 5%; »ñ¡¦¾ºñ©ª¾À¤ò−Á»±¾¡®ñ¤£ñ® 5% ¦¿ìñ® À¤ò−¡ó® Áì½ 10% ¦¿ìñ®À¤ò−ª¾ªÈ¾¤¯½Àê©; ¦õ® ªÒ§÷¡ øÉùɪ½Í¾©À ó© À£º−Ÿμ Ⱦ¤Á¢¤Á»¤ ©É¸¨¡¾−¦õ®ªÒºº¡²ñ−ê½®ñ© ê¹ì; Áì½ ©¿À−ó−

In 2011, maintaining monetary stability was faced with numerous challenges due to debt crisis in Europe, unemployment, natural calamities, the increase in oil, gold and foodstuff prices, which resulted in rising inflation rates in many countries. In addition, the domestic environment also faced with natural calamities and the outbreak of animal disease. However, in order to maintain a long-term monetary stability, stable and sound banking system as well as enable the banks to support and facilitate the process of socio-economic development, in particular to meet the major targets as set out in the plan, the Bank of the Lao PDR (BOL) has actively performed its role and duties as follows: the BOL continued to conduct a combined monetary policy framework by using indirect monetary instruments such as BOL policy rate with maturity less than 7 days at 5 percent, reserve requirement ratio at 5 percent for Kip and 10 percent for foreign currency, continued to actively promote the open market operations by issuing BOL securities and conducted Repo and outright operations

£¿-À¹ñ−-°øÉ-¸È¾¡¾−-ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸 Massage from the Governor

   2

¡¾−©ñ©¦ö´¦½²¾®£Èº¤©É¾−ÁÍȤêô−ùÉì½®ö®ê½−¾£¾−μȾ¤À¯ñ−¯ö¡¡½ªò©É¸¨¡¾−§œŒ¢¾¨±¾¡ Áì½ §œŒ¢¾¨¢¾©Âª²ñ−ê½®ñ©.

²Éº´¡ñ−− ˜−¡ðúĩɦõ®ªÒ¯½ªò®ñ©−½Â¨®¾¨ºñ©ª¾Áì¡ È¼−ª¾´¡ö−Ä¡ª½Í¾© ó¡¾−£÷É´£º¤¢º¤ìñ©©É¸¨-¡¾−-¡¿− ö©ºñ©ª¾Áì¡ È¼−ºÉ¾¤-ºó¤-¯½ ¥¿- ñ−, ©ñ©¦ö´-ª½¹ù¾©À´ˆº-À¹ñ− - Ⱦ-¥¿-À¯ñ−êñ¤-¦õ® ªÒ°Èº−£¾ -ì½®¼®-¡¾−-§œŒ¢¾ -À¤ò−ª¾- ùÉ-Á¡È-¦ñ¤ £ö´ -Áì½ ¦õ®ªÒ-£÷É -£º¤-À¤ò−ª¾-ªÈ¾¤¯½-Àê© -Áì½ ¦‰¤-À¦ó´-¡¾−-−¿-çÉ-À¤ò− -¡ó®μ Ⱦ¤-ªÒ-À− ˆº¤. À ó©-¡ ɾ¤ Áì½ §÷¡ øÉ-¦‰¤-À¦ó´-¡¾− -§¿ì½-°È¾− -ì½®ö®-ê½−¾ £¾−ùÉ-¹ì¾¨-¢›− ແລະ §÷¡ øÉ-ùɲ¾¡¦È¸−Àº¡½ §ö−¢½¹¨¾¨»É¾− -Áì¡ È¼− --À²†´-¢›− - À²ˆº-º¿−¸ -£¸¾ -¦½©¸¡-Ã−-¡¾− -Áì¡ È¼− -À¤ò−ª¾-Á¡È-¦ñ¤£ö´.

ສບຕ§÷¡ øÉùÉê½−¾£¾−ê÷콡ò© À²†´ê½ ó¡¾−콩ö´À¤ò−±¾¡ ©É¸¨-¡¾− - ñ® ÷¤-ºñ©ª¾-©º¡-

À®É¨-ùÉ-ÀϾ½¦ö´-¡ñ®-¦½²¾®-À¦©«½¡ò©-²¾ -Ã− -Áì½ êȾ-ºÈ¼¤¢º¤-¦¾¡-ö− -Áì½²¾¡²œ−; ´ó°½ìò©ª½ ²ñ− -À¤ò− -±¾¡ê†-¹ì¾¡-¹ì¾¨,- ñ® ÷¤- Áì½ ¢½¹¨¾¨ ª¾ÎȾ¤®ðìò¡¾− ¢º¤ ê½−¾£¾−ê÷콡ò© ìö¤-»º©-¢˜− -À´õº¤, ñ® ÷¤-¡ö− -Ä¡-¡¾−-®ðìò¡¾− -ùÉ-¦½©¸¡¦½ ®¾¨¡È¸¾À¡‰¾ -Áì½ ¹ñ− -¦øÈ-êñ− -¦½-ÄÏ-Àêº-ì½-¡É¾¸. ²Éº´¡ñ−− ˜−, À²ˆº¦‰¤À¦ó´¡¾−콩ö´êô−Ä쨽 ¨¾¸, ທຫລ ກ-úÄ©É-Àº-ö¾-Ã¥-æÈ-¦É¾¤-À¤ˆº− -Ä¢-ê†-¥¿-À¯ñ− -Áì½ »º®©É¾−-À²ˆº-ùÉ-ª½Í¾©-Íñ¡-§ñ®-¦¾´¾©-À¯ó©-À£ˆº− -Ĺ -êñ−ª¾-´¡¿-−ö©-À¸ì¾ -Áì½ --Ä©É-´ó-¡¾− -À¯ó©-§œŒ¢¾ -»÷É− -μ Ⱦ¤-À¯ñ− -꾤-¡¾−- Ã− -À©õº−´ñ¤¡º− ¯ó 2011 ໂດຍ´ó¦º¤®ðìò¦ñ©À¢í¾¥ö©ê½®¼− -Áì½ ¡¾−--§œŒ¢¾ -ªö -¥ò¤-μ øÈ-Ã−-ª½Í¾© -´ó-£¸¾ -À¯ñ− -ì½ ®¼®-»¼®»Éº¨, ¦É¾¤-£¸¾ -¦ö− -Ã¥-Á¡È-− ñ¡-ìö¤êô− -êñ¤-²¾ -Ã− - Áì½ ªÈ¾¤¯½-Àê© §‡¤-´ó- ø− -£È¾-¡¾−-§œŒ¢¾¨ 301,49 ªœ¡ó® -Ã− -¯ó 2011.

for banking system for the liquidity purpose. In addition, BOL continued to pursue a market-oriented exchange rate regime (managed floating system) by setting a daily reference rate and intervened in the foreign exchange market whenever necessary; BOL continued to deregulate foreign exchange trading to public and continued to implement foreign currency management policy and Kip promotion; increasingly encouraged and supported payment through banking system and encouraged private sector to expand their exchange bureaus to facilitate foreign exchange for the public. On commercial banks supervision, BOL continued to encourage commercial banks to mobilize more deposits by setting interest rates in line with domestic context, international and regional trends; providing diversified deposit accounts, improved and expanded commercial banks’ network accessible to district levels, improved service channels to provide a prompt and modern financial service gradually. In order to support long-term fund mobilization, BOL paid special attention to create necessary conditions conducive to the timely launch of the stock market and the market officially began its trading in January 2011 with two companies listed in the Lao securities exchange. The trading of securities was launched smoothly, drawing a lot interests for Lao and foreign investors. As a result, total stock trading was amounted to 301.49 million Kip in 2011. In addition, BOL continued to create a favorable condition for commercial banks to

   3

ນອກຈາກນ, ¡Òĩɦõ®ªÒ¦É¾¤¦½²¾®Á¸©ìɺ´ê†©ó-ùÉê½−¾£¾−ê÷콡ò© -À¯ñ− -À¥í¾-¡¾− - Ⱥ¨ ¦ò− -À§ˆºÃ¹ÉÁ¡È£¤¡¾−ꆴ󯽦ò©êò°ö− -© -¦÷´-æÈ-¡¾− ñ® ÷¤-ì½®¼®, ¡ö− -Ä¡ Áì½ ¢−ªº− -¡¾−-²ò¥¾ ì½−¾-À¤ò− -¡øÉ À²ˆº-ùÉ-°øÉ-¯½¡º®-¡¾−-À¢í¾¹¾-Á¹-ìȤ êô− -Ä©É-¤È¾ -¢›−; −¿-çÉ--£¤¡¾−-À¤ò− -¡øÉ-ê†-´ó-¯½¦ò©-êò °ö− -À¯ñ− -¹ìñ¡-§ñ®-£Õ¯½¡ñ−-À¤ò− -¡øÉ. - Àºö¾-Ã¥--æÈ-£í− £ ɾÀ²ˆº-¹ñ− -¡¾−-£÷É´-£º¤-ê½−¾£¾−-ê÷ì½-¡ò©-ª¾ -¹ìñ¡¡¾− CAMELs -Áì½ Basel I -Ä -¦øÈ-¡¾− -£÷É´-£º¤-£¸¾ -¦È¼¤ª¾ -¹ìñ¡¡¾− Basel II. ¦È¸− -¡¾− -£÷É´-£º¤-¦½-«¾-®ñ− -¡¾− -À¤ò− -Á´È− -Ä©É-¦÷´-æÈ-¦É¾¤-− òªò-¡¿- -Áì½ -¡¸©¡¾-ªò©ª¾ -¡¾−-À£ˆº− -Ĺ -¢º¤-®ñ− ©¾-¦½-«¾-®ñ− -¡¾−-À¤ò− - μ øÈ-²¾ -êÉ-¡¾−-£÷É´-£º¤¢º¤ ê¹ì μȾ¤-À¯ñ− -¯ö¡¡½ªò.

°È¾−-¡¾−¥ñ©ª¤¯½ªò®ñ©-−½Â¨®¾¨ê†¦º© £Èº¤ -Áì½ -Á¡É-Ä¢-êñ− -¡ñ®-¦½²¾®-¡¾−£õ-©„¤¡È¾ -−−, ²¸¡-À»ö¾-¥‡¤¦¾´¾© ¯½¡º®¦È¸−§÷¡ ø-É-ùÉÀ¦©«½ ¡ò©¢½¹¨¾¨ªö -μ Ⱦ¤-ªÒ-À− ˆº¤-Ã−-ºñ©ª¾ 8% ì¾¨Ä©É GDP -ªÒ-¹ö -£ö− -À²† -¢›− 1.281 ©-ì¾-¦½¹½ìñ© -¥¾¡ 1-.076 -©-ì¾-¦½¹½ìñ©-Ã−-¯ó 2010, ºñ©ª¾ À¤ò−À³š¦½ÀìȨÏö© óμ øÈ-Ã−-콩ñ®Î‡¤ªö -Àì¡ 7,58% Áì½ ªÔ-¡ Ⱦ-¡¾−-¢½¹¨¾¨ªö -¢º¤-À¦© «½¡ò©.

-¯½ìò´¾−-À¤ò− M2 -À²†´-¢›− -Ã−-콩ñ®-ê†-£¸®-£÷´-Ä©É 25,2%, À¤ò− -¡ó®-Á¢¤-£È¾ 2,93% ê¼®-©-ì¾-¦½¹½ìñ©, ÁªÈºÈº−£È¾ 1,36%- ê¼®-æÈ-À¤ò− -®¾© ê¼®-¡ñ® ó 2010; £ñ¤-¦¿»º¤-À¤ò−ª¾-ªÈ¾¤¯½-Àêດ¦¾ ´¾©-¡÷É´-¡¾−-−¿-À¢í¾-Ä©É 3,4 -À©õº−, ì½®ö®ê½−¾ £¾−-¦õ®-ªÒ-¢½¹¨¾¨ªö¸ -Áì½ ó-£¸¾´Ï−£ö¤, -À¤ò− -±¾¡¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© À²†´¢›− 24,33%-À´ˆºê¼®-æÈ-êɾ¨ ó 2010 Àꉾ¡ñ® 35,82% ¢º¤ GDP. ¦ò−À§ˆº¢º¤-ê½−¾£¾−-ê÷ì½-¡ò©Ã¹ÉÁ¡È²¾¡ ¦È¸−À¦©«½¡ò© À²†´¢›− 37,90%- Àꉾ¡ñ® 28,28% ¢º¤ GDP.

provide credits to companies or projects with efficient operations by focusing on the improvement of regulatory framework, loan approval mechanism and procedures to provide a better access for entrepreneurs, introduced a scheme of using productive projects as loan collateral. Furthermore, BOL paid attention to transforming the commercial bank supervision to comply with the prudential principles of CAMELs, Basel I and Basel II respectively. On the supervision of financial institutions, the BOL focused on formulating the regulatory framework and keeping a close watch on the operations of financial institutions under auspices of the BOL. Upon the implementation of appropriate policies and prompt actions as mentioned above, BOL could contribute in its part to maintain a sustained economic growth rate at 8 percent, lifting GDP per capita from US$ 1.281 in 2010 to US$ 1.076 in 2011. Average annual inflation rate was able to maintain with a single digit at 7.58 percent, the rate which is lower than GDP growth rate as targeted. Money supply (M2) was able to maintain at manageable levels at 25.2 percent, exchange rate Kip/US$ was appreciated by 2.93 percent, while Kip depreciated against Thai Baht by 1.36 percent compared to 2010. The level of foreign reserve could cover more than 3.4 months of imports of goods. The banking system continued to expand and remained financially sound. The total deposits of commercial banks continued to rise by 24.33 percent or represented 35.82 percent of GDP compared to 2010. The total loan

   4

Ã−-¯ó 2012 £¾© ȾêȾºÈ¼¤¢º¤À¦©«½¡ò©-Âì¡ ñ¤¦õ®ªÒ´ó¦†¤êɾ꾨ùÉÁ¡È¡¾−²ñ©ê½−¾À¦©

«½¡ò©Œ¦ñ¤£ö´¢º¤¯½Àê©À»ö¾ À ñ−ªí−®ñ−¹¾Îš ¦ò−, -ì¾£¾-−Õ´ñ−, ì¾£¾-£¿, ì¾£¾-¦½®¼¤º¾ ¹¾−, ì¾£¾»÷É− -Áì½ ºñ©ª¾-Áì¡ È¼−¨ñ¤¥½¦õ®ªÒ °ñ−°¸−. À«ò¤μ Ⱦ¤Ã©¡ðª¾´, ê¹ì ¥½¦õ®ªÒ»ñ¡¦¾ ¦½«¼−ì½²¾®À¤ò−ª¾Á¹È¤§¾© ùÉÏ−êȼ¤¨¾¸ −¾−©É¸¨¡¾−¯ñ® ÷¤ Áì½ ²ñ©ê½−¾®ñ−©¾À£º¤´õ −½Â¨®¾¨À¤ò−ª¾Ã¹É 󣸾´¹ì¾¡¹ì¾¨ ²Éº´ êñ¤¦É¾¤¡ö−Ä¡¡¾−¥ñ©ª¤¯½ªò®ñ© ùɦº©£Èº¤¡ñ® ¦½²¾®À¦©«½¡ò©¢º¤¯½Àê©À»ö¾; ¥½¦õ®ªÒ−¿Ã§É −½Â¨®¾¨ºñ©ª¾Áì¡ È¼−ª¾´¡ö−Ä¡ª½¹ù¾©ê†´ó¡¾−£÷É´£º¤¢º¤ìñ©; ¦õ®ªÒ£÷É´£º¤¡½Á¦À¤ò−ª¾ À¢í¾Œºº¡¯½Àê© Áì½ ¦‰¤À¦ó´¡¾−−¿Ã§ÉÀ¤ò−¡ó® μ Ⱦ¤Á¢¤Á»¤, ñ® ÷¤¡¾−®ðìò¡¾−ùÉêñ−¦½ÄÏ Áì½ ¢½¹¨¾¨ª¾Îú¾¤¡¾−®ðìò¡¾−ùÉꉸÀ«ò¤ Áì½ §÷¡ øɦ‰¤À¦ó´¡¾−§¿ລ½Â©¨®ÒçÉÀ¤ò−¦ö©μ Ⱦ¤ Á¢¤Á»¤, À²†´ê½ ó¡¾−£÷É´£º¤ Áì½ ¡¸©¡¾ ê½−¾£¾−ê÷콡ò© Áì½ ¦½«¾®ñ−¡¾−À¤ò−Ã¹É´ó £¸¾´Ï−£ö¤ Áì½ ¯º©Ä².

°øÉ-¸È¾¡¾−- ê½−¾£¾−Á¹È¤ ¦¯¯ 쾸

provided by the entire commercial banks to the economy rose by 37.90 percent and represented 28.28 percent of GDP.

In 2012, it is anticipated that the outlook of global economy continues to pose various challenges to Lao socio-economic development such as: uncertainty in oil, gold, foodstuff, stock prices and the fluctuation of exchange rate. Nevertheless, BOL will strive to maintain monetary stability in the long run by improving and developing a variety of monetary instruments, together with creating an appropriate operation mechanism in line with Lao economic condition. The BOL will continue to pursue a market oriented exchange rate regime, monitor closely the inflows and outflows of capital and intensify its campaign to promote the use of Kip, continue to improve financial service and expand its network and promote the non-cash payment means through banking system, strengthen the bank supervision and examination on commercial banks and financial institution to be financially sound and secured. Governor of the Bank of the Lao PDR

   5

ª¾ª½ì¾¤êó 1: ªö¸Àì¡-§š-®º¡-À¦©-«½-¡ò©-ê†-¦¿-£ñ−¢º¤ ¦¯¯ 쾸

Table 1: Selected Key Economic Indicators of the Lao PDR

쾨¡¾−

2008

2009

2010 p

2011

Items

¢½ÁΤ¡¾−°½ìò© (- %) Real Sector (in percent)

ºñ©ª¾¡¾−¢½¹¨¾¨ªö¸¢º¤ì¸´¨º©°½ìò©ª½²ñ− 7.5 7.5 8.1 8.0 GDP growth rate

²¾¨Ã−ª¾´ì¾£¾ ó 2002 (GDP) GDP at (constant price 2002)

ºñ©ª¾À¤ò−À³šêɾ¨¯ó 3.17 3.92 5.76 7.70 Inflation rate (End of Period)

ºñ©ª¾À¤ò−À³š¦½Àìú¨-Ã-−¯ó 7.63 0.03 5.98 7.58 Annual inflation rate (average)

¡¾−À¤ò−¢º¤ìñ©ê¼®Ã¦È GDP (%) 2007/2008 2008/2009 2009/2010 2010/2011 Public Finance in % of GDP

쾨»ñ®¤ö®¯½´¾−츴êñ¤À¤ò−§È¸¨ÀÍõºìɾ 17.43 17.58 22.31 22.24 Revenues and grants

쾨»ñ®²¾¨Ã− 14.56 15.12 15.73 16.30 Revenues

À¤ò−§È¸¨ÀÍõºìɾ 2.87 2.46 6.57 5.94 Grants

츴¨º©ì¾¨¥È¾¨ Áì½Ã¹É¡øÉμ õ´¦÷©êò 20.50 21.00 24.57 24.16 Total expenditures and net lending

쾨¥È¾¨®ðìò¹¾−ꉸį 12.27 13.85 12.73 12.63 Current expenditures

쾨¥È¾¨ìö¤êô− Áì½Ã¹É¡øÉμ õ´¦÷©êò 8.44 7.0 11.8 11.52 Capital and On-lending net

©÷È−©È¼¤ì¸´ -3.07 -3.42 -2.3 -1.79 Overall cash balance

©÷È−©È¼¤ì¸´ ꆮÒ− ñ®À¤ò−§È¸¨ÀÍõºìɾ -6.1 -5.87 -8.9 -7.73 Overall Cash Balance (Excl grants)

¢½ÁΤÀ¤ò−ª¾ (%) 2008 2009 2010 2011 Monetary Sector (in percent)

ºñ©ª¾¡¾−À²†´¢›−¢º¤¯½ìò´¾−À¤ò−êɾ¨¯ó (%) 18.31 31.23 39.13 25.2 Annual growth rate of

Money Supply M2

¢½ÁΤ¡¾−À¤ò−ªÈ¾¤¯½Àê©ê¼®Ã¦È GDP (%) 2008 2009 2010 2011 External Sector in % of GDP

©÷−¡¾−§¿ì½¡ñ®ªÈ¾¤¯½Àê© 1.90 -0.07 1.61 -0.74 Overall Balance

©÷−¡¾−§¿ì½À¤ò−¯ö¡¡½ªò츴êñ¤À¤ò−º−¢º¤ìñ© 1.71 -1.09 0.46 -1.94 Current Account Balance

(Including Official Transfers)

©÷−¡¾−§¿ì½À¤ò−¯ö¡¡½ªò®Ò츴Àºö¾À¤ò−º−¢º¤ìñ© 0.25 -2.8 -1.24 -3.87 Current Account Balance (Excluding Official Transfers)

©÷−¡¾−£É¾ -5.89 -7.30 -4.90 -7.34 Trade Balance

©÷−®ñ−§óêô− Áì½ ¡¾−À¤ò− 8.14 11.52 6.27 6.01 Capital and Financial Accounts

´ø−£È¾¡¾−£É¾ 47.20 44.92 59.39 55.16 Foreign Trade Volume

¨º©Îš¦ò−ªÈ¾¤¯½Àê© 48.50 48.15 43.72 38.56 Stock of External Debts

Á¹ìú¤¢Ó´ø−: ¡ö´¦½«òªò-À¦©«½¡ò©, ¦ø− -¦½«òªò-Á¹È¤-§¾© Source: Department of Economic Statistics, Lao statistics Bureau

¡½§¸¤-Á°−¡¾− -Áì½- ¡¾− -ìö¤êô− Ministry of Planning and Investment,

ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸 Bank of the Lao PDR

   6

I. ¦½²¾®À¦©«½¡ò©¢º¤ ¦¯¯ 쾸.

Ã− ó 2011 À«ò¤Á´ú− Ⱦ¦½²¾®Á¸©ìɺ´ êñ¤²¾¨Ã− Áì½ ¦¾¡ö−ĩɯ½À§ó−¡ñ®¦òú¤êɾ꾨 ;¨μȾ¤¡Òª¾´, ¦½²¾®À¦©«½¡ò©¢º¤ ¦¯¯ì¾¸ ©¨ì¸´ ñ¤¦õ®ªÒ¢½¹¨¾¨ªö¸¦ø¤ Áì½ ªÒÀ− ˆº¤, ºñ©ª¾¡¾−¢½¹¨¾¨ªö¸ GDP ®ñ−ì÷Ä©É 8,0% (À®…¤»ø®êó1). 츴¨º© GDP £ò©ÄìȪ¾´ì¾£¾ £ö¤êóú ´ó ø−£È¾ 34.033,74 ªœ¡ó®, ¦È¸− GDP £ò© ÄìȪ¾´ì¾£¾ ¯½¥÷®ñ− ´ó´ø−£È¾ 65.689,69 ªœ¡ó® (À®…¤ª¾ª½ 쾤êó 2), À»ñ©Ã¹É쾨ĩɦ½ÀìȨªÒ ¹ö¸£ö− À²†´¢›− ¥¾¡ 1.076 ©쾦½¹½ìñ© Ã− ó 2010 ´¾À¯ñ− 1.281 ©쾦½¹½ìñ© Ã− ó 2011. ñ©-Ã¥¦¿£ñ−ꆨøÉ-Á»¤Ã¹ÉÀ¦©«½¡ò©-¢º¤ ¦¯¯ 쾸 ñ¤-Á´È−-¢½-ÁΤ-¡¾− -º÷©-¦¾-¹½¡¿- ªí− ªð-Á´È− -¢½-ÁΤ-¡¾− -®Ò-Á»È, -²½ìñ¤¤¾− -ij³É¾ -Áì½ º÷©¦¾¹½¡¿-¯÷¤-ÁªÈ¤ »º¤-ìö¤-´¾-Á´È− -¢½-ÁΤ-¡¾− -®ðìò¡¾− Áì½ ¡½¦ò¡¿. ²Éº -¡ñ− -− ˜− ɺ− ¦¯¯ ì-¾¸ ´ó¦½²¾®-À¤ˆº− -Ä¢-ê†-Àºœº-º¿-−¸¨ À»ñ©--ùû´ó ¡¾−-ìö¤êô−êñ¤-²¾ -Ã− Áì½ ªÈ¾¤¯½-Àê© À²†´¢›− −º¡− š¡Ò ó¡¾− -¯½¡º®¦È¸−꾤©É¾−ÁÍȤêô−;¨ ¦ö´£¸−¢º¤ ¢½ÁΤ¡¾−ê½−¾£¾−Ã−¡¾−§÷¡ øÉ ²œ−«¾−À¦©«½¡ò©À ñ−ªí− -,¢½-ÁΤ-¡¾−-°½ìò©Œê÷ ì½-¡ò©, ¡¾−-¡Ò¦É¾¤ -Áì½ º−Å (-À®…¤-»ø®êó 1)

1. ¢½ÁΤ¡½¦ò¡¿

Ã−--¯ó 2011, ¢½-ÁΤ-¡½¦ò¡¿¢½¹¨¾¨ªö¸ ÍЩìö¤ ¥¾¡ 3,19% -Ã− -¯ó 2010 ´¾-À¯ñ− 2,66%, ©¨ ó´ø− -£È¾-êñ¤-Ïö©-®ñ−ì÷-Ä©É 9.566,57 ªœ-¡ó® -Áì½ ¡¸´-Àºö¾ 28,11% --¢º¤ GDP (À®…¤»ø®-êó 2). ¢½ÁΤ¡¾−ꆲ¾Ã¹ÉÀ²†´¢›−Á´È− ¡¾−¯½´ö¤ À²†´¢›− 5,14% Áì½ ¡¸´-Àºö¾ 3,28% ¢º¤ GDP, ¡¾−¯ø¡±ñ¤ Áì½ ìɼ¤¦ñ© À²†´¢›− 4,92% -

I. Lao Economic Performance

Despite the domestic and international environments were faced with various challenges, Lao economic performance continued to depict high and sustained growth, achieving at 8.0 percent (Figure 1). The total value of GDP expressed in constant price stood at 34,033.74 billion Kip while total value of GDP in current price stood at 65,689.69 billion Kip (Table 2), which resulted in GDP per capita income rose from 1,076 US dollar in 2010 to 1,281 US dollar in 2011.

The key factors boosting the expansion and strong growth of Lao economy were mainly driven by industrial sector, which includes mining, electricity and manufac-turing; followed by service and agriculture sectors. Also, due to conducive conditions created by Lao PDR, the large increase in domestic and foreign investments had supported the growth. In addition, large amount of fund contributed by the banking system also help to boost the production sector of economy such as: manufacturing-business sectors, construction and others (Figure 1).

1. Agriculture

Agricultural sector slightly decreased from 3.19 percent in 2010 to 2.66 percent in 2011 with the total value of 9,566.57 billion Kip and represented 28.11 percent of GDP (Figure 2). The main sector driven the rise in agricultural sector was fishery increased 5,14 percent and represented 3.28 percent of GDP, agriculture–livestock, which rose by 4.92 percent and represented 22.69 percent of

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   11

¡ÒÀ¹ñ− Ⱦºñ©ª¾À¤ò−À³š´óêȾºÈ¼¤À²†´¢›−Àìñ¡Îɺ¨. Ã−-§È -¤ 6 -À©õº− -ªí− ó 2011 ºñ©ª¾-À¤ò− -À³š- ó¡¾− -ÀÎñ¤-ªó¤-Á»¤ ¦½-À섨 8,16% (¥¾¡ 6,06% -Ã− -À©õº− 1/2010 ´¾-À¯ñ− 9,52%)-, -Áª-È-À¤ò− -À³š-¦½-À섨 6 -À©õº−êɾ -¯ó ´ó-êȾ-ºÈ¼¤¹ì÷©-ìö¤ ´¾-μøÈ--Ã− -콩ñ® 6,73% (¥¾¡ 9,52% -Ã− -À©õº− 6/2011 ´¾-À¯ñ− 7,70% -Ã−-À©-õº− 12/2011) - (À®…¤-»ø®êó 6). -¦¾-À¹©-ê†-À»ñ©--ùÉ-ºñ©ª¾-À¤ò− -À³š- ¢º¤ ¦¯ - 쾸 -À»ö¾--À²†´-¢›−-¦ø¤-Ã− -¯ó 2011 ´¾-¥¾¡ 2 ñ©-Ã¥-ªí−ªð-£õ : (1) ñ©-Ã¥-²¾ -Ã− -Á´È− - ɺ− ¦¯¯ 쾸 -Ä©É-»ñ®-°ö− -¡½êö®-¥¾¡-IJ-ê¿-´½-§¾© (−Õ-«É¸´¥¾¡²½ ÷-− ö¡-Àªñ− -Áì½ -Ä»-´¾) §‡¤--Ä©É-¦É¾¤-£¸¾ -À¦ -¹¾ -μ Ⱦ¤-¹ì¸¤¹ì¾¨ªÒ¡¾−-°½ìò©-¡½¦ò¡¿ ®¸¡-¡ñ®-¡¾−-°½ ìò©-²¾ -Ã−-¨ñ¤-®Ò-êñ− -À¢˜´-Á¢¤ À»ñ©-ùû¡¾−ªº®¦½ ꤮Ò-²¼¤²ð-¡ñ®-£¸¾ -ªÉº¤¡¾−¢º¤-¦ñ¤£ö´-, ¢º© ¡¾−£÷É´£º¤ì¾£¾¦ò−£É¾ Áì½ ¡¾−®ðìò¡¾−, ¢º© ¡¾−Á¥¡μ¾¨¦ò−£É¾ ñ¤®Òêñ−©óÀꉾꆣ¸−. ²Éº´-¡ñ−− ˜−, ¡¾−-ºÈº− -£È¾-¢º¤-À¤ò− -¡ó®- ê¼®-¡ñ® -À¤ò− -®¾©-À»ñ©-ùÉ-ªí− -êô− -¡¾−-−¿-À¢í¾-¦ò−£É¾-¥¾¡-¯½Àê©À²º− ®É¾−¦ø¤-¢›− (−¿-À¢í¾-À¤ò− -À³š); (2) ñ©-Ã¥-²¾ -−º¡ -Á´È− -¨Éº−-ì¾£¾-−Õ´ñ− --Áì½ ì¾£¾-£¿Ã−-ª½Í¾© Âì¡-À²ó-ú´¢›− -. ¦¿ìñ®Ï¸©-¦ò−£É¾-ê†--´ó-¡¾−-¯È¼− -Á¯¤ ì¾£¾-À²†´-¢›− -Áì½ ó°ö− -ªÒ-¡ñ®-ºñ©ª¾-À¤ò− -À³šÁ´È− ϸ©-¦½®¼¤-º¾¹¾− -À²†´-¢›− 10,35%; ϸ©£ö´ ´½−¾£ö´-¢ö− -¦‰¤ -À²†´-¢›− 9,78%; ϸ©-¦ò−£É¾ -Áì½ ®ðìò¡¾− -À²†´-¢›− 8,00% ; ϸ©-»É¾− -º¾¹¾− -Áì½ -»¤-Á»´ À²†-´¢›− 5,2%; ϸ©-ê†-²ñ¡-º¾-æ, -ij³É¾, -−Õ-¯½¯¾ -Áì½ -À§œº-À²ó¤-À²† -¢›− 4,4% ; ϸ©-À¹ìí¾ -Áì½ μ¾¦ø® -À²†´-¢›− 4,03%; -ϸ©-į¦½− ó -Áì½ -Âêì½-£ö´´½−¾ -À²† -¢›− 3,49%; ϸ©-À£ˆº¤− ÷Ȥ-¹‰´ -Áì½ À¡ó® -À²† -¢›− 2,99% Áì½ Ï¸©-ºˆ−Å- -À²†´-¢›− -Àìñ¡-− ɺ¨ (-À®…¤ ª¾ª½ì¾¤-êó 4).

first six months of 2011, the inflation rate increased sharply at 8.16 percent (from 6.06 percent in January 2011 to 9.52 percent), while in the second half of 2011, it slightly dropped at 6.73 percent (from 9.52 percent in June 2011 to 7.70 percent in December 2011) (Figure 6), the factors driven an increasing inflation rate came from 2 sources: (1) domestic factor associated with natural disasters (flood caused by Nokten and Haima storms), which severely destroyed agricultural crops, coupled with weak domestic produc-tion resulting in disequilibrium between supply and demand in the market, unregulated price management of necessary foodstuffs and lack of monitoring and distribution channels. In addition, the depreciation of Kip against Thai Baht also resulted in increase in real cost of imported commodities from neighboring country (imported inflation); and (2) external factor was associated with the increase of oil and gold prices in the global market. For a group of commodities, which has price change and influence on inflation are as follows: foodstuff rose by 10.35 percent, transport and communications rose by 9.78 percent, commodities and other services rose by 8 percent, hotel and restaurants rose by 5.2 percent, housing ,electricity, water supply and gas rose by 4.4 percent, alcoholic beverages and tobacco rose by 4.03 percent, post and telecommunication rose by 3.49 percent, clothing and footwear rose by 2.99 percent and other group of commodity was slightly increased (Table 4).

                  1  -Á¹-ìȤ¢Ó- ø

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%

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: ¡½-§¸¤-¡¾− -À¤ò−

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»ø®-êó 9Figu

2,328.872,803

59 584.34

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4,265.98

5,340.9

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Tax revenues )¾¡º− -( Non Tax

venues )

ectively (Ta

Expenditu

In FY 201eved 15,087ent or equure 10). unted to 7,8ent compar0 percent oes and salar

current erials and suent and 9.53

¯½´¾− nues

4,720.66

5,627.

3 812.04

97

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07 2007/08 2

revenues )

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able 6).

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10/2011, bu7.39 millional to 24.1

Current 890.25 billiored to 200of total expries represenexpenditureupplies we

3 percent re

.096,207.58

822.85 1,035.8

7,030.43

8,538.3

2008/09 2009/1

rce: Ministry of F

udgetary expn Kip, up 6 percent

expendituon Kip, up 09-2010 anpenditure, onts 19.49 pe, while ere accountespectively.

7,502.55

9,108.64

82 1,072.63

38

10,181.27

10 2010/11

Finance

penditure by 13.08 of GDP

ure was by 13.74

nd equal of which, percent of transfers, ted 12.36

4

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2,887.50

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2,435.503,819.90 5,323.00

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쾨-¥È¾¨¤ö®¯0: Expendit

2005/06 2006/07

3,634.90

4,242.80

2,944.60

3,388.70

6,579.50

rrent expenditurependitures)¨õ´¦÷©êò ( Total E

Total inveure sector on Kip, resented 47.7nditure comh foreign fient of totastructure w

esented 27.6 percent athe rest beh is accoun

3. Fiscal F

In FY cluding granon Kip, up cit from 49/2010 andP (Figurencing was , of which

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7 2007/08 200

5,423.62

, 3,642.03

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es)

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stment expwas amo

rose by 70 percent mpared to inancing is al investmwhich incl19 percent,and project elongs to dnted for 25

Financing

2010/20nts) was amby 0.54 per4,804.03 b

d accounted11). The amounted

h, the forei

08/09 2009/10

6,437.13

6,936.79

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6,405.62

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ource: Ministry o

penditure tounted to 12.36 perof total bFY 2009/

accounted ent expendlude proje, non-projegrant 16.0

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11 fiscal mounted to rcent or incbillion Kipd for 7.73 p

sources oto 4,829.8

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2010/11

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¾ ( Financing with Fomestic Financing)

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domestic kets as ba

of Kip/Uspread bethin the rancontinued t

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‐4,804.03 ‐4,8

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Grants)

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source of f08.79 billi215,96 bil

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inance

financing ion Kip, llion Kip

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− -¡¾−¢¾¨À¤ò−®Ò»¼¡»Éº¤Àº¡´êñ¤§÷¡ øÉùɩ Áì½ »É¾¹É¡ ɾ¤¢¸¾¤ª½Í¾©À¤ò−ª−ª¾´²¾ì½Á−æȪº®¦

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7

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18

®-¿ ¾ ½

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any amocombureforeineceof thsuffidemillegmencoulthe K2.93Bahtrate markKipper suffi

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LAK/BATH (Bank Rate

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   19

2. −½Â¨®¾¨À¤ò−ª¾

Ã−À¤ˆº−Ä¢-À¤ò− -À³šμ øȲ¾ -Ã−, -¦¾¡ö− -Áì½ ²¾¡²œ−´óêȾºÈ¼¤À²†´¢›−, ê¹ì Ä©É¥ñ©ª¤¯½ªò®ñ© −½Â¨®¾¨À¤ò−ª¾--Á®®-¯½¦ö´-¯½¦¾− Á−æÈÀ²ˆº »ñ¡¦¾¦½«¼−ì½²¾®À¤ò−ª¾Á¹È¤§¾©Ã¹ÉÏ−êȼ¤ Áì½ ¯½¡º®¦È¸−¨øÉÁ»¤¡¾−²ñ©ê½−¾À¦©«½ ¡ò©Œ¦ñ¤£ö´ ùɮñ−ì÷ª¾´£¾©Ï¾¨ê†¡¿−ö©Ä É, ©É¸¨¡¾−−¿Ã§ÉÀ£ˆº¤ õÀ¤ò−ª¾ê¾¤-ºÉº´£õ: »ñ¡¦¾-콩ñ®ºñ©ª¾©º¡À®É¨À¤ò−¡øÉÄ쨽¦− ªÔ¡ Ⱦ 7

ñ− -Ã− -콩ñ® 5%; »ñ¡¦¾ºñ©ª¾À¤ò−Á»±¾¡®ñ¤£ñ® Ä É£õÀ¡‰¾£õ: 5% ¦¿ìñ®À¤ò−±¾¡À ñ−¡ó® Áì½ 10% ¦¿ìñ® À¤ò−±¾¡À ñ−À¤ò−ª¾ªÈ¾¤¯½Àê©; ¦õ®ªÒ§÷¡ ¨øÉùɪ½Í¾©À ó©À£º−Ÿμ Ⱦ¤Á¢¤Á»¤©É¸¨¡¾−¦õ®ªÒºº¡²ñ−ê½®ñ© ê¹ì ª¾´Á°−¡¾−ê†Ä©É¡¿ − ö©Ä É; Áì½ ©¿À−ó−¡¾−©ñ©¦ö´¦½²¾®£Èº¤©É¾− ÁÍȤêô−ùÉì½®ö®ê½−¾£¾−μȾ¤À¯ñ−¯ö¡¡½ªò©É¸¨¡¾−§œŒ¢¾¨±¾¡ Áì½ §œŒ¢¾¨¢¾©Âª²ñ−ê½®ñ©.

3. ¯½ìò´¾−À¤ò−

¯½ìò´¾− -À¤ò− - (M2) »º©êɾ¨ ó 2011 ´ó-¨º©-À¹ìõ-º 26.401,80 ªœ¡ó®, ê¼®-æÈ-êɾ -¯ó 2010 À²†´-¢›− 25,20% Áì½ ¡¸´Àºö¾ 42,40% ¢º¤ GDP. ¦¾À¹©ê†²¾Ã¹É¯½ìò´¾−À¤ò− À²†´¢›− ¨Éº− -¦ò−À§ˆº ùɲ¾¡¦È¸−À¦©«½¡ò© À²†´¢›− 40,20%, Ã− -− ˜− ¦ò−À§ˆºÃ¹É²¾¡¦È¸−Àº¡½§ö− ¡¸´Àºö¾ 71,86% Áì½ ¦ò−À§ˆºÃ¹Éìñ© ò¦¾¹½¡ò© ¡¸´Àºö¾ 28,14% ¢º¤¨º©¦ò−À§ˆºêñ¤Ïö© (À®…¤ »ø®êó 13) ºö¤¯½¡º®¢º¤¯½ìò´¾−À¤ò− (M2) ó: (1) ®ðìò´¾©À¤ò− Ã−¢º©-¥ðì½¥º− ´ó¨º©-À¹ìõº 4.899,71 ªœ¡ó®, À²†´¢›− 29,20%, ¡¸ -Àºö¾ 18,56% (2) À¤ò−±¾¡À ñ−À¤ò−¡ó®´ó¨º©-À¹ìõº 9.715,59 ªœ¡ó®, À²†´¢›− 21,31% ¡¸´Àºö¾

2. Monetary Policy.

In light of high inflation tendency in domestic, regional and global environment, BOL has wisely implemented a combined monetary framework, which attempted to maintain monetary stability and contributed to supporting the sustained socio-economic development to meet the target by using more indirect monetary instruments as follows: maintained BOL’s short-term interest rate with maturity less than 7 days at 5 percent, maintained the reserve requirement ratio at 5 percent for Kip deposits and 10 percent for foreign currency deposits, continued to promote open-market operation (OMO) by issuing BOL bonds as planned, provided a regular liquidity injection to banking system by implementing repo and outright bond purchase.

3. Money Supply

As of end of 2011, money supply (M2) was amounted to 26,402.80 billion Kip, up by 25.20 percent compared to 2010 and covered to 42.40 percent of GDP. The factor driven the rise in M2 was the rise in credit to economy, which was up by 40.20 percent, of which, credit to private sector and state-owned enterprises represented 71.86 percent and 28.14 percent of total credits (Figure 13). The components of M2 include (1) currency in circulation, which is amounted to 4.899,71 billion Kip, rising by 29.20 percent or equal 18.56 percent (2) Kip deposit amounted to 9,715.59 billion Kip, up by 21.31 percent or equal to 36.79 percent of M2

and (3) deposit in foreign currency equivalent

36,79% ¢À¤ò−±¾¡À¯ñ−¨º©-À¹ìõº ¡¸´-Àºö¾ 44

¢º¤¯½ìò´¾−−À¤ò−ª¾ªÈ¾¤¯11.786,50

4,64% ¢º¤

3

0.00

5,000.00

10,000.00

15,000.00

20,000.00

25,000.00

30,000.00

D

ªœ¡ó®

Á¹ìú¤¢Ó- ø−:

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

Á¹ìú¤¢Ó

−À¤ò− (M2)¯½Àê© ê¼®ªœ¡ó®, À²†´¢›M2 (-À®…¤-ª¾ª

3,435.504,094.80

Dec‐02 Dec‐03

Billion Kip

ê½−¾£¾− -Á¹È¤

»ø®-êó 1Figu

27.52%

35.67%

72.48%

64.33%

2002 2003

À¤ò−ª

Ó- ø−: ê½−¾£¾− -Á

F

) Áì½ (3®Àꉾ-À¤ò−¡ó®´ó¢›− 26,99%ª½ì¾¤ 8).

4,999.85 5,416

3 Dec‐04 Dec‐

¦¯¯ 쾸

14: ºö¤-¯½¡ºure 14: M2 b

38.99%

41.69%

61.01%

58.31%

2004 200

ª¾ªÈ¾¤¯½Àê© (For

-Á¹È¤ ¦¯¯ 쾸

»ø®-êó 13: ¯

Figure 13: B

20

3) ´ó

%,

to Kbillio44.6

.34

7,046.11

9,7

‐05 Dec‐06 De

º®--¢º¤ M2 -Áby Currenc

41.69%

41.77%

58.31%

58.23%

05 2006 2

reign Currency)

¯½ìò´¾−À¤ò−

Broad Mon

Kip, whichon Kip, up

64 percent o

774.22

11,563.95

ec‐07 Dec‐08

Source: B

Á¨¡ª¾´-¦½-¡cy Compone

45.53%

49.64%

54.47%

50.36%

2007 2008

À¤ò−¡ó® (

Sour

− (M2 )

ney (M2 )

h is amouby 26.99 p

of M2 (Table

15,178.09

21,080.5

Dec‐09 Dec‐10

Bank of the Lao

-¡÷− -À¤ò− ents

53.93%

55.97%

46.07%

44.03%

2009 2010

(Kip)

rce: Bank of the

unted to 1percent ande 8).

52

26,401.80

0 Dec‐11

o PDR 

55.36%

44.64%

0 2011

e Lao PDR 

11,787.50 d equal to

4. «¾−À¤ò−

«¾−11.112,78 16,24%. (1) À¤ò− -Ã−¢ªœ¡ó®, À²†´¢›£¾−ê÷콡ò©ê¹ì ó¨º7,83% (-À®…¤

5. À¤ò−±¾¡

»º©¢º¤ ê½−23.532,24 2010 Íõ À2010 Áì½− ˜−, À¤ò−±¾ªœ¡ó® À²†´¢›

−ª¾

−À¤ò−ª¾êɾ¨ 󪜡ó®, ê¼®

-£¤¯½¡º®¢º©¥ðì½¥º¢›− 25,70%© -Áì½ ¦º©--ÀÍõº 5.4¤-ª¾ª½ì¾¤ 7

¡¢º¤-ê½−¾

©êɾ -À©õº−êñ−¾£¾−-ê÷ì½-¡ò

ªœ¡ó® ¥¾¡À²†´¢›− 26 ¡¸´Àºö¾ 3¡À¯ñ−À¤ò−¡ó®

¢›− 23,37%

822.5678

0

2000

4000

6000

8000

10000

12000

Dec‐01

Á¹ìú¤¢Ó- ø−: ê

ó 2011 ®Ã¦Èêɾ¨ ó 2

¢º¤«¾−À¤ò−− ´ó¨º©--ÀÍõ

%, (2) À¤ò−±¦½-«¾-®ñ− -¡¾−451,60 ªœ¡ó7).

¾£¾−-ê÷ì½-¡ò

êñ−¸¾ ó 20-¡ò© ´ó¨º© 18.598,54,52% -À´ˆº35,82% ¢º® ´ó¨º©--ÀÍõº

Áì½ ¡¸´

1079.11369.

8.4 897.3 1

1 Dec‐02 Dec

¡¾−¢½¹¨¾¨

¡¾−¢½¹¨¾

¡¾−¢½¹¨¾

ê½−¾£¾− -Á¹È¤ ¦

󨺩ÀÍõº2010 À²†´¢›−−ª¾ 츴 óÍõº 5.661,1¾¡¢º¤ê½−− -À¤ò− -ºˆ−Å μ¡ó®, À²†´¢›−

¡ò©

011, -À¤ò− -±¾¡©À¹ìõ-ºêñ¤-Ïö©4 ªœ¡ó® -Ã− -¯óê¼®-æÈ-êɾ¨¯ó

º¤ GDP. -Ã−º 10.631,5Àºö¾ 45,17%

»ø®-êó 15Figure 15: M

.1 1545.2918

1043.6 952.87

c‐03 Dec‐04

¨ªö¸¢º¤ «¾−À¤ò−ª¾

¾¨ªö¸¢º¤ À¤ò−±¾¡ ê

¾¨ªö¸¢º¤ À¤ò−¦ö©μøÈ¢º

¦¯¯ 쾸

21

º − ó:

8 ¾ μ øÈ −

¡ © -¯ó ¯ó − -5

%

4.

amo16.2comcashbillioof coheldKip,

5.

depoto 2billiorepreKipbilliorepreforei

: «¾− -À¤ò−ª¾Monetary B

823.23

2501.97

946.68 1165.

Dec‐05 Dec‐06

(MB Growth )

ê/£ ê÷콡ò©μøÈ ê¹ì (G

º©¥ðì½¥º− (Growt

Monetary

At the endounted to 124 percent

mponents ofh in circulon Kip, up ommercial b

d at BOL , rose by 7.8

Deposits

As of enosits of com23,532.24on Kip in esented 35.

deposits on Kip, esented 45ign currenc

¾ Base

3973.61

4775.7

38

1909.6222

Dec‐07 Dec

Growth of Deposit

th of Currency in C

Source: B

y Base

d of 2011, 11,112.78 bt comparef monetarylation amoby 25.70 p

banks and famounted 83 percent (

nd of Decmmercial bbillion Ki2010, up b.82 percentwas amouup by 2.17 percency deposits

3

6427.63

9,

267.472849.75

‐08 Dec‐09 D

ts at BOL)

irculation)

Bank of the Lao

monetary bbillion Kiped to 20y base conounted to percent, (2)financial into 5,451.6(Table 7).

cember 20anks was aip from 1by 26.52 pt of GDP, ounted to 123.37 percnt of total s equivalen

560

11,113

5,0565,661

Dec‐10 Dec‐11

o PDR 

base was p, up by 010, the nsists (1) 5,661.18

) deposits nstitutions 60 billion

11, total amounted 18,598.54 ercent or of which, 10,631.55 cent and

deposits, nt to Kip

¢º¤À¤ò−±¾¡Àê©ê¼®Àꉾªœ¡ó®, À²†´¢›¢º¤À¤ò−±¾¡

£¤¡½Á¦ì¾¨ ñ¢›− 12,52%¥¿-´ó¨º©À¹29,09% (-À

6. ¦ò−À§º

¦ò−À§ˆ¦È¸−À¦©«½17.608,02 Àºö¾ 26,80%¹½¡¿ -Á콡¸´Àºö¾ ¢½ÁΤ¡Ò¦É12,63%, ¢

17.45%

40.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

2004

Á¹ìú¤¢Ó- ø−

¡êñ¤Ïö©; À ò¾À¤ò−¡ó® ó¢›− 29,25%¡êñ¤Ïö©. ¯½¡º®¯½Àñ−´ó¨º©-À¹ìõ

%; À¤ò−±¾¡¹ìõ-º 15.89

®…¤-ª¾ª½ì¾¤

º¢º¤-ê½−¾£

§ˆº¢º¤-ê½−¾½¡ò© »º©êɾ

ªœ¡ó®, À²†´% ¢º¤ G½ ¹ñ©«½¡¿

19,91% ¾¤ À²†´¢›− ½-ÁΤ-¯½¡º

%

4.77%

17.

5

20.78%

4.14%

24.05%

12.95%

4.32%

22.11%

4 2005 2006

À¤ò−±¾¡ (¡ó®) (DeÀ¤ò−±¾¡ (¤ªª) (DÀ¤ò−±¾¡ (츴À ñ−

−: ê½−¾£¾− -Á¹È

À¤ò−±¾¡À ñ−Àó º©-À¹ìõº

% Áì½ ¡¸´

²©À¤ò−±¾¡ óìõº 5.593,3¯½μ ñ© -Áì½97,24 ªœ¡ó¤ 10).

£¾−-ê÷ì½-¡ò©

¾£¾−-ê÷콡ò©¾¨¯ó 2011 ¢›− 37,90%DP. Ã−− š ¢À²†´¢›− 46¢º¤-¨º©-¦ò41,53% Á

º®-¸ñ©«÷- -Áì½

»ø®-êFigu

.22%

52.62%

34.61%

52.56

29.26%

5.63

35.58%

14.45%

2007 2008 20

eposits in LAK)Deposits in Forex)−¡ó®) (Total Deposi

¤ ¦¯¯ 쾸

À¤ò−ª¾-ªÈ¾¤¯12.900,6

Àºö¾ 54,82%

ó: À¤ò−±¾¡37 ªœ¡ó®, À²†´½ -À¤ò−±¾¡¯¡ó®, À²†´¢›−

©

©Ã¹ÉÁ¡È²¾¡´ó ¨º©ÀÍõº

% -Áì½ ¡¸´¢½ÁΤº÷©¦6,69% Áì− -À§ˆº-êñ¤-Ïö©

Áì½ ¡¸´Àºö½ Àªñ¡− ò¡-À²†´

-êó 16: À¤ò− -±¾ure 16: Com

6%56.69%

2

3%

17.35%

31.50%

29.232.57%

39.27%

2

009 2010 2011

its Equivalent to La

22

½-9

%

¡ ´ ½ −

º ´-¾ ½

©, ¾ -

was by 2perc inclu5,59savinamo29.0

6. C

by 17,6and credsectoaccoconscoveequi

¾¡¢º¤-ê½−¾mmercial Ba

23.38%

25%

26.53%

1

ak)

5,00

10,00

15,00

20,00

25,00

amounted 29.25 perc

cent of total The comudes deman93.37 billiong deposi

ounted to 109 percent (T

Credits

As end of commercia

608.02 billicovered 26

dit providedors was ounted forstruction rered 12.63ipment up

¾£¾−-ê÷ì½-¡òanks’ Depos

1,515.59

175461

3,801.17

5,316.76

0.00

00.00

00.00

00.00

00.00

00.00

2005

À¤ò−±¾¡À¤ò−±¾¡À¤ò−±¾¡

for 12,900cent and

deposits. mponents ond depositson Kip, upts and tim15,897.24 bTable 10).

f 2011, the al banks ion Kip, up6.80 percend to industrup by 419.91 perc

rose by 43 percentby 12.67 p

© sits

1,754.61

2,677.90

360477

4,737.54

6,123.85

6,492.15 8,801.84

2006 2007

¡ (¡ó®) (Deposits in ¡ (¤ªª) (Deposits in¡ (츴À ñ−¡ó®) (Tota

Sourc

0.69 billiond represente

of deposits was accou by 12.52 me deposibillion Kip

total loan to econom

p by 37.90t of GDP. Orial and ag

46.69 perccent of tot41.53 perct, machinepercent and

3,604.77

5,499.37

861718

6,468.54

7,590.6010,073.43 13,354.61

2008 2009

LAK)n Forex)al Deposits Equiva

ce: Bank of the

n Kip, up ed 54.82

s which unted for

percent, its were p, up by

provided my was 0 percent Of which

gricultural cent and tal loans, cent and ery and d covered

8,617.18

10,631.55

9,981.36 12,900.69

18,598.45

23,532.24

2010 2011

lent to Lak)

Lao PDR 

   23

¢›− 12,67% -Áì½ ¡¸ -Àºö¾ 3,96%, -¢½ÁΤ¡½¦ò¡¿ À²†´¢›− 17,89% Áì½ ¡¸´Àºö¾ 13,42 %, ¢½ÁΤ¡¾−£É¾ À²†´¢›− 25,11% Áì½ ¡¸´Àºö¾ 21,26%, ¢½-ÁΤ¢ö− -¦‰¤ À²†--´¢›− 35,39% ¡¸´-Àºö¾ 3,79% Áì½ ¢½-ÁΤ-®ðìò¡¾− -À²†´-¢›− 85,11% -Áì½ ¡¸ -Àºö¾ 16,87% -Áì½ ¢½ÁΤ ¡¾−º−Å À²†´¢›− 31,29% Áì½ ¡¸´Àºö¾ 8,17% (-À®…¤-ª¾ª½ì¾¤ 11). ²Éº´− š£÷−−½²¾® Ã−¡¾− Ⱥ¨¦ò−À§ˆº Ä©É»ñ®¡¾− ö¡¦ø¤¢›− Ã− ó 2011, Κ NPL ¨ñ¤»ñ¡¦¾Ä©ÉÃ−콩ñ®ªÔ£õ 2,2% ¢º¤¨º©¦ò−À§ˆºêñ¤Ïö©.

7. ºñ©ª¾©º¡À®É¨-À¤ò− -±¾¡ -Áì½- À¤ò− -¡øÉ

Ã− ó 2011 ê½−¾£¾−ê÷콡ò©Ä©É¯ñ®ºñ©ª¾

©º¡À®É¨À¤ò−±¾¡ -Áì½ -À¤ò− -¡øÉùÉ-Áê©-ÀϾ½¡ñ®-

¦½²¾®-¡¾−ªö -¥ò¤²¾ -Ã− -¯½-Àê©- Áì½ ¦¾¡ö−.

ºñ©ª¾©º¡À®É¨À¤ò−±¾¡ ´ó¡¿−ö© 12 À©õº− ¦½-

ÀìȨÎö© ó 2011 ê‰ -ì½®ö®ê½−¾£¾−-ê÷ì½-¡ò©

3.96 percent, agriculture rose by 17.89 percent and covered 13.42 percent, commerce rose by 25.11 percent and covered 21.26 percent, transports rose by 35.39 percent and covered 3.79 percent and services up by 85.11 percent and covered 16.87 percent and other sector up by 31.29 percent and covered 16.87 percent. (Table 11). And quality of loan was improved , the ratio of non-performing loan (NPL) was well maintained at 2.2 percent of total credits.

7. Interest Rates on Deposits and Loans

In 2011, the interest rates on the deposits and loans of commercial banks were adjusted in consistence with the domestic and international economic conditions. Annual interest rates in the banking system for term deposit with maturity of 12 month for Kip deposits dropped from 9.18 percent in 2010 to

»ø®-êó 17: ¦ò− -À§ˆº-¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© Figure 17: Commercial Banks’ Credits

10.50%

24.40%

‐5.91%

23.68%

63.65%

40.65%

46.09%

37.90%

9.87%12.53%

8.53% 9.47%13.63%

18.68%22.59%

28.28%

‐10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

2004 2005 2006 2007 2008 2009 2010 2011

ºñ©ª¾¦È¸−¡¾−¢½¹¨¾¨¢º¤¦ò−À§º ( Credits Growth)

ºñ©ª¾¦È¸−¦ò−À§ºªÒ GDP ( Credits inŒPercent of GDP)

Á¹ìú¤¢Ó- ø−: ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR 

   24

꼮æȯó 2010 ´ó-¡¾− -¯È¼− -Á¯¤-©„¤−š-: ºñ©ª¾-©º¡

À®É¨-À¤ò− -±¾¡-¦½¡÷− -À¤ò−¡ó®Á´È− ¹ì÷©ìö¤ ¥¾¡

9,18% ´¾À¯ñ− 8,80%-. ¦¿ìñ®À¤ò−©쾦½¹½

ìñ©Á´È−-À²†´-¢›−¥¾¡ 3,24%´¾À ñ− 3,41%, À¤ò−

®¾©Á È−À²†´-¢›−¥¾¡ 3,23% ´¾À ñ− 3,53%.

ºñ©ª¾©º¡-À®û¨-À¤ò− -¡øÉ-Ä쨽 1 ó ¦½ÀìȨ Îö© ó 2011 ꉸ콮ö®ê½−¾£¾− 꼮æȯó 2010 ´óêȾºÈ¼¤ÍЩìö¤£õ: ºñ©ª¾-©º¡-À®É¨-À¤ò− -¡øÉ-¦½¡÷−À¤ò− ¡ó®Á´È− -¹ù÷©ìö¤ ¥¾¡ 14,45% ´¾-À¯ñ− 13,84%; À¤ò−©쾦½¹½ìñ© ÍЩ-ìö¤ ¥¾¡ 9,49% ´¾À¯ñ− 9,14% Áì½ ¦½¡÷−À¤ò−®¾© Á´È−ÍЩ-ìö¤¥¾¡ 9,79% ´¾À ñ− 9,69%.

8.80 percent while US dollar and Thai Baht account rose from 3.24 percent to 3.41 percent and from 3.23 percent to 3.53 percent respectively.

For 12 months interest rates of lending in the banking system in 2011 compared to 2010 as follow: on average for Kip dropped from 14.45 percent to 13.84 percent, US dollar dropped from 9.49 percent to 9.14 percent and Baht dropped from 9.79 percent to 9.69 percent.

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

Jan‐08

Mar‐08

May‐08

Jul‐0

8

Sep‐08

Nov

‐08

Jan‐09

Mar‐09

May‐09

Jul‐0

9

Sep‐09

Nov

‐09

Jan‐10

Mar‐10

May‐10

Jul‐1

0

Sep‐10

Nov

‐10

Jan‐11

Mar‐11

May‐11

Jul‐1

1

Sep‐11

Nov

‐11

Â©ì¾ (USD) ®¾© (THB) ¡ó® (KIP)

Á¹ìú¤¢Ó- ø−: ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR 

»ø®-êó 18: ºñ©ª¾-©º¡-À®É¨¦½-ÀìȨ-À¤ò− -±¾¡-¡¿− ö© 12 À©õº−

Figure 18: Average 12 Months - Deposit Rates

   25

8. ¡¾−£÷É´£º¤À¤ò−ª¾ªÈ¾¤¯½Àê© Áì½ ¡¾−

¦‰¤À¦ó´¡¾−−¿Ã§ÉÀ¤ò−¡ó®.

À²ˆºÀ»ñ©Ã¹É¸¼¡¤¾−£÷É´£º¤À¤ò−ª¾ªÈ¾¤¯½Àê©©¿À− ó−įĩÉμ Ⱦ¤£Èº¤ªö¸ ê¹ì ĩɦ÷´Ã¦È ¡¾− ñ® ÷¤ì½®¼®¡¾− ꆪò©²ñ−¡ñ®¸¼¡¤¾−£÷É´ £º¤À¤ò−ª¾ªÈ¾¤¯½Àê© Áì½ ¦‰¤À¦ó´¡¾−−¿Ã§É À¤ò−¡ó®À ñ−ªí−: ñ® ÷¤¡ö©ì½®¼® £÷É´£º¤»É¾− Áì¡ È¼−À¤ò−ª¾ Áì½ ºº¡-Á¥É¤¡¾− -À«ò¤ê½−¾ £¾−-ê÷ì½-¡ò©, ®ñ−©¾-®ðìò¦ñ© -Áì½ ªö -Áê− -ê†-®ðìò ¡¾−-¡¾− -º− -À¤ò− -©È -− ¡È¼¸¡ñ® -¡¾− -¥ñ©-ª˜¤-¯½ªò ®-ñ©¡¾−-À®ó¡¥È¾¨À¤ò− ùÉ-®ðìò¡¾−-Á¡È-ìø¡-£É¾. £÷É´ £º¤ªò©ª¾´¡¾−−¿À¤ò−ª¾ªÈ¾¤¯½Àê©À¢í¾ Œ ºº¡ ¦¯¯ 쾸. Ã− ó 2011 ê¹ì ĩɺ½− ÷¨¾©Ã¹Éê½ −¾£¾−ê÷콡ò©−¿-À¤ò−ª¾ªÈ¾¤¯½Àê© ºº¡−º¡ ¦¯¯ 쾸 ¥¿−¸− 457,24 ìɾ−©쾦½¹½ìñ© ê¼®Àꉾ Áì½ −¿À¤ò−ª¾ªÈ¾¤¯½Àê©À¢í¾ ¦¯¯ 쾸 0,06 ìɾ−©쾦½¹½ìñ©ê¼®Àꉾ; ĩɺ½− ÷

8. Foreign Currency Management and the

Campaign to Promote the use of Kip

In order to implement the foreign currency management smoothly and effect-tively, BOL has attempted to improve the regulation related to foreign currency management and the promotion of the use of Kip such as: revised the regulation of exchange bureaus and issued a notice on mode of payment for their clients to commercial banks, companies and money transfer agents; supervised and monitored the foreign currencies to be transferred in and out of the country. As of 2011, BOL authorized commercial banks to bring foreign currencies out of the country in the amount of US$ 457.24 million equivalent and US$ 0.06 million in equivalent for bringing inside the country. BOL also allowed precious metal import and export companies to import 50 kg

Á¹ìú¤¢Ó- ø−: ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR 

»ø®-êó 19: ºñ©ª¾-©º¡-À®É¨-¦½-ÀìȨ-À¤ò− -¡øÉ¡¿−ö© 12 -À©õº− Figure 19: Average 12 Months - Lending Rates

0.00%2.00%4.00%6.00%8.00%

10.00%12.00%14.00%16.00%18.00%20.00%

Jan‐08

Mar‐08

May‐08

Jul‐0

8

Sep‐08

Nov

‐08

Jan‐09

Mar‐09

May‐09

Jul‐0

9

Sep‐09

Nov

‐09

Jan‐10

Mar‐10

May‐10

Jul‐1

0

Sep‐10

Nov

‐10

Jan‐11

Mar‐11

May‐11

Jul‐1

1

Sep‐11

Nov

‐11

Â©ì¾ (USD) ®¾© (THB) ¡ó® (KIP)

   26

¨¾©Ã¹É®ðìò¦ñ©−¿À¢í¾Œ¦‰¤ºº¡ ñ©«÷ ó£È¾ −¿À¢í¾À¤ò−À´ñ©¥¿−¸− 50 ¡òÂì¡ù¾´ ø−£È¾ 0,05 ìɾ− ©쾦½¹½ìñ©; Ä©Éμ ˜¤μ õ−¡¾−−¿À¢í¾êô− ¢º¤ ®ðìò¦ñ©ìö¤êô−ªÈ¾¤¯½Àê© ¥¿−¸− 92 ®ðìò¦ñ©, §‡¤ −¿À¤ò−À¢í¾´¾μ¤μ õ−ªö¸¥ò¤ ¥¿−¸− 494,68 ìɾ− -©-ì¾-¦½¹½ìñ©ê¼®-Àꉾ; Ä©É--¹ñ− -Àºö¾-¡¾−-Áì¡ È¼− -À¤ò−ª¾ê†®Ò-«õ¡ªÉº¤-À¢í¾-¦øÈì½®ö® ©¨§÷¡ øɦ‰¤À¦ó´ ¡¾−À¯ó©»É¾−Áì¡ È¼−. Ã− ó 2011 ¦¾´¾©-¢½ ¹¨¾ -»É¾− -Áì¡ È¼− -À¤ò−ª¾-Àº¡½-§ö−- ¥¿−¸− 39 -»É¾− Áì½ 46 ¦¾¢¾. ¯½¥÷®ñ− ´ó-¥¿−¸− êñ¤-Ïö© 169 Á¹È¤Ã−¢º®-À¢©-ê‰ -¯½-Àê©.

£¼¤£øÈ¡ñ−− ˜−, ê¹ì ĩɦ÷´Ã¦È-¡¾−À°ó¨-Á°È ì½®¼®-¡¾−-£÷É´-£º¤-À¤ò−ª¾-ªÈ¾¤¯½--Àê© -Áì½ ¦‰¤-À¦ó´-¡¾−-−¿-çÉ-À¤ò− -¡ó® ùɡñ®®ñ−©¾¡½§¸¤ºÉº´ ¢É¾¤, ¦½«¾®ñ−¡¾−¦ô¡¦¾²¾¡ìñ©, ºö¤¡¾−¥ñ©ª¤ ´½¹¾§ö−À§„−: Á´È¨ò¤, ¡¿´½®¾−, §¾¸Î÷È´ Áì½ ºö¤¡¾−²÷©ê½¦¾¦½Î¾¦¿²ñ−쾸. Ä©É À²†´ê½ ó¡¾−£¦½−¾©É¸¨Í¾¨»ø®Í¾¨¦ó °È¾− ¦ˆªÈ¾¤Å. ²Éº´©¼¸¡ñ−− š ê¹ì Ä©Éìö¤ªò©ª¾ -£õ− -¦½²¾®¡¾−¥ñ©-ª¤-¯½ªò®ñ©-¸¼¡-¤¾− -£÷É´-£º-¤-À¤ò−ª¾-ªÈ¾¤¯½-Àê© -Áì½ ¦‰-¤-À¦ó´-¡¾−-−¿-çÉ-À¤ò− -¡ó®μ øÈ 4 -Á¢¸¤-²¾¡-ÃªÉ Áì½ 9 À õº¤²¾¨Ã−−½£º−͸¤ ¸¼¤¥ñ−, ²Éº´êñ¤ìö¤¡¸©¡¾ªò©ª¾ -¡¾−-ªò©-ì¾£¾-¦ò−£É¾ -Áì½ £È¾-®ðìò¡¾−μ øÈ-®ñ−©¾¹ö¸Îȸ¨-ê÷ì½-¡ò©, ¦ø−¡¾−£É¾, ª½Í¾© Áì½ ¤¾−®÷−¯½À²− óªÈ¾¤Å ¢º¤§¾© Áì½ ¯½ªò®ñ©-´¾©-ª½¡¾−-ªÒ°øÉ-ê†-ì½-À´ó©-Ã−-¡¾− -ªò©-ì¾£¾-¦ò− -£É¾ -Áì½ £È¾-®ðìò¡¾− -ê†-À¯ñ− -À¤ò− ª¾-ªÈ¾¤¯½-Àê© ©É¸¨- òêó¡¾−ªÈ¾¤Å ê†ÀϾ½¦ö´. −º¡¥¾¡−š ê¹ì Ä©É-§÷¡-¨øÉ-¦‰¤À¦ó´¡¾−§¿ì½£È¾ ij³É¾, −Õ¯½¯¾ Áì½ £È¾Âê콦ñ® Áì½ ¡¾− §¿ì½À¤ò−À©õº−¢º¤ ²½− ñ¡¤¾−ìñ© Áì½ Àº¡½ §ö−°È¾−ì½®ö®ê½−¾£¾−ùÉ;¨¢›−. »º©êɾ¨ ó 2011 ¢½ÁΤ¡¾−ªÈ¾¤Å ꆧ¿ì½°È¾−ì½®ö®ê½

of pure silver with the amount of US$ 0.05 million; issued a certificate for capital inflows of 92 foreign investment companies in the amount of US$ 494.68 million equivalent and also brought illegal money changers under control by encouraging them to open exchange bureaus. In 2011, 39 private exchange bureaus and 46 branches were granted a business license. Presently, there are 169 exchange bureaus operating throughout the country.

In parallel, BOL also made an attempt to disseminate the related regulations on foreign currency management and intensified campaign to promote the use of Kip among line ministries, public educational institutions, mass organizations such as: women union, trade union and youth organization of ministries and Lao Buddhism fellowship association. BOL strongly conducted the Kip promotion via various means through the public media. Furthermore, BOL conducted revaluation for foreign currency management and the campaign to promote the use of Kip in 4 provinces of southern part and 9 districts within Vientiane capital and conducted an inspection of price quotations for goods and service fees in the business sectors, commercial centers, markets and various traditional festivals, while the appropriate policy and measures were also taken against those who violated the rule, especially who quoted price for goods and service in foreign currency. BOL also promoted the mode of payment for electricity, water bills, telephone and salary payments of private and civil servants through banking system. As of end of 2011, there were 693 organizations making payment via banking system, increased from

   27

−¾£¾−Ä©ÉÀ²†´¢›−¥¾¡ 584 Á¹È¤ Ã−¯ó 2010 ´¾À¯ñ− 693 Á¹È¤ Ã−êɾ¨ ó 2011.

9. ¡¾−£÷É´£º¤ê½−¾£¾−ê÷콡ò©. ê¹ì Ä©ÉÀºö¾Ã¥Ã¦ÈÃ−¡¾−¯½ªò®ñ©Á°− ¡¾−£÷É´£º¤¡¸©¡¾ê†¸¾¤ºº¡Â©¨²œ−«¾−ÁìɸÁ´È−»ñ®¯½¡ñ−ùɴ󣸾´Ï−£ö¤ Áì½ »ñ®¯½¡ñ− ¡¾−©¿À−ó−ê÷콡ò©ê½−¾£¾−ꆴ󯽦ò©êò°ö−Ã−ꉸ콮ö®ê½−¾£¾−. ê¹ì ĩɦõ®ªÒìö¤êô−Ã¦È ¸¼¡Ä¯¦øÈêñ−¦½ÄÏì½®ö®²œ−«¾−£ȤìȾ¤Àªñ¡− ò¡ ¡¾− ñ® ÷¤− òªò¡¿ªÈ¾¤Å ê†Ã§ÉÃ−¡¾−£÷É´£º¤Ã¹É ¦º©£úº¤¡ñ®¦½²¾®¡¾−¢½¹¨¾¨ªö¸¢º¤ê½−¾£¾−ê÷콡ò© Áì½ £¸¾´»¼¡»Éº¤ªÉº¤¡¾− ¢º¤ ¸¼¡¤¾−£÷É´£º¤Ã−Ä쨽ÃÏÈ Â©¨Ä©ÉÀ²†´ê½¸ó ¡¾−¦É¾¤¦½²¾®Á¸©ìɺ´ 꾤©É¾−¡ö©Ï¾¨ê† Àºœºº¿−¸¨¡É¾¸¦øÈ´¾©«¾−¦¾¡ö−, Ä©ÉÀºö¾Ã¥Ã¦È Ã−¡¾−£í−£É¸¾ ñ® ÷¤®ñ−©¾−òªò¡¿À²ˆº¦É¾¤£¸¾´ À¢˜´Á¢¤Ã¹ÉÁ¡Èê½−¾£¾−ê÷콡ò© À ñ−ªí−ĩɦ¿ Àìñ©¡¾− ñ® ÷¤¢º®À¢©¡¾−£÷É´£º¤ê½−¾£¾−ê÷ 콡ò©ì½¹ Ⱦ¤ ¡ö´£÷É´£º¤ê½−¾£¾−ê÷콡ò© Áì½ ¦¾¢¾ ê¹ì ª¾´êò©ê¾¤¡¾−£÷É´£º¤¡¸© ¡¾ì¸´¦ø−¦¿−ñ¡¤¾−ù È; ¯½¡¾©Ã§É¢Óªö¡ìö¤ ¡È¼¸¡ñ®¡¾−¥ñ©§−Κ Áì½ ¹ñ¡À¤ò−Á»Îšê†«õ¡¥ñ© §˜−; §÷¡ øÉùɴó¡¾−¡¸©¦º®²¾¨−º¡ Áì½ ¡¾− ²ò´À°ó¨Á°È«¾−½¡¾−À¤ò− À²ˆº»ñ®¯½¡ñ−ùɸ¼¡ ¤¾−£÷É´£º¤ê½−¾£¾−ê÷콡ò©Ã¹É´ó£¸¾´£Èº¤ªö¸ Áì½ ó¯½¦ò©êò°ö−¨…¤¢›−, ¦É¾¤£¸¾´Â Ȥ梺¤ ì½®ö®ê½−¾£¾− ¦¯¯ 쾸. ´¾»º©- ó 2011 ê½−¾£¾−-ê÷ì½-¡ò©μ øÈ ¦¯¯ 쾸 -ó- 26 -Á¹È¤.

10. ¡¾−-£÷É -£º¤-¦½-«¾-®ñ− -¡¾−-À¤ò−.

Ã− ó 2011 ¦½«¾®ñ−¡¾−À¤ò−¥÷ì½²¾¡Ä©É ´ó¡¾−Àªó®Ã¹ È¢½¹¨¾¨ªö¸μ Ⱦ¤ úº¤Ä¸ Ã−¢º® À¢©ê‰¸¯½Àê© Áì½ ó;¨»ø®Á®®À§„−: ¦½«¾

584 organizations in 2010. 9. Commercial Banks Supervision

To ensure a sound financial sector and effective operation of commercial banks, BOL paid attention to conduct a regular bank examination in accordance with commercial bank supervision plan. BOL also continued to invest in modern infrastructure and IT system, regulatory improvement for bank supervision to be in line with banking expansion and growth in order to response to the need of commercial bank supervision task at present. To perform this important task, it is required to create conducive legal environment towards international standard, concentrated on regulatory revision and amendment for the sake of strengthening commercial banks. For instance, BOL completed the defined role of commercial banks supervision between financial institutions department and the BOL’s branches in the direction of centralized supervision system at the BOL, issued the regulation on the loan classification and provision, encouraged commercial banks to have a regular external audit and publish financial statements to ensure the effective task of banks supervision, transparency and trust in the banking system in Lao PDR. By the end of 2011, there were 26 commercial banks operating in the country.

10. Financial Institutions Supervision

In 2011, microfinance institutions were rapidly expanded nationwide with various forms of financial institutions such as: deposit-taking micro finance institutions, non-

   28

®ñ−¡¾−À¤ò−¥÷ì½²¾¡»ñ®À¤ò−±¾¡, ¦½«¾®ñ−¡¾−À¤ò−¥÷ì½²¾¡®Ò»ñ®À¤ò−±¾¡, ¦½¹½¡º−¦ò−À§ˆº Áì½ À¤ò−±¾¡¯½μ ñ©, »¤§¸©¥¿, ®ðìò¦ñ©À§‰¾¦ò− À§ˆº, ®ðìò¦ñ©Âº−À¤ò−©È¸−ì½¹ Ⱦ¤¯½Àê©. ¦½«¾ ®ñ−¡¾−À¤ò−À͉¾−š Ä©É´ó®ö©®¾©§÷¡ øɦ‰¤À¦ó´Ã¹É¯½ §¾§ö− ¦¾´¾©À¢í¾¹¾ÁÍȤêô−ĩɦ½©¸¡¢›−. »º©êɾ¨ ó 2011 ¦½«¾®ñ−¡¾−À¤ò−¥÷ì½²¾¡ ê†Ä©É»ñ®¡¾−º½− ÷¨¾©¦É¾¤ª¤ ¥¾¡ê½−¾£¾−Á¹È¤ ¦¯¯ 쾸 óêñ¤Ïö© 85 Á¹È¤, Ã−− š, ¦½«¾®ñ− ¡¾−À¤ò−¥÷ì½²¾¡ê†»ñ®±¾¡À¤ò− Áì½ ®Ò-»ñ®-±¾¡-À¤ò− -´ó 25 -Á¹È¤, ¦½¹½¡º−¦ò−À§ˆº Áì½ À¤ò− ±¾¡¯½μñ© 18 -Á¹È¤, -»¤-§¸©-¥¿ ó 28- Á¹È¤ -Áì½ ºˆ−Å ó 12 -Á¹È¤. »º©êɾ¨ ó 2011 ¨º©§ñ®¦ò− êñ¤Ïö© ¢º¤ ¦½«¾®ñ−¡¾−À¤ò−¥÷ì½²¾¡ óÀ«ò¤ 198,3 ªœ¡ó® À²†´¢›− 29% À´ˆºê¼®Ã¦È¯ó°È¾−´¾. ¨º© ö¤À¤ò−¡øÉêñ¤Ïö© 142,9 ªœ¡ó® À²†´¢›− 26,70% 꼮æȯó 2010 Áì½ À¤ò−±¾¡êñ¤Ïö© 122,9 ªœ¡ó® À²†´¢›− 5,90% À´ºê¼®Ã¦È ó 2010. Ã−¦½²¾®ê†¦½«¾®ñ−¡¾−À¤ò−¥÷ì½²¾¡ ó¡¾−¢½¹¨¾¨ªö¸μ Ⱦ¤ªÒÀ− ˆº¤ ê½−¾£¾−Á¹È¤ ¦¯ ¯ 쾸 Ä©ÉÀºö¾Ã¥Ã¦Èªò©ª¾´Œ¡¸©¡¾, £÷É´£º¤ ®ñ−©¾¦½«¾®ñ−¡¾−À¤ò− ê†μ øȲ¾¨ÃªÉ¡¾−£÷É´£º¤ ¢º¤ê½−¾£¾−Á¹È¤ ¦¯¯ 쾸. ²Éº´©¼¸¡ñ−− š ¡ÒÄ©É¥ñ©ª¤À°ó¨Á°È®ñ−©¾− òªò¡¿-À²ˆº»º¤-»ñ®Ã¹ÉÁ¡È ¥ñ©ª¤¯½ªò®ñ© Áì½ Ã¹É¦ñ¤£ö´ ó-£¸¾´À¢í¾Ã¥Àìò¡ À§…¤Ã−ꉸ¯½Àê©.

11. ¡¾−£÷É -£º¤-ª½Í¾©-Íñ¡-§ñ®Ã− ¦¯¯ 쾸 ²¾¨Íñ¤ê†ª½Í¾©-Íñ¡-§ñ®-쾸 -Ä©É-À¯ó©-¡¾−-

§œŒ¢¾ -μ Ⱦ¤À¯ñ−꾤¡¾− Ã− - ñ− -êó 11 ´ñ¤¡º− 2011 ©¨À®œº¤ªí− - ó-¦º¤-®ð-ìò-¦ñ©À¢í¾¥ö©-ê½®¼−£õ: ê½−¾£¾−-¡¾−-£É¾-ªÈ¾¤¯½-Àê©-쾸´½¹¾§ö− -Áì½

deposit-taking microfinance institutions, credit cooperatives and saving deposits institutions, pawnshops, financial leasing companies and western unions. All of these institutions play an important role to provide a better access to financial service for the Lao people. As of end of 2011, there were 85 micro-finance institutions registered with BOL, of which, there were totally 25 deposit- taking and non-deposit taking financial institutions, 18 credit cooperatives and saving deposits, 28 pawnshops and 12 other institutions. By the same period, the total asset of micro-finance institutions was amounted to 198.3 billion Kip, up by 29 percent compared to 2010. Total credit was amounted to 142.9 billion Kip, increased by 26.70 percent and total deposit was amounted to 122.9 billion Kip, up by 5.90 percent compared to 2010.

In the wake of the growing number of

micro-finance institutions operating in the country, BOL paid attention to monitor, conduct an examination and supervise the financial institutions, which are under jurisdiction of the BOL. In addition, BOL also organized seminars to disseminate the regulations for the purpose of effective implementation in order to broaden public understanding and increase awareness nationwide.

11. Stock Exchange Management

After Lao securities exchange was officially launched on 11 January 2011, with the first two companies registered in Lao securities exchange namely: Banque Pour Le Commerce Exterieur Lao Public (BCEL) and EDL public company and their total

   29

®ð-ìò-¦ñ©-°½ìò©---ij³É¾-쾸´½¹¾§ö− Áì½ ó-¥¿−¸−-»÷É−¥ö©-ê½®¼− -êñ¤-Ïö© ¯½´¾− 1.005,17 ìɾ−»÷É−. ¦½²¾®¡¾−§œŒ¢¾¨ ¢º¤ ª½Í¾©Íñ¡§ñ® Á È−©¿ À− ó−į©É¸¨ £¸¾´À ñ−ì½®¼®»¼®»Éº¨Ã−ª½ ;©¢− -·¤--©¨êñ¤-¦º¤-®ð-ìò-¦ñ©- ¦¾-´¾©ì½©ö -êô− êñ¤-Ïö©-Ä©É 1.237,40 ªœ-¡ó® Íõ 0,02% ¢º¤ GDP. į£¼¤£øÈ¡ñ−− š À²ˆº-º¿−¸¨-£¸¾ -¦½©¸¡-ùÉ-Á¡È-¡¾−-ºº¡-»÷É− Áì½ ¡¾− -§œŒ¢¾ -»÷É−£½−½-¡¿´½ ¡¾−-£÷É´-£º¤-Íñ¡-§ñ® -Áì½ ª½Í¾©-Íñ¡-§ñ®Ä©É-º½-− ÷¨¾©-¦É¾¤-ª˜¤-®ð-ìò-¦ñ©-Íñ¡-§ñ® 2 Á¹È¤-£õ: ®ðìò¦ñ©-Íñ¡-§ñ® BCELŒKT Áì½ ®ð-ìò-¦ñ©-Íñ¡-§ñ®-ìɾ−-§É¾¤´½ ¹¾§ö−. ²Éº´-− š £ìª Ä©É-»ñ®»º¤-Àºö¾-®ðìò¦ñ©-¡¸©-¦º®-²¾ -−º¡-¥¿−¸− 2 ®ðìò¦ñ©-£õ: PWC Áì½ Earn & Young À²ˆº-©¿-À− ó− -¡¾−¡¸©-¦º®¡¾− À£ˆº−Ĺ -¸¼¡-¤¾− -Íñ¡-§ñ®.

ª½Í¾©-Íñ¡-§ñ®ì¾ - Ä©É--À¯ñ− -ê†-Îɾ-¦ö− -Ã¥-¢º¤− ñ¡-ìö¤-êô− -êñ¤-²¾ -Ã− - -Áì½ ªÈ¾¤¯½-Àê© -À§…¤-À¹ñ− -Ä©É-¥¾¡- ¡¾−-À¯ó©-®ñ−§ó-Íñ¡-§ñ® -À²† -¢›− -μ Ⱦ¤-ªÒ-À− ˆº¤-£õ ´¾-»º©- ñ− -êó 31/12/2011 ´ó-®ñ−§ó-§œ-Œ¢¾¨ Íñ¡-§ñ®-êñ¤-Ïö© 8.187 ®ñ−§ó Ã−-− ˜− -´ó-− ñ¡-ìö¤êô− -²¾ -Ã−-êñ¤-Ïö© 6.910 ®ñ−§ó (¯½-À²©-®÷¡£ö− 6.877 ®ñ−§ó Áì½ ¯½-À²©-¦½-«¾-®ñ− 33 ®ñ−§ó) ¡¸ -Àºö¾ 84,40% ¢º¤-¥¿−¸−-− ñ¡-ìö¤-êô− -êñ¤-Ïö©, -Áì½ − ñ¡-ìö¤êô− -ªÈ¾¤¯½-Àê-© 1.277 ®ñ−§ó (¯½-À²©-®÷¡£ö− 1.253 ®ñ−§ó- -Áì½ ¯½-À²©-¦½-«¾-®ñ− 24 ®ñ−§ó) ¡¸´-Àºö¾ 15,60%. À«ò¤ Ⱦ-−ñ¡-ìö¤-êô− -¯½-À²©-¦½-«¾-®ñ−¥½-¡¸´-Àºö¾-À¯ó-À§ñ− -− ɺ -ê¼®-æÈ- ®ñ−§ó-êñ¤-Ïö© --ÁªÈ-À¯ñ− -°øÉ-´ó-®ö©®¾©-Ã− -¡¾-−§œŒ¢¾ -»÷É− -; -²ð-¦ö´-£¸−.

Ã−-¯ó 2011 ¦½²¾®-¡¾− -§œŒ¢¾ -»÷É− -Ã−-ª½ ;©-Íñ¡-§ñ®-ì¾ -© -츴 ó- ø− -£È¾-¡¾−-§œŒ¢¾ - êñ¤- Ïö© 301,49 ªœ-¡ó® (¦½-ÀìȨ 1,24 ªœ-¡ó-®/ œ) Áì½ ´ó-¥¿−¸−-»÷É− -§œŒ¢¾ -êñ¤-Ïö© 40,01 ìɾ−-»÷É− (¦½-

registered stock were 1,005.17 Million stocks. Trading stock proceeded smoothly in the primary market with total mobilization by two companies amounted to 1,237.40 billion Kip or 0.02 percent of GDP. In parallel, to facilitate the IPO and trading, Securities exchange commission authorized two securities exchange companies to establish such as: BCEL-KT Company and Lane Xang Public Company. Securities exchange commission also approved two external audit companies such as: PWC Company and Earn & Young Company to conduct an external audit for securities business.

Since the official launch, the Lao stock

exchange has increasingly drawn a lot of interest from both domestic and foreign investors. As of the end of 31 December 2011, there were 8.187 securities trading accounts, of which domestic investor accounts was accounted for 6.910 accounts (with 6.877 individual accounts and 33 institutional accounts) and represents 84.40 percent of total investment and 1.277 foreign investor accounts (with 1.253 individual accounts and 24 institutional accounts) covered 15.60 percent. Although, institutional investor accounts cover a small proportion of total accounts but they play a substantial role in trading of stocks.

In 2011, overall trading stocks in Lao

securities exchange was amounted to 301.49 billion Kip (average trading 1.24 billion Kip/day) and total trading stock was amounted to 40.01 million stocks. (average 165.357 stocks/day). On 27 December 2011, securities exchange index was closed at 899.46 points, dropped by 10.05 percent

ÀìȨ 165.3§ñ® -Ã− -¸ñ− -êó¥÷©ÍЩ-ìö¤ 1´ó- ø− -£È¾-ª½Íêó 20).

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Oct

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l value of 1 percent

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   31

                                                            2 ¯½¡º® ó: ¦ò−À§‡ºê¾¤¡¾−£É¾(§œŒ¢¾¨-¥¾¡-ªÈ¾¤¯½-Àê©), À¤ò−¡øÉ Áì½ ¦ò−-À§º-¥¾¡-¡º¤-êô−-¦¾¡ö−, ¡¾− -¡øÉ-μ ô´¥¾¡-ªÈ¾¤¯½-Àê© (Program loans, Project loans), -§ñ®-¦ò− -ªÈ¾¤¯½-Àê©-¦÷©êò-¢º¤ê½−¾£¾−ê÷콡ò©. 

À¤ò−º−§È¸¨ÀÍõº À¡ó−©÷− 222,78 ìɾ−©ì¾.©÷−®ñ−§óêô− -Áì½ ¡¾−-À¤ò− ¦õ®-ªÒÀ¡ó−©÷−

465,85 ìɾ−©ì¾. Ã−− ˜−, ¡¾−ìö¤êô−©¨¡ö¤ ¥¾¡ªÈ¾¤¯½Àê©-Ã−-¯ó 2011 ´ó 300,70 ìɾ−© ì¾, ¡¾−-ìö¤êô−Ã−¹ùñ¡§ñ® ¥¾¡-ªÈ¾¤¯½-Àê©μ øÈ-ª½Í¾©-Íñ¡§ñ®-쾸 ¥¿−¸− 11,04 ìɾ− -©-ì¾ Áì½ ¡¾−ìö¤êô−ºˆ−Å2 ´ó 154,11 ìɾ−©ì¾- (-À®…¤-»ø®-êó 21)

1. ¡¾−£É¾ªÈ¾¤¯½Àê©. Ã− ó 2011 ©÷−¡¾−£É¾ Á È−¦õ®ªÒ¢¾©©÷− 568,89 ìɾ−Â©ì¾ Áì½ ¡¸´Àºö¾ 6,95 % ¢º¤ GDP Ã−− š ´ø−£¾È¡¾−−¿À¢í¾ Ã−¯ó 2011 ´ó ¥¿−¸− 2.422,86 ìɾ−Â©ì¾ Áì½ ¡¾−¦‰¤ºº¡ ´ó ø−£È¾ 1.853,98 ìɾ−©ì¾. À´ºê¼®Ã¦È¯ó°È¾− ´¾©÷−¡¾−£É¾Ã− ó 2011 Á´È−¢¾©©÷− À²†´¢›− 81,14% ºñ− -À− úõº¤-´¾¥¾¡ -´ø−-£È¾¡¾−−¿À¢í¾¦ò−

respectively. Capital and financial accounts recorded a surplus of US$ 465.85 million, of which, US$ 300.7 million was from foreign direct investment (FDI), US$ 11.04 million for securities investment from foreign investors in Lao stock market and US$ 154.11 million for other investment (Figure 21).

1. Foreign Trade In 2011, trade balance remained in deficit of US$ 568.89 million and represented 6.95 percent of GDP, of which, total value of import was amounted to US$ 2,422.86 million, while total value of export was amounted to US$ 1,853.98 million. Compared to 2011, the deficit of trade balance was 81.14 percent, resulting from the total value of import rose by 17.59 percent, particularly

»ø®-êó 21: ©÷− -¡¾−-§¿ì½-¡ñ®-ªÈ¾¤¯½-Àê© Figure 21: Balance of Payments

‐227.17 ‐226.74

‐16.63

60.8713.22

‐158.43

‐79.35

‐299.83

11.99 10.90

97.32

199.86

100.51

‐3.72

97.3957.15

94.08154.44

229.92

396.00430.38

644.43

401.94465.85

‐400.00

‐200.00

0.00

200.00

400.00

600.00

800.00

2004 2005 2006 2007 2008 2009 2010 2011

Million of USD ®Ò츴À¤ò−º−¢º¤²¾¡ìñ©«½®¾− (Excluding Official Transfers)©÷−¡¾−§¿ì½ì¸´ (Overall Balance)©÷−®ñ−§óêô− Áì½ ¡¾−À¤ò− (Capital and financial Account)©÷−¡¾−§¿ì½À¤ò− ö¡¡½ªò (Current Account Balance)

Á¹ìú¤¢Ó- ø−: ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR 

£É¾Ã− ó− š À²¡¾−−¿À¢í¾¯À«ò¤μ Ⱦ¤Ã©¡Ò¨ñ¤¦õ®ªÒÀ²†´ÁΤ-¡¾−¦‰¤¡¾−®ÒÁ»È Ãìɾ−Â©ì¾ Á ø−£È¾¥¿−¸− 4.12,35% ê¼

Ã−©É¾−

¡¾−¦‰¤ºº¡¦‰¤ºº¡¢½¹2010 ´¾À¯ñÀ¢í¾¡ÒÍЩìö¤´¾À ñ− 17,5

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−ºñ©ª¾¦È¸−¡Œ−¿À¢í¾ Ã−¹¨¾¨ªö¸ ¹ùЩ¯ñ− 6,16% À§„−©¼¸¡ñ−¥59% Ã− ó 2

‐1000.00

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Á¹ìú¤¢Ó- ø−: ê

59 % -©¨¾§ö´Ã§ÉÀ²†´¢›¦‰¤ºº¡Ã− óÀ´ˆºê¼®Ã¦È ó¾ÏøÈ ªí−ªð−꺤Á©¤ ø−£È¾ 111,82 ì

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´¾ (À®…¤»ø®êó

− ¡¾−¢½¹¨−¯ó 2011 ©ìö¤ ¥¾¡ 6Ã−¯ó 2011

¥¾¡ 41,02%2011 (À®…¤»ø®

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2005 2

of USD 

ê½−¾£¾− -Á¹È¤ ¦

¦½-À²¾½-Á´È−¢›− 34,43%ó 2011 Á´È−¯ó°È¾−´¾, ¢

ªÁ´È−¢½ÁÎ−£È¾ 676,0ìɾ−©ì¾.2011 Á´È−´ó

Áì½ À²†´¢›−ó 22)

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65,90% Ã− ó¦È¸−¡¾−−

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882.00

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sumption gcent, howetinued to

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ounted to U5 percent ure 22).

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goods whiever, the

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¦ò−£É¾−¿À¢í¾ (Impo

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by 34.43 f export

percent port were of copper 2 million $ 111.82

ade was or up by ous year

nd export volume of n 2010 to o dropped 9 percent

   33

2. ©÷−-®ðìò¡¾− ©÷− -®ð-ìò-¡¾−¦÷©-êò-Ã−-¯ó 2011 Á´È−¦õ®-ªÒ

À¡ó−©÷− 272,36 ìɾ−©-ì¾- -Áì½ ¡¸ -Àºö¾ 3,33% ¢º¤ GDP, -Ã− -− ˜− ì¾ -»ñ®-¥¾-¡¡¾− -®ðìò¡¾− ó-´ø− -£È¾ 569,15 ìɾ−-©-ì¾ -Áì½ ì¾ -¥È¾¨ ó- ø− -£È¾ 296,79 ìɾ−-©-ì¾-. À´ˆºê¼®-æÈ-¯ó°È¾−´¾ ©÷− -®ðìò¡¾−-À¡ó− -©÷− - À²†´-¢›− 9,88% ¦¾-À¹©ªí− -ªð-Á È− -¨Éº− -ì¾ -»ñ®-¥¾¡-¡¾−êȺ¤êȼ -À²†´-¢›− 11,73% ¥¾¡ 381,67 ìɾ−-©-ì¾Ã−-¯ó 2010 ´¾-À¯ñ− 426,44 ìɾ− -©-ì¾-Ã−-¯ó 2011- Áì½ ¡¸ --Àºö¾- 5,21% ¢º¤ GDP, − ñ¡-êȺ¤-êȼ¸¦È¸− -ù È-Á´È− -¥¾¡-¡÷È -¯½-Àê©-º¾-§ó- -Áì½ ¯¾-§ó-³ò¡ ¡¸´Àºö¾ 91,15% -¢º¤- −ñ¡-êȺ¤-êȼ -êñ¤-Ïö©- -Ã−-− ˜− -, −ñ¡-êȺ¤-êȼ -¥¾¡-¯½-Àê©--Äê ¡¸´-Àºö¾- 58,63 % -Áì½ ¹¸¼©−¾´ ¡¸´-Àºö¾- 21,24% ¢º¤-− ñ¡-êȺ¤-êȼ -êñ¤-Ïö©. ¢½-ÁΤ¡¾−¯½¡ñ− -IJÀ²†´-¢œ− 123,44% ¥¾¡ 10,95 ìɾ−-©-ì¾ ´¾-À¯ñ− 24,46 ìɾ− -©-ì¾ ¨Éº− - ó®ð-ìò-¦ñ©®ðìò¡¾−-¯½¡ñ− -IJ- ì½¹ Ⱦ¤- ¯½-Àê© -Ä©É-À¢í¾-´¾©¿-À− ó− -ê÷ì½-¡ò©-¯½¡ñ− -IJ-À²†´-¢œ−.

2. Service

Net service account continued to record a surplus of US$ 272.36 million and represented 3.33 percent of GDP, of which, revenue from service was amounted to US$ 569.15 million and expenditure was amounted to US$ 296.79 million. Compare to 2011, the service account increase in surplus of 9.88 percent. The main cause was mainly driven by tourism sector rising by 11.73 percent from US$ 381.67 million in 2010 to US$ 426.44 million in 2011 and represented 5.21 percent of GDP, tourists from Asia-Pacific covered almost 91.15 percent of total tourists, of which, tourists from Thailand and covered 58.63 percent and Vietnam covered 21.24 percent of total tourists, insurance sector rose by 123.44 percent from US$ 10.95 million to US$ 24.46 million due to the more insurance companies were operated in Lao PDR.

»ø®-êó 23: ¡¾−¢½¹¨¾¨ªö¸¢º¤-¡¾−-¦‰¤-ºº¡Œ−¿-À¢í¾

Figure 23: Growth of Exports and Imports

4.61%

18.34%

‐3.59%

65.90%

6.16%

0.42%

31.80%

4.13%

41.02%

17.59%

‐10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

2007 2008 2009 2010 2011

¡¾−¦‰¤-ºº¡ ¡¾−−¿-À¢í¾

Á¹ìú¤¢Ó- ø−: ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR 

3. ©÷-−쾨

Ã−- ó76,86 ìɾ2011 ´ó-¥¿ì¾ -¥È¾ -´óæȯó 2017,59% -ÁìÀ¹©-ªí−ªð-ê†Á´È− -¨Éº−- 8,27 ìɾ−¡ñ®-£õ− -¯½-Àê»ñ®-¥¾¡-¡¾−63,37% -Á¡-½§ö− -ÍЩ§¿-ì½-©º¡53,48%.

Á¹-ìȤ

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

(U.S Dol

-Ä©É-

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ì½ ¡¸´-Àºö¾ê†-À»ñ©-ùÉ-©÷− -ì

´ø− -£È¾-쾨©-ì¾ Íõ 6,2ê©- ¢º¤- −-©¿-À− ó− -ê÷ì½-Áì½ ì¾ -¥È¾-ìö¤ 38,94%

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‐

0,000 

0,000 

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−ì¾ -Ä©É-¦÷©-êò−-− ˜-− ´ø− -£È¾3 ìɾ−-©-ì¾5,19 ìɾ−-©-Ä©É-¦÷©êò- ¢¾ 0,94% ¢º

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¥¾¡¡¾−êȺ¤êȼ¸ (

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34

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net factor ficit of USe of expend9 million

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2002

2003

2004

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income S$ 76.86 diture was

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cent and he major of factor otal value US$ 8.27 of which, investors operation by 63.37 te sector , interest o rise by

ministration

2007

2008

2009

2010

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rist Arrivals)

4. À¤ò−-º

Ã−- ó222,78 ìÉ«½®¾−--´ó-¥£È¾-À¤ò− -º−©-ì¾. À´§È¸¨ÀÍõ-ºÀ²†Áì½- ¡¸ -À

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¯ó 2011 -À¤òìɾ− -©-ì¾- -Ã−¥¿−¸− 149,− -²¾¡-Àº¡½-§ö´º-ê¼®-æÈ-¯ó°²† ¢›− 44,14-Àºö¾ 2,72%

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»ø®êó 25:Figure 25

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mpared in 20nly from m79 percent ts and bilcent of toture 25).

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ransfer

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ebt Stock /GDP)e of Growth of Tota

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ansfer was af which, the

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al Debt Stock)

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6. ¡¾−-ìö¤ Ã−-¯ó 2

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16.9227.74

187.40

2004 2005 2006

ø−£È¾¡¾−μ¤μõ−−¿Amount of FDI by

nvestment

FDI projecnt of US$ 316.77 mil

DI was amoby 95.01 ppercent o

major inining sectoagricultuream and Chigure 26).

ed through$ 300.70 mhich broughKong and

ourism Adminis

0

323.51

227.76

318

6 2007 2008 20

¿êô−À¢í¾ªö¸¥ò¤ ©¨°È¾y BOL)

ts (FDI)

cts were 2,734.46

llion was ounted to percent or of GDP, nvestment or, up by

which is hina, rose

h banking million, of ht a lot of

Vietnam

stration

8.55

278.80

300.70

09 2010 2011

¾− ê¹ì (Actual

   37

− š-Á´È− -¯½-Àê©-¥ó− -´ó-´ø− -£È¾ 140,32 ìɾ−©-ì¾, »úº¤¡ö¤ ´ó-´ø− -£È¾ 54 ìɾ− -©-ì¾ -Áì½ Ã−¡÷È´--º¾ §¼− Á´È−´¾¥¾¡¯½-Àê© ¹¸¼-©−¾´ ´ó-´ø− -£È¾ 33,78 ìɾ− -©-ì¾, ¡¾−−¿êô−À¢í¾´¾-Á´È−À²ˆº-ìö¤êô− -Ã− -¢½-ÁΤ¡¾−ij³É¾ -Áì½ ¢½-ÁΤ¡¾−®Ò-Á»ú-À¯ñ− -¦È¸− --ùú¨. À´ˆºê¼®--æȯó 2010 ¡¾−−¿ êô−À¢í¾Á´È− À²†´-¢›− 21,91 ìɾ− -©-ì¾ ¹ùõ 7,86% Áì½ ¡¸ -Àºö¾ 3,68% ¢º¤ GDP. ¦¾-À¹©-ªí−ªð-Á´È− -¨Éº− -¡¾− -ìö¤êô− ¢º¤ -¯½-Àê©-¥ó− À²†´-¢›− 94,75 ìɾ− -©-ì¾, »úº¤¡ö¤ -À²†´-¢›− 53,25 ìɾ− -©-ì¾ -Áì½ ¯½-Àê©-¹¸¼©−¾´ -À²†´-¢›− 16,34 ìɾ− -©-ì¾-. -¡¾− -ìö¤êô− -Ã−¹ùñ¡§ñ® ¢º¤ − ñ¡ìö¤êô− ªÈ¾¤¯½-Àê©μ øÈ-ª½¹ù¾©¹ùñ¡§ñ®-쾸 ´ó-¥¿−¸− 11,04 ìɾ− -©-ì¾ ¹ù÷©-ìö¤ 79,47% ê¼®--æȯó 2010 (ªö -Àì¡-¡¾−¦½-ÀÎó-¢¾¨»÷É− -£¤ê¿-ºò© IPO) Áì½ ¡¸ -Àºö¾ 0,13 % ¢º¤ GDP.

V. êò©ê¾¤ì¸´ê¾¤©É¾−´½¹¾²¾¡À¤ò−ª¾ ¢º¤ ¦¯¯ 쾸 Ã− ó 2012. ¦½²¾®À¦©«½¡ò©Âì¡ À«ò¤Á´È−¥½¡ñ®À¢í¾ ¦øȦ½²¾®³œ−ªö¸ ÁªÈºñ©ª¾¡¾−¢½¹¨¾¨ªö¸¨ñ¤μ øÈ Ã−콩ñ®ªÔ, À§…¤£¾© ȾÃ− ó 2012 ¡¾−¢½ ¹¨¾¨ªö¸¢º¤À¦©«½¡ò©Âì¡ Á È−μ øÈÃ−콩ñ®ªÔ ¡ Ⱦ 3,6%, ɺ−°ö−¡½êö®¥¾¡ ò¡ò©¡¾−Κ¦ò− ¢º¤ ®¾¤¯½Àê©Ã−¦½¹½²¾®Àºóëö®, ®ñ−¹¾¡¾− ººÈ−£È¾¢º¤À¤ò−©쾦½¹¾ìñ©, ¡¾−À²†´¢›− ¢º¤ì¾£¾−Õ´ñ−Ã−¯½¥÷®ñ− ®¸¡¡ñ®®ñ−¹¾£¸¾´ ®Ò¦½¹¤ö®μ øÈ®¾¤¯½Àê©Ã−º¾³ëò¡¡¾ÀÎõº Áì½ ª¾À ñ−ºº¡¡¾¤ê†-¥½Á¡È¨¾¸ ¥½¦‰¤°ö−¡½êö®À»ñ© ùÉì¾£¾−Õ´ñ−¢º¤Â졦õ®ªÒ¦ø¤¢›−, ²Éº´êñ¤¥½ ¦‰¤°ö−¡½êö®Ã¹Éºñ©ª¾À¤ò−À³š¦ø¤¢›−. −º¡¥¾¡−š, IJ²ò®ñ©ê¾¤ê¿´½§¾©ê†»÷−Á»¤ Áì½ «†¢›−, êȾ

with the amount of US$ 140.32 million, US$ 54 million and US$ 33.78 million respect-tively, these funds were mainly invested in electricity and mining. Compared to 2010, fund transfer was up by US$ 21.91 million, rising by 7.86 percent and represented 3.68 percent of GDP. The major cause was due to the increase in investment of China, Hong Kong and Vietnam which was US$ 94.75 million, US$ 53.25 million and US$ 16.34 million, Their investments were in mining, agriculture and electricity sectors. Foreign investment in the Lao stock Exchange was amounted to US$ 11.04 million, dropped by 79.47 percent (the number of initial public offering, IPO) and represented 0.13 percent of GDP.

V. Lao Monetary Outlook for 2012

Although, global economic environment depicts some degree of recovery but remains in the pace of low economic growth rate, so it is therefore projected at 3.6 percent in 2012 as a result of debt crisis in Europe Union, the appreciation of US Dollar, the increase in current oil price couple with, the chaos of some countries in North America and Middle East, which can take a long-term than expected, so this may result in the increase in global oil price and high inflation rate. In addition, the severe natural calamities which always occur, tendency of higher global foodstuff price putting pressure on global economic growth and continues to pose various challenges on socio-economic development of Lao PDR.

   38

ºÈ¼¤¡¾−À²†´¢›−¢º¤ì¾£¾¦½®¼¤º¾¹¾− ¢º¤ Âì¡ Á È−¦É¾¤Á»¤¡ö©©ñ−ªÒ¡¾−¢½¹¨¾¨ªö¸¢º¤ À¦©«½¡ò©Âì¡Áì½ ñ¤¥½¦õ®ªÒÀ¯ñ−¦…¤êɾ꾨Á¡È ¡¾−²ñ©ê½−¾À¦©«½¡ò©¦ñ¤£ö´ ¢º¤ ¯½Àê©À»ö¾. À«ò¤μ Ⱦ¤Ã©¡Òª¾´, ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 ¥½¦õ®ªÒ¯½¡º®¦È¸−ª¾´£¸¾´¦¾´¾©¢º¤ ªö−Ã−¡¾−¥ñ©ª¤¯½ªò®ñ© £¾©Ï¾ -¦øÉ-§ö−ªí−ªð--Ã− Á°− -²ñ©ê½−¾-À¦©«½¡ò-©Œ¦ñ¤£ö´-Á¹È¤-§¾©Ã−¦ö¡ ó 2011Œ2012 ©¨¦½À²¾½£¾©Ï¾¨ (GDP) ùÉ-À²†´-¢›− 8,3%, ¦õ®ªÒ»ñ¡¦¾¦½«¼−ì½²¾®À¤ò−ª¾ Á¹È¤§¾©Ã¹ÉÏ−£ö¤¨¾¸−¾− À ñ−ªí− »ñ¡¦¾ºñ©ª¾ À¤ò−À³š®ÒùÉÀ¡ó− ºñ©ª¾¡¾−¢½¹¨¾¨ªö¸ ¢º¤ À¦© «½¡ò© Áì½ £¸®£÷´¡¾−À²†´¢›−¢º¤®ðìò´¾© À¤ò− (M2) ùÉμ øÈÃ−콩ñ®ê†ÀϾ½¦ö´, ¦õ®ªÒ¯½ ªò®ñ©−½Â¨®¾¨ºñ©ª¾Áì¡ È¼− ª¾´¡ö−Ä¡ª½ ;©, ꆴó¡¾−£÷É´£º¤ ¢º¤ ìñ©À»ñ©Ã¹Éºñ©ª¾ Áì¡ È¼−´ó£¸¾´¦½¹¤ö® ö¡½ªò À¤ò−¡ó®Á¢¤£È¾ Íõ ººÈ−£È¾ μøÈÃ−ì½¹ Ⱦ¤ 5% 꼮æÈÀ¤ò−ª¾ªÈ¾¤ ¯½Àꩦ½¡÷−Íñ¡, ¦õ®ªÒ£÷É´£º¤¡½Á¦À¤ò−êô−À¢í¾ Œºº¡¯½Àê© Áì½ ¦‰¤À¦ó´¡¾−−¿Ã§ÉÀ¤ò−¡ó®μ Ⱦ¤ Á¢¤Á»¤, Àºö¾Ã¥Ã¦È¯ñ® ÷¤¡¾−®ðìò¡¾− ¢º¤ ê½ −¾£¾−ùɴ󣸾´êñ−¦½ÄÏ Áì½ ¦¾´¾©À§º´ ¨¤¡ñ®¦¾¡ö−, À²†´ê½ 󸼡¤¾−¡¾−£÷É´£º¤ Áì½ ¡¸©¡¾ê½−¾£¾−ê÷콡ò© Áì½ ¦½«¾®ñ− ¡¾−À¤ò−ùɴ󣸾´Îñ¡ÁÎÉ−À¢˜´Á¢¤.

However, the Bank of the Lao PDR will continue with its capacity to contribute to implementing the specific target set in the National socio-economic development plan for FY 2011-2012, which is particularly set gross domestic product (GDP) is to keep at 8.3 percent. BOL will do utmost effort to maintain long-term monetary stability such as: target for the inflation rate lower than GDP growth rate and will monitor the increase in money supply appropriately, continue to pursue a managed floating exchange rate regime, maintain stable exchange rate by keeping the appreciation or depreciation of Kip against major currency movement between 5 percent, continues to monitor the foreign currencies to be transferred in and out of the country and carry out campaign to promote the use of Kip. In addition, BOL will pay attention to improving the commercial banks’ service to become more modernized and enable then to link with international levels or standard, strengthening supervision and examination for commercial banks and financial institutions to be finan-cially sound and secured.

   39

¯½ê¾−-¦½²¾ - Chairman

êȾ− ¦ö´-¦½¹¸¾© -À설¦½¹ ñ© »º¤-−¾ ö¡ìñ©«½ ö−ªó Mr. Somsavat LENGSAVAD, Deputy Prime Minister.  

¦½²¾-®ðìò¹¾− Executive Board 

»º¤-¯½ê¾− - Vice Chairman

êȾ− ¦ö´-²¾¸ -ij¦ò© °øÉ- Ⱦ¡¾−-ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Mr. Somphao PHAYSITH, Governor of The Bank of Lao PDR  

»º¤-¯½ê¾− - Vice Chairman

êȾ− ²ø-À²ñ© £¿-²ø− - ö¤ ìñ©«½ ö−ªó- Ⱦ-¡¾−-¡½§¸¤-¡¾−-À¤ò− Mr. Phouphet KHAMPHOUNVONG, Minister of Finance

¡¿´½¡¾− - Board member

 êȾ− ¦ö´-®ø− 쾧¾-¦ö´®ñ© ìñ©«½ ö−ªó-§È¸¨- Ⱦ¡¾− -¡½§¸¤-²½-ìñ¤-¤¾− Áì½ ®Ò-Á»È Mr. Somboun RASASOMBATH, Deputy Minister of Energy and Mines 

¡¿´½¡¾− - Board member

êȾ− ¦¼¸¦½¹¸¾© ¦½-Á¹ -¤¦ô¡¦¾ ìñ©«½ ö−ªó-§È¸¨ Ⱦ¡¾−-¡½§¸¤-º÷©-¦½¹½-¡¿-Œ¡¾− -£É¾ Mr. Siaosavath SAVENGSUKSA, Deputy Minister of Commerce and Industry

¡¿´½¡¾− - Board member

 êȾ− ©ë. ªó ²ö´´½-¦ñ¡ ìñ©-«½ ö−ªó-§È¸¨- Ⱦ¡¾−-¡½-§¸¤-¡½¦ò¡¿Œ¯È¾-Ä´É Dr. Ty PHOMMASACK, Deputy Minister of Agriculture and Forestry 

ñ¤-¹¸È¾¤

¡¿´½¡¾− - Board member Deputy Governor of The Bank of Lao PDR

   40

êȾ− −. ²¾¦ó ²ö´-´½¡º− ¹ö¸Îɾ-¹Éº¤¡¾− ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Mrs. Phasy PHOMMAKONE Director General, Administration Department 

êȾ− ºÓ òì½-²ñ−, °øÉ-§È¸¨¸¼¡-£½−½-°øÉ- Ⱦ¡¾−ê½−¾£¾−- Á¹È¤ ¦¯¯ 쾸 Mr. Or VILAPHAN Assistant Governor 

¹ö¸Îɾ-¡ö´ -Áì½ ê¼®-Àꉾ Director Generals and Equivalent Ranks 

êȾ− £ø−¦½ÄÏ ðì½ì¾© »º¤¹ö¸Îɾ-¡ö´-¥ñ©-ª˜¤ -Áì½ ²½−ñ¡¤¾− Mr. Khounesamay VORRARTH Deputy Director General, Organization and Personnel Department

êȾ− ¦-º− -ħ ¦ò©-²½-ħ »º¤-°øÉ- Ⱦ¡¾− -ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Mr. Sonexay SITHPHAXAY, Deputy Governor  

£½−½-°øÉ- Ⱦ¡¾− ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Governor and Deputy Governors 

êȾ− ®÷− -¦ö¤ ¦ö´-´¾ì¾- ö¤ »º¤-°øÉ- Ⱦ¡¾− -ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸 Mr. Bounsong SOMMALAVONG, Deputy Governor 

êȾ− ¦ö´²¾¸ -ij-¦ò© °øÉ- Ⱦ¡¾−-ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Mr. Somphao PHAYSITH, Governor

êȾ− £¿- ö¤ êò®-²½- ö¤ »º¤-°øÉ- Ⱦ¡¾−-ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Mr. Khamvong THIPPHAVONG, Deputy Governor

   41

êȾ− ©ë º¾£ö´ ¯ë½-À¦ó© »ñ¡¦¾-¡¾−-¹ö¸Îɾ-¡ö -£÷É´-£º¤-¦½-«¾-®ñ− -¡¾−-À¤ò− Dr. Arkhom PRASEUTH Acting Director General, Financial Institutions Supervision Department

êȾ− ¦ó ò-Äì ²ö´´½-¥ñ¡ ¹ö¸Îɾ-¡ö´-®ðìò¡¾−-ê½−¾£¾-− Mr. Sivilay PHOMMACHACK Director General, Banking Operations Department  

êȾ− −¾¤ ¢ñ− -Á¡É¸ Íɾ-´½− ó-À¤ö¾ »ñ¡¦¾-¡¾−-¹ö¸Îɾ-¡ö´-®ñ−§óŒ¡¾− -À¤ò− Mrs. Khankeo LAHMANINGAO Acting Director General, Accounting Department  

êȾ− ¦÷-²ñ© -£©-Â¨ê¾ ¹ö¸Îɾ-¡ö´-À¤ò−ª¾Œ£ñ¤-¦¾¤ Mr. Souphat KHOTNHOTHA Director General, Currency Issues Department  

êȾ− ¯¾−-º´ ì¾-ê÷ìó ¹ö¸Îɾ-¡ö´-²ö¸²ñ− -¦¾¡ö− Mr. Panom LATHOULY Director General, International Relations Department  

êȾ− − ®÷−-ª¾ ©¾ë¾ ó ¹ö¸Îɾ-¡ö´-¡¸©¡¾-²¾ -Ã− Mrs. Bounta DALAVY Director General, Internal Audit Department 

êȾ-− £¿-²÷© ¦ò©êò-쾩 »ñ¡¦¾-¡¾− -¹ö¸Îɾ-¡ö´-−½-¨®-¾ -À¤ò− -ª¾ Mr. Khamphout SITTHILATH Acting Director General, Monetary Policy Department  

êȾ− ²÷©ê½-ħ ¦ó ò-Äì ¹ö¸Îɾ-¡ö´-£÷É -£º¤-ê½−¾£¾−-ê÷-ì½-¡ò© Mr. Phouthaxay SIVILAY Director General, Commercial Banks Supervision Department

   42

êȾ− ¯½ ø− − ñ−ê½ ö¤ ¹ö¸Îɾ»¤²ò´ê½−¾®ñ© Mr. Pamoun NANTHAVONG Director General, Printing House  

êȾ− ®÷− - ö¤ ©¸¤-©º¡-À¡© ¹ö¸Îɾ ê¹ì ²¾¡-¡¾¤ ê†-Á¢¸¤ ¦½¹ ñ− -½-À¢© Mr. Bounvong DUANGDOKKHETH Director General, Central Branch, Savanhnakhet Province  

êȾ− Àìº− ö¤-²ë½−½£º− ¹ö¸Îɾ-Îȸ¨-¤¾−¢Ó´ø− -ªÉ¾−-¡¾−-³º¡-À¤ò− Mr. Leuane VONGPHRANAKHORN Director of Anti Money Laundering Intelligence Unit  

êȾ− ®÷− -Äê ¦÷-²ñ©-êº− ¹ö¸Îɾ ê¹ì ²¾¡-ÀÎõº ê†-Á¢¸¤ º÷©ö´-ħ Mr. Boonthai SOUPHADTHONE Director General, Northern Branch, Udomxay Province  

êȾ− −¾¤ £¿-²¾ ¯¾−-´½-Äì-꺤 ¹ö¸Îɾ-¦½-«¾-®ñ− -¡¾−-ê½−¾£¾− Mrs. Khampha PANEMALAYTHONG Director General, Banking Institute  

êȾ− Ä¢úÁ¡É¸ ͸¤¦ó òÄì ¹ö¸Îɾ¦ø−Àªñ¡Â−Âì§ó Áì½ ¡¾−¦‡¦¾−¢Ó´ø−ê½−¾£¾− Mr. Khaikeo LUANGSIVILAY Director General, Information and Communication Technology Center  

êȾ− −½ ¥ñ− -ª½ìò ö¤ ¹ö¸Îɾ ê¹ì ²¾¡-ÃªÉ ê†-Á¢¸¤ ¥¿¯¾-¦ñ¡ Mr. Nah CHANTALIVONG Director General, Southern Branch, Champasack Province  

êȾ− ñ− -£¿ ©¸¤-´½− ó-¥ñ− ¹ö¸Îɾ ê¹ì ²¾¡-ÀÎõº ê†-Á¢¸¤ ͸¤-²½-®¾¤- Mr. Vanhkham DUANGMANICHANH Director General, Northern Branch, Luangprabang Province  

   43

êȾ− ®÷− -ê½ ó Á¡-ê½-ìö¤ ¹ö¸Îɾ-¦ø− -®ðìò¡¾−-À¡ñ®§œ-Κ Áì½ »ñ®-±¾¡-À¡ñ®-Κ Mr. Bounthavy KEATHALONG Director General, Asset Management Centre  

êȾ− ¦ñ−ªò ²ö− -À´õº¤-쾸 °øɺ¿−¸¨¡¾− -¡º¤-êô− -¯ö¡-¯Éº¤-°øÉ-±¾¡-À¤ò− Mr. Santy PHONMEUANGLAO Director General, Depositor Protection Fund  

²¾¡¦È¸−ꆢ›−¡ñ®¡¾−§š−¿¢º¤ ê½−¾£¾−Á¹È¤ ¦¯¯ 쾸 Relevant Institutions Under Jurisdiction of the Bank of the Lao PDR

êȾ− −¾¤ ñ©ê½−¾ ©¾ì¾-캨 -¹ö¸Îɾ¦¿-− ñ¡-¤¾− -£½−½-¡¿´½¡¾−£÷É´-£º¤-Íñ¡-§ñ® -Áì½ ª½Í¾©-Íñ¡-§ñ®

Mrs. Vathana DALALOY Director General, Lao Securities and Exchange Commission Office

êȾ− À©©-²ø- ñ¤ øìëñª− Ì, °øÉ-º¿−¸ -¡¾− -ª½Í¾©-Íñ¡-§ñ® ¢º¤ ¦¯¯ 쾸 Mr. Dethphouvang MOULARAT Chairman and CEO of the Lao Securities Exchange

   44

-Á°−-¸¾©-êó 1: -£Ȥ-»È¾¤-¡¾−¥ñ©-ª¤-¢º¤-ê½−¾£¾−-Á¹È¤ ¦¯¯ 쾸

¦½²¾-®ðìò¹¾−-

°øÉ- Ⱦ¡¾− -

»º¤°øÉ-¸È¾¡¾−-

¹Éº¤¡¾−

¡ö -¥ñ©-ª˜¤ -Áì½ ²½− ñ¡¤¾−

¡ö -¡¸©¡¾ ²¾ -Ã−

¡ö´-®ñ−§ó-Œ¡¾− -À¤ò−

¦ø− -Àªñ¡--Â− -Âì-§ó -Áì½ ¡¾−-¦ˆ¦¾− -¢Ó-´ø−-¢È¾¸¦¾− -ê½−¾£¾−

¡ö´--À¤ò−ª¾−£ñ¤-¦¾¤

»¤²ò - ¹êì

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¡ö´-−½-¨®¾¨-À¤ò−ª¾

¡ö´-£÷É -£º¤-ê½−¾£¾− -ê÷ì½-¡ò©

¡ö´-®ðìò¡¾− -ê½−¾£¾−

¡ö´-£÷É´£º¤- ¦½-«¾-®ñ− -¡¾− -À¤ò−

¡ö --²ö¸²ñ−-¦¾¡ö−

²¾¡¦È¸−ꆢ›−¡ñ®¡¾−§š−¿¢º¤ ê½−¾£¾−Á¹È¤ ¦¯¯ 쾸

ê½−¾£¾− -Á¹È¤ ¦¯¯ ì¾ -²¾¡-ÀÎõº ê†-Á¢¸¤-º÷©ö -ħ

¦¿-−ñ¡¤¾− -£½−½-¡¿´½¡¾− -£÷É´-£º¤-Íñ¡-§ñ® -Áì½ ª½Í¾©-Íñ¡-§ñ®

ª½Í¾©-Íñ¡-§ñ®ì¾¸

¦ø− -®ðìò¡¾− -À¡ñ®-§œ-Κ Áì½ »ñ®-±¾¡-À¡ñ®-Κ

¡º¤-êô− - ö¡-¯Éº¤-°øÉ-±¾¡-À¤ò−

Îȸ¨-¤¾− -ªÉ¾− -¡¾− -³º¡-À¤ò−

ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸-²¾¡-ÃªÉ ê†-Á¢¸¤-¥¿¯¾-¦ñ¡

ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸-²¾¡-ÀÎõº ê†-Á¢¸¤-͸¤-²½-®¾¤

ê½−¾£¾− -Á¹È¤ ¦¯¯ ì¾ -²¾¡-¡¾¤ ê†-Á¢¸¤-¦½¹ ñ− -−½-À¢©

   45

Chart 1: Organizational Chart of the Bank Lao PDR

Relevant Institutions Under Leadership of the Bank of the Lao PDR

Executive Board

Governor Deputy Governor

Administration Department

Organization & Personnel Department

Internal Audit Department

Accounting Department

Information Communication Technology of the Bank

Currency Issus Department

Printing House

Banking Institute

Monetary Policy Department

Commercial Bank Supervision Department

Banking Operations Department

Financial Institution Supervision Department

International Relations Department

Bank of the Lao PDR Northern Branch at Oudomxay province

Lao Securities and Exchange Commission Office

Lao Securities Exchange

Depositor Protection Fund

Anti Money Laundering Intelligence Unit

Bank of the Lao PDR Southern Branch at Champasack province

Bank of the Lao PDR Northern Branch at Luangphabang province

Bank of the Lao PDR Central Branch at Savanhnakhet province

Asset Management Center

   46

Á°−-¸¾©-êó 2: -£¤-»È¾¤-¡¾−¥ñ©-ª¤ ¢º¤-ì½®ö®-ê½−¾£¾−-Ã− ¦¯¯ 쾸

ê½−¾£¾− −½-¨®¾¨ Á È−ê½−¾£¾−¦½À²¾½ ¡ò©, óÎɾê󯽪ò®ñ©ª¾´Á−¸ê¾¤−½Â¨®¾¨ ¢º¤ìñ©«½®¾−Ã−¡¾−¦½Îº¤êô−À²ºÁ¡ÉÄ¢ £¸¾´ê÷¡¨¾¡Ã−¢º®À¢©ªö¸À´õº¤ê÷¡¨¾¡ê† ¡¿− ö©Â©¨ìñ©«½®¾−.

ê½−¾£¾− »È¸´-ê÷ì½-¡ò©-쾸Œ¹¸¼©

ê½−¾£¾− 쾸Œ±ë„¤

-ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸

ê½−¾£¾−-ê÷ì½-¡ò©-ìñ© ê½−¾£¾−-»È¸ -êô− ê½−¾£¾−Àº¡½-§ö− ê½−¾£¾−Ã−À£õº ¦¾¢¾ê½−¾£¾−--ªÈ¾¤¯½-Àê© ¹Éº¤¡¾−-°øÉ-ª¾¤-Îɾ

ê½−¾£¾− -¡¾− -−£É¾-ªÈ¾¤ ¯½-Àê©-쾸 ´½¹¾§ö−

ê½−¾£¾− ²ñ©ê½−¾-쾸

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ê½−¾£¾− Àºñ¦êó

ê½−¾£¾− ºò− -©-¥ó−

ê½−¾£¾− ®øμº¤

ê½−¾£¾− ANZ 쾸

ê½−¾£¾− Àº§ó-ìó-©¾ì¾-¸

ê½−¾£¾− ¡¾− -£É¾-¦¾¡ö− -쾸

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ê½−¾£¾− ²¾®-ìò¡

ê½−¾£¾− ¡÷¤-¦ó-º½-¨÷©-꽨¾

ê½−¾£¾− ¹÷É− -¦È¸− -¡¾− -£É¾-ħ-¤Èº− -Àêº-

ê½−¾£¾− -¹÷É− -¦È¸− -¡¾− -£É¾-ê½¹¾-−

ê½−¾£¾− º÷©-¦¾-¹½¡¿ -Áì½ ¡¾− -£É¾-¥ó−

ê½−¾£¾− ¦½-Áª− -©¾© -§¾©-Àªó

ê½−¾£¾− BIDV

   47

Chart 2: Organizational Chart of Lao Banking System

Barque Franco-Lao

Bank of the Lao PDR

State Owned Commercial Banks

Joint Venture Bank

Private Banks Affiliated Bank Foreign Branch Representative Office

Banque pour le Commerce Extrieur Lao

Lao Development Bank

Agricultural Promotion Bank

Nayoby Bank

Joint Development Bank

Phongsavanh Bank

ST Bank

Indochina Bank

Booyong Lao Bank

ANZN Bank

Acleda Bank

International Commercial Bank

Bangkok Bank

Krung Thai Bank

Siam Commercial Bank

Thai Military Bank

Public Bank

Ayudhya Bank

Sacom Bank

Military Commercial Joint Stock Bank

Industrial and Commercial Bank of China

Standard Chartered Bank

BIDV Bank

Lao-Viet Bank

Nayoby Bank is a specialized bank, established in 2007 , with its main role to implement the government policy in providing credit to the poorest districts determined by government

   48

ì¾ -¡¾− 2008/2009 2009/2010 2010/2011 Items

츴¨º©°½ìò©ª½²ñ−²¾¨Ã−ª¾´ì¾£¾Ã−¯ó 47,225.30 54,282.59 62,457.80 GDP at Market Prices, Fiscal Year

(¦ö¡-¯ó-¤ö®¯½´¾−)

   2009 R 2010 P 2011P

츴¨º©-°½-ìò©-ª½-²ñ−²¾¨-Ã−ª¾´ì¾£¾-Ã-−¯ó 46,796.94 55,694.00 65,689.69 GDP at Market Price, Calendar Year

(ª¾ -¯ó-¯½ªòêò−)

츴¨º©-°½-ìò©-ª½-²ñ-−²¾¨Ã−ª¾´ì¾£¾ £ö¤-ê†-¯ó 2002

29,132.16 31,500.91 34,033.74 GDP at Constant 2002 Price, Calendar Year

츴¨º©-°½-ìò©-ª½-²ñ−²¾¨-Ã− ªÒ¹ö¸£ö− (US$) 907 1,076 1,281 GDP Per capita (US$)

ºñ©ª¾¡¾−¢½¹¨¾¨ªö¸À¦©«½¡ò© 7.5 8.1 8.0 GDP Rate of Growth

¡½¦ò¡¿ 9,031.18 9,318.86 9,566.56 Agriculture, Forestry and Fishing ¡¾−¯ø¡±ñ¤ Áì½ ìɼ¤¦ñ© 7,117.32 7,359.12 7,720.84 Agriculture and lives tock ¯ú¾Ä´É 930.45 897.88 729.25 Forestry ¡¾−¯½ ö¤ 983.41 1,061.87 1,116.48 Fishing

º÷©¦¾¹½¡¿ 6,939.64 8,153.27 9,345.24 Industry ®ÒÁ»È Áì½ ¡¾−£÷©£í− 2,003.14 2,254.71 2,371.14 Mining and Quarrying º÷©¦¾¹½¡¿¡¾− ÷¤ÁªÈ¤ 2,777.60 2,972.04 3,261.14 Manufacturing º÷©¦¾¹½¡¿Ä³³É¾ Áì½−Õ¯½¯¾ 779.75 1,271.54 1,646.98 Electricity and Water ¡¾−¡Ò¦É¾¤ 1,379.15 1,654.98 2,065.98 Construction

¡¾−®ðìò¡¾− 11,213.92 11,993.72 12,959.83 Services ¡¾−£É¾ ¢¾¨¨ö¡ ¢¾¨ Ⱥ¨ Áì½ ¦Éº´Á¯¤ 5,682.03 6,051.37 6,575.52 Wholesale and Retail Trade, Repairs »¤Á»´ Áì½ »É¾−º¾¹¾− 201.22 213.49 243.02 Hotels and Restaurants ¡¾−¢ö−¦‰¤, ¦¾¤, į¦½− ó Áì½ Âêì½£ö´´½−¾£ö´ 1,406.06 1,500.27 1,628.13 Transport and Community -action ¡¾−®ðìò¡¾−©É¾−¡¾−À¤ò− 986.16 1,074.91 1,206.68 Financial Intermediation ¡¾−À§‰¾§œ Áì½ ¡¾−®ðìò¡¾−ê÷콡ò© 909.42 940.95 1,015.78 Real Estate and Business Services ¡¾−®ðìò¡¾−´¸−§ö−, ¦ñ¤£ö´ Áì½ ¦È¸−®÷¡£ö− 497.60 528.49 568.31 Community, Social and Personal Services ¡¾−¸È¾¥É¾¤²¾¨Ã−£ö¸À»õº− 209.18 219.64 231.23 Private Households with Employed Persons ¡¾−®ðìò¡¾−¢º¤²¾¡ìñ© 2,113.77 2,387.31 2,528.69 Producers of Government Services

¦úõ¡¾¤¡¾−®ðìò¡¾−©É¾−¡¾−À¤ò− ( ñ©Áê¡ê¾¤ºÉº´) -791.52 -922.71 -1,037.54 Financial Intermediation Services Indirectly Measured

츴¨º© ø−£È¾À²óú´êñ¤Ïö©ê÷¡¢½ÁΤ¡¾− 27,184.74 29,465.85 31,871.644 All Industries at Basic Prices

º¾¡º−°½ìò©ª½²ñ− Áì½ ²¾¦ó¢¾À¢í¾, ¦÷©êò 1,947.42 2,035.06 2,162.09 Taxes on Products and Import Duties, Net

ª¾ª½ì¾¤-êó 2: 츴¨º©-°½ìò©-ª½²ñ− -²¾ -Ã− - £ò©-ÄìÈ-ª¾ -´ø− -£È¾-À²†´ (ªœ¡ó®) Table 2: Gross Domestic Product by Value Added (Billion Kip)

Ͼ¨-À¹©: -À¯ñ−¢Ó-´ø− -À®œº¤ªí− Note: Preliminary Data (P)

Á¹-ìȤ¢Ó-´ø−: ¡ö´-¦½«òªòÀ¦©«½¡ò©, ¦ø−¦½«òªòÁ¹È¤§¾© Source: Department of Economic statistics, Lao statistics Bureau

¡½§¸¤-Á°−¡¾− -Áì½ ¡¾− -ìö¤êô− Ministry of Planning and Investment

   49

©ñ©§½− óì¾£¾°øɧö´Ã§É (Consumer Price Index)

쾨¡¾− êñ−¸¾-Œ09 êñ−¸¾-Œ10 Items 쾨¡¾− êñ−¸¾-Œ11 Items

©ñ©§½−óì¾£¾°øɧö´Ã§É 118.53 123.49 Consumer Price Index (CPI) ©ñ©§½−óì¾£¾°øɧö´Ã§É 107.70 Consumer Price Index (CPI)

©ñ©§½−óÁªÈì½Ï¸©¦ò−£É¾ CPI Components ©ñ©§½−óÁªÈì½Ï¸©¦ò−£É¾ CPI Components

1. ϸ©¦½®¼¤º¾¹¾− 131.07 140.63

1. Foods

1. ϸ©º¾¹¾− Áì½ À£º¤©´®Ò Á È−ÀÍí¾

111.12 1. Food And non-alcoholic beverages

2. ϸ©-À¹ìí¾ Áì½ μ¾¦ø® 123.09 129.78

2. Alcoholic Beverages and Tobacco. 2. ϸ©À¹ìí¾ Áì½ μ¾¦ø® 103.21 2. Alcoholic beverages and

tobacco

3. ϸ©À£º¤−÷Ȥ¹‰´ Áì½ À¡ó® 112.73 113.28

3. Clothing and Foot wear. 3. ϸ©À£º¤−÷Ȥ¹‰´ Áì½ À¡ó® 103.09

3. Clothing and footwear

4. ϸ©ê†μ øȺ¾-Ħ 123.74 124.8

4. Housing Index.

4. ϸ©ê†²ñ¡º¾Ã¦, −Õ¯½¯¾, ij³É¾ Áì½ À§œºÀ²ó¤

106.34 4. Housing, water, electricity and fuels

5. ϸ©À£º¤Ã§ÉÃ−À»õº− 110.94 111.13

5. Household Goods 5. ϸ©À£º¤Ã§ÉÃ−À»õº− 103.13

5. Household Goods

6. ϸ©μ¾¯ö¸²½¨¾© 109.69 111.22

6. Medical Care 6. ϸ©¡¾−»ñ¡¦¾¦÷¢½²¾® 101.12

6. Health

7. ϸ©£ö´´½−¾£ö´ Áì½¢ö−¦‰¤ 97.6 99.28

7. Transport and Communications 7. ϸ©£ö´´½−¾£ö´ Áì½ ¡¾−¢ö−¦‰¤ 109.02

7. Transport 8. ϸ©¡¾−²ñ¡°Èº−, ¡¾−¦ô¡¦¾ Áì½

¡¾−²ò´ 106.96 107.09

8. Recreation, Education and Printing

8. ϸ©Ä¯¦½− ó Áì½ Âêì½£ö´ ´½−¾£ö´

104.5 8. Communications

9. ϸ©»û¾−º¾¹¾− 137.09 138

9. Restaurants 9. ϸ©¡¾−®ñ−Àêó¤ Áì½ ¡¾−²ñ¡°Èº− 101.9

9. Recreation and culture

10. ϸ©À£º¤Ã§É¦È¸−ªö¸ 132.42 136.62

10. Personal Care and Effects 10. ϸ©¡¾−¦ô¡¦¾ 99.33

10. Education

11. ϸ©»û¾−º¾¹¾− Áì½ Â»¤Á»´ 107.92

11. Restaurants & hotels

12. ϸ©¦ò−£É¾ Áì½ ¡¾−®ðìò¡¾−º−Å 104.21 12. Miscellaneous goods and

services

Á¹-ìȤ¢Ó-´ø−: ¡ö´-¦½«òªòÀ¦©«½¡ò©, ¦ø−¦½«òªòÁ¹È¤§¾© Source: Department of Economic statistics, Lao statistics Bureau

¡½§¸¤-Á°−¡¾− -Áì½ ¡¾− -ìö¤êô− Ministry of Planning and Investment

Ͼ¨-À¹©: --Ã−¯ó 2011 ¯È¼− -¯ó-«¾− 2010

ª¾-ª½-쾤êó 3: ©ñ©§½− óì¾£¾°øɧö´Ã§É (Ã−À©õº− 12 ó 2010 Àꉾ¡ñ® 100) Table 3: Consumer Price Index (December 2010=100)

   50

ºñ©ª¾À¤ò−À³š ( Inflation )

쾨¡¾− êñ−¸¾Œ09 êñ−¸¾Œ10 Items 쾨¡¾− êñ−¸¾Œ11 Items

ºñ©ª¾À¤ò−À³š 3.92 5.76 Inflation rate ( end of period) ºñ©ª¾À¤ò−À³š 7.70 Inflation rate ( end of period)

ºñ©ª¾À¤ò−À³šÂ©¨¦½ÀìȨ 0.03 5.98 Inflation rate (Annual average) ºñ©ª¾À¤ò−À³šÂ©¨¦½ÀìȨ 7.58 Inflation rate (Annual

average) ºñ©ª¾À¤ò−À³šÁªÈì½Ï¸©¦ò−£É¾ Components ºñ©ª¾À¤ò−À³šÁªÈì½Ï¸©¦ò−£É¾ ºñ©ª¾À¤ò−À³šÁªÈì½Ï¸©¦ò−£É¾

1. ϸ©¦½®¼¤º¾¹¾− 2.75 8.3 1. Foods 1. ϸ©º¾¹¾− Áì½ À£º¤©´®Ò

Á È−ÀÍí¾ 11.03

1. Food And non-alcoholic beverages

2. ϸ©-À¹ìí¾ Áì½ μ¾¦ø® 3.54 6.38 2. Alcoholic Beverages and

Tobacco. 2. ϸ©À¹ìí¾ Áì½ μ¾¦ø® 3.21

2. Alcoholic beverages and tobacco

3. ϸ©À£º¤−÷Ȥ¹‰´ Áì½ À¡ó® 4.26 2.24 3. Clothing and Foot wear. 3. ϸ©À£º¤−÷-ú¤¹‰´ Áì½ À¡ó® 3.33 3. Clothing and footwear

4. ϸ©ê†μ øȺ¾-Ħ 2.9 2.22 4. Housing Index.

4. ϸ©ê†²ñ¡º¾Ã¦, −Õ¯½¯¾, ij³É¾ Áì½ À§œºÀ²ó¤

6.37 4. Housing, water, electricity

and fuels

5. ϸ©À£º¤Ã§ÉÃ−À»õº− 2.6 1.46 5. Household Goods 5. ϸ©À£º¤Ã§ÉÃ−À»õº− 3.10 5. Household Goods

6. ϸ©μ¾¯ö¸²½¨¾© 1.51 2.14 6. Medical Care 6. ϸ©¡¾−»ñ¡¦¾¦÷¢½²¾® 1.12

6. Health

7. ϸ©£ö´´½−¾£ö´ Áì½ ¢ö−¦‰¤ 6.24 4.75 7. Transport and Communications 7. ϸ©£ö´´½−¾£ö´ Áì½¢ö−¦‰¤ 9.02 7. Transport

8. ϸ©¡¾−²ñ¡°Èº−, ¡¾−¦ô¡¦¾ Áì½ ¡¾−²ò´ -0.74 -0.13

8. Recreation, Education and Printing

8. ϸ©Ä¯¦½− ó Áì½ Âêì½£ö´´½−¾£ö´

4.50 8. Communications

9. ϸ©»û¾−º¾¹¾− 3.79 2.15 9. Restaurants

9. ϸ©¡¾−®ñ−Àêó¤ Áì½ ¡¾−²ñ¡°Èº−

1.48 9. Recreation and culture

10. ϸ©À£º¤Ã§É¦È¸−ªö¸ 14.33 11.79 10. Personal Care and Effects 10. ϸ©¡¾−¦ô¡¦¾ -0.80 10. Education

11. ϸ©»û¾−º¾¹¾− Áì½

»¤Á»´ 8.00 11. Restaurants & hotels

12. ϸ©¦ò−£É¾ Áì½ ¡¾−-

®ðìò¡¾−ºˆ−Å 4.67

12. Miscellaneous goods and services

Á¹-ìȤ¢Ó ø−: ¡ö -¦½«òªòÀ¦©«½¡ò©, ¦ø−¦½«òªòÁ¹È¤§¾© ¡½§¸¤-Á°−¡¾− -Áì½ ¡¾−-ìö¤êô− Source: Department of Economic statistics, Lao statistics Bureau Ministry of Planning and Investment

Ͼ -À¹©: --Ã− ó 2011 ȼ−- ó -«¾− 2010

ª¾ª½ì¾¤ 4: ºñ©ª¾-À¤ò− -À³š (-Ã− -À©õº-− 12 ¯ó 2010 -Àꉾ-¡ñ® 100)

Table 4: Inflation (December 2010=100)

51

Est ì¾ -¡¾− 2007/08 2008/09 2009/10 2010/11 Items

쾨-»ñ®ì¸´-êñ¤-À¤ò−§È¸¨-À¹ìõº-ìɾ 7,708.31 8,173.60 12,100.37 13,890.07 Revenues and Grants

쾨-»ñ®-²¾¨-Ã− 6,439.13 7,030.43 8,538.38 10,181.27 Revenues

쾨-»ñ®-²¾-¦-ó-º¾-¡º− 5,627.09 6,207.58 7,502.55 9,108.64 Tax Revenues

쾨-»ñ®-®Ò-Á´È−²¾-¦ó-º¾-¡º− 812.04 822.85 1,035.83 1,072.63 Non-tax Revenues

À¤ò−§È¸¨-À¹ìõºìɾ 1,269.17 1,143.17 3,562.00 3,708.79 Grants

À¤ò−§È¸¨À¹ìõºìɾ£¤¡¾− 614.43 632.26 879.09 1,152.32 Project Grants

À¤ò−§È¸¨À¹ìõºìɾ®ÒÁ´È−£¤¡¾− (Donors) 574.60 - 2,320.44 2,249.94 Non-Project Grants (Donors)

À¤ò−§È¸¨À¹ìõºìɾ®ÒÁ´È−£¤¡¾−(Japan) - 75.00 - 70.00 Non-Project Grants (Japan)

À¤ò-−§È¸¨-À¹ìõº-ìɾ-£¤¡¾− (©ñ©-Á¡É-´½¹¾-²¾¡) 36.36 435.91 362.47 236.52 Program Grants

츴¨º©ì¾ -¥È¾¨- Áì½Ã¹É¡øÉ-μ õ´-¦÷©-êò 9,065.65 9,761.56 13,342.41 15,087.39 Total Expenditures and Net

Lending 쾨-¥È¾¨-®ð-ìò-¹¾− -ê‰ -į 5,423.62 6,437.13 6,936.79 7,890.25 Current Expenditures

À¤ò−À©õº-− Áì½ -À¤ò-−º÷©-Îø-−ªÈ¾¤Å 2,082.17 2,772.20 2,825.17 2,940.27 Wages & Salaries

À¤ò−º− - 1,118.90 1,417.56 1,866.00 Transfers

ñ©-«÷ -Áì½-º÷-¯½-¡º− 903.92 1,035.05 1,190.65 1,438.28 Materials & Supplies

쾨¥È¾¨§¿ì½Îš 500.00 500.00 668.19 656.95 Debt Payment

©º¡-À®û¨À¤ò−¡øÉ 361.37 263.77 397.81 431.00 Interest Payment

ªÈ¾¤-¯½-Àê© 291.37 205.47 318.29 373.00 External

²¾¨-Ã− -¯½-Àê© 70.00 58.30 79.52 58.00 Domestic

ºˆ−Å 289.93 716.67 437.41 357.93 Others

쾨-¥È¾¨-−º¡-Á°− 353.29 30.53 - 199.81 Expenditure for revenue

exceeding plan À¤ò−Á»Ä ÉÀ²ˆºì¾¨¥È¾¨®ñ¤Àºó− - - - - Unallocated Budget

쾨-¥È¾¨-ìö¤êô− 3,642.03 3,324.43 6,405.62 7,197.14 Capital Expenditure

Á¹ìȤêô-−²¾¨-Ã− 688 1,137.83 1,709.56 1,838.06 Local Finances

Á¹ìȤ-êô−ªÈ¾¤-¯½-Àê© 2,954.03 2,186.60 4,696.06 5,359.08 Foreign Finance

À¤ò−¡øÉ-μ õ´-£¤-¡¾− 1,765.00 1,554.34 1,496.53 1,956.81 Project Loan*

À¤ò−§È¸¨-À¹ìõºÂ£¤-¡¾− 614.43 632.26 879.09 1,152.33 Project Grant

À¤ò-−§È¸¨-¹ìõ-ºìɾ®ÒÁ´È− -£¤¡¾− 574.6 - 2,320.44 2,249.95 Non-Project Grant

©÷−©È¼¤ 1,015.51 593.30 1,601.59 2,291.01 Current Cash Balance

ª¾ª½ì¾¤êó 5 : «¾−½¡¾−À¤ò−¢º¤ìñ© (ªœ¡ó®) Table 5: Status of Government Budget (Billion Kip)

   52

©÷È−©È¼¤-À¤ò−¦ö©ì¸´ -1,357.34 -1,587.96 -1,242.04 -1,121.02 Overall Cash Balance

®Ò-츴-êô−§È¸¨-À¹ìõºìɾ -2,626.51 -2,731.13 -4,804.03 -4,829.82 Excluding Grants

쾨-»ñ®-À²ˆº-©÷È-−©È¼¤ 1,357.34 1,587.96 1,242.67 1,197.32 Financing

¥¾¡Á¹ìȤêô-−²¾¨-Ã−, Ã−− š: -150.09 400.98 64.13 -215.96 Domestic Financing

¥¾¡ì½®ö®ê½−¾£¾− -786 402.2 -193.01 -473.15 Bank Financing

¦ò−À§º -582 534.47 -290.01 -517.65 Bank financing(credit)

ºº¡²ñ−ê½®ñ© 50 80 200 260 Treasury Bills (Issued)

Ä«È«º−²ñ−ê½®ñ© -254 -212.27 -103 -215.50 Treasury Bills (Repay-mint)

¥¾¡ì½®ö®ê†®Ò-Á´È−ê½-−¾-£¾− 635.9 -1.22 257.14 257.19 Non-Bank Financing

ºº¡²ñ−ê½®ñ© - - - - Treasury Bills Issued

Ä«È«º−²ñ−ê½®ñ© - - - - Treasury Bills (Repay-mint)

¢¾¨§ñ®¦ò− Áì½ »ñ®£õ− -ªí− -êô-−¥ñ¡¦ø®−Õ 34.27 48.75 277.32 268.91 Assets Sales+Pump

Amortization ºº¡²ñ−ê½®ñ©ìɾ¤Îš£É¾¤¥È¾¨ - - - - Arrears Clearance Bonds

−º¡-Á°-−¤ö®¯½´¾− - - - - Off Budget

¥È¾¨-ìȸ¤-Îɾ - - - - Advance Payment in Treasury

¨º©--À¹ìõº°È¾-−´¾ 642.12 647.2 417.76 687.52 Previous Year Balance Sheet

°ò©©È¼¤ -40.49 -697.17 -437.94 -775.54 Differences

¥¾¡Á¹ìȤêô-−ªÈ¾¤-¯½-Àê©-¦÷©-êò 1,507.43 1,186.98 1,178.54 1,413.29 Foreign Financing (Net)

À¤ò-−¡øÉ-μ õ´-©ñ©-Á¡É-´½-¹¾-²¾¡ - - - - Program Loans

À¤ò−¡øÉ-μ õ´-£¤-¡¾− 1,765.00 1,554.34 1,496.53 1,956.81 Project Loans

쾨-¥È¾¨-§¿-ì½-ªí−êô−À¤ò-−¡øÉ-μ õ´ -401.62 -510.21 -542.34 -694.51 Amortization(Repayment)

À¤ò−−§È¸¨À¹ìõºìɾ®ÒÁ´È−£¤¡¾− (μ ó¯÷È−) - - 85.00 - Non-Program Grants (Japan)

ùɡøÉ-μ õ´ªÒ-¦÷©-êò 144.06 142.84 139.35 150.99 On-Lending Net

Á¹ìȤ¢Ó´ø−: ¡½-§¸¤-¡¾− -À¤ò−                             Sources: Ministry of Finance           

   53

Est

쾨¡¾− 2006/07 2007/08 2008/09 2009/10 2010/11 Items

¡. ì¾ -»ñ®-²¾¦óŒ-º¾-¡º− 4,720.66 5,627.09 6,207.58 7502.55 9,108.63 A. Tax Revenues º¾-¡º-−¡¿-Äì 918.63 1,321.60 1,302.96 1,124.90 1,592.15 Profits Tax º¾-¡º− -쾨-Ä©É 251.84 333.06 424.68 462.39 543.46 Income Tax º¾-¡º−ê†-©ò− 46.57 77.95 63.908 77.57 98.15 Land Tax £-Ⱦ-ê¿− -¼´-º¾-¡º− 1.46 2.52 3.67 2.46 6.00 Business Licenses º¾-¡º−ªÔ-¦÷© 19.27 21.5 29.243 33.28 41.61 Minimum Tax º¾-¡º-−ªö -Àì¡-ê÷-ì½-¡ò© 1,045.99 1,228.52 1,401.04 1,868.68 510.04 Turnover Tax º¾¡º− -´ø− -£È¾-À²†´ 1,893.10 VAT º¾-¡º−§ö´-Ã§É 998.7 1,190.01 1,432.49 1,686.70 1,947.59 Excise Tax ²¾-¦ó-¢¾-À¢í¾ 572.61 674.18 726.22 832.04 964.63 Import Duties ²¾-¦ó-¢¾-ºº¡ 25.86 22.26 48.84 58.81 115.08 Export Duties £È¾-ê¿− -¼´-ìö¤-ê½-®¼-− 49 13.93 26.69 44.61 55.46 Registration Fees º¾-¡º− -§ñ®-¦ò− 273.81 316.52 219.48 450.55 532.40 Natural Resources Taxes £È¾-²¾¡-¹ì¸¤-Ä´É 212.28 105.19 78.05 49.29 92.73 Timber Royalty Receipts £È¾-²¾¡-¹ì¸¤-ij-³É¾ 43.04 56.4 77.66 109.27 195.32 Hydropower Royalties £È¾-ê¿− -¼´-ºˆ−Å 261.62 263.41 372.64 702.00 532.41 Other Fees

¢. ì¾ -»ñ®-ê†-®Ò-Á´È− -²¾-¦ó-Œº¾¡-º− 620.31 812.04 822.85 1,035.82 1,072.63 B. Non-Tax Revenues £È¾-À§‰¾ 29.92 27.22 41.08 38.03 29.82 Leasing Fees £È¾-¦¿-¯½-ê¾− 8.66 17.92 30.66 37.60 31.02 Concessions £È¾-¯ñ®-ÄÏ 33.06 31.4 25.251 29.76 43.27 Penalties (Fine) £È¾-ê¿− -¼´-®ð-ìò-¹¾− 94.87 100.87 76.03 122.54 98.92 Administration Fees À¤ò−¯ñ−°ö− -Áì½-£È¾-¹ì÷ɨ¹¼û− 156.67 293.34 338.35 419.00 507.43 Depreciation and

Dividends ©º¡-À®É¨ 65.9 105.28 94.66 147.21 97.68 Interest £È¾-®ò-−°È¾− 231.23 235.43 203.42 222.41 244.80 Over-Flight Revenues £È¾-¡¾− -¦½¹¤¸− -¯È¾-Ä´É - - - - 11.84 Forest Preservation Funds ºˆ−Å - 0.55 - 7.08 7.20 Others

쾨-»ñ®-²¾-¦ó-Œº¾-¡º− -Áì½- ®Ò-Á´È−²¾-¦ó-Œº¾-¡º− 5,340.97 6,439.13 7,030.43 8,538.38 10,181.26 Total Tax and Non-Tax

Revenues ¢-¾¨-§ñ®-¦ò− 6.91 34.26 48.57 277.19 268.91 Assets Sales »ñ®-§¿-ì½-£õ-−ªí-−êô− 112.08 144.06 142.84 139.35 150.99 Amortization

(Capital Return) »ñ®§¿ì½ªí− -êô-−¥ñ¡-§ø®-−Õ 0.16 0.01 176 128 - Pump Amortization

쾨-»ñ®êñ¤Ïö©ì¸´¡ñ®»ñ®§¿ì½ªí−êô−£õ− 5,460.12 6,617.47 7,222.02 8,955.04 10,601.17 Total Revenue with Capital Return

ª¾-ª½-쾤êó 6: ì¾ -»ñ®--¤ö®¯½´¾− (ªœ¡ó®) Table 6: Revenues (Billion Kip)

Á¹ìȤ¢Ó´ø−: ¡½-§¸¤-¡¾− -À¤ò−                             Sources: Ministry of Finance          

   54

P 쾨¡¾− êñ−¸¾Œ2008 êñ−¸¾Œ2009 êñ−¸¾Œ2010 êñ−¸¾Œ2011 Items

§ñ®¦ò−ªÈ¾¤¯½Àꩦ÷©êò 5,230.23 4,555.35 5,200.04 4,771.64 Net Foreign Assets §ñ®¦ò−ªÈ¾¤¯½Àê© 5,416.99 5,367.51 5,917.24 5,434.77 Foreign Assets

Κ¦ò−ªÈ¾¤¯½Àê© -186.76 -812.16 -717.20 -663.13 Foreign Liabilities

§ñ®¦ò−²¾¨Ã−¦÷©êò -454.08 1,880.29 4,360.37 6,341.14 Net Domestic Assets ¦ò−À§º²¾¨Ã− 164.96 2,669.54 4,543.30 7,511.81 Domestic Credits

¦ò−À§ºÃ¹Éìñ©«½®¾−¦÷©êò -1,057.20 -815.20 -741.57 -652.78 Net Claims on Govt.

¦ò−À§ºÃ¹Éìñ©«½®¾− 972.85 925.09 925.63 688.29 Claims on Govt.

À¤ò−±¾¡ìñ©«½®¾− -2,030.05 -1,740.29 -1,667.20 -1,341.07 Deposits of Govt.

¦ò−À§ºÃ¹É²¾¡¦È¸−À¦©«½¡ò© 685.07 2,312.23 3,349.61 4,996.89 Credits to the Economy

¦ò−À§ºÃ¹Éìñ© ò¦¾¹½¡ò© 685.07 2,312.23 3,349.61 4,996.89 Credits to State Enterprises

¦ò−À§ºÃ¹É²¾¡Àº¡½§ö− - - - - Credits to Private Sector

¦ò−À§ºÃ¹É¦½«¾®ñ−¡¾−À¤ò− 537.09 1,172.51 1,935.26 3,167.70 Credits to Banks

²ñ−ê½®ñ©ê½−¾£¾−¡¾¤ -222.52 -660.18 -1,023.30 -2,145.13 BOL Securities

쾨¡¾−ºˆ−Ŧ÷©êò -396.52 -129.07 840.37 974.46 Other Items (Net)

«¾−À¤ò−ª¾ 4,775.73 6,435.56 9,560.41 11,112.78 Monetary Base À¤ò−¦ö©μ øÈ¢º©¥ðì½¥º− 2,508.26 3,579.58 4,504.52 5,661.18 Currency in Circulation

À¤ò−±¾¡ 2,267.47 2,855.98 5,055.89 5,451.60 Deposits

À¤ò−±¾¡§¿ì½¦½¦¾¤ 1,279.93 1,569.92 3,328.82 2,963.76 Clearing Deposits

À¤ò−Á»±¾¡®ñ¤£ñ® 618.71 792.96 1,023.37 1,514.73 Required Reserve

êô−¥ö©-ê½-®¼−¢º¤- êê¡ 368.83 359.06 511.08 824.67 Capital Deposits

À¤ò− -±¾¡-¢º¤-²¾¡-¦È¸−ºˆ−Å - - - - Other Deposits

ª¾-ª½-쾤êó 7: «¾−½-¡¾− -À¤ò− -¢º¤-ê½-−¾-£¾− Á¹È¤ ¦¯¯ 쾸 (ªœ¡ó®) Table 7: Balance Sheet of the BOL (Billion Kip)

Á¹ìȤ¢Ó´ø−: ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

   55

P 쾨¡¾− êñ−¸¾Œ2008 êñ−¸¾Œ2009 êñ−¸¾Œ2010 êñ−¸¾Œ2011 Items

§ñ®¦ò−ªÈ¾¤¯½Àꩦ÷©êò 7,368.11 5,499.85 6,404.44 5,740.94 Net Foreign Assets §ñ®¦ò−ªÈ¾¤¯½Àê© 9,437.97 8,139.11 10,401.54 11,450.47 Foreign Assets Κ¦ò−ªÈ¾¤¯½Àê© -2,069.86 -2,639.26 -3,997.10 -5,709.53 Foreign Liabilities

§ñ®¦ò−²¾¨Ã−¦÷©êò 4,195.91 9,678.02 14,676.08 20,660.46 Net Domestic Assets ¦ò−À§º²¾¨Ã− 5,201.09 10,516.13 15,649.74 21,435.21 Domestic Credits

¦ò−À§ºÃ¹Éìñ©«½®¾−¦÷©êò -643.47 -627.00 -468.57 -1,169.68 Net Claims on Govt. ¦ò−À§ºÃ¹Éìñ©«½®¾− 1,654.11 1,667.39 1,929.43 1,471.39 Claims on Govt. À¤ò−±¾¡ìñ©«½®¾− -2,297.58 -2,294.39 -2,398.00 -2,641.07 Deposits of Govt.

¦ò−À§ºÃ¹É²¾¡¦È¸−À¦©«½¡ò© 5,844.56 11,143.13 16,118.31 22,604.89 Credits to the Economy ¦ò−À§ºÃ¹Éìñ© ò¦¾¹½¡ò© 1,290.74 2,578.53 3,800.91 6,360.79 Credits to State Enterprises ¦ò−À§ºÃ¹É²¾¡Àº¡½§ö− 4,553.82 8,564.60 12,317.40 16,244.10 Credits to Private Sector

쾨¡¾−ºˆ−Ŧ÷©êò -1,005.18 -838.11 -973.66 -774.75 Other Items (Net) êô−ê†ê½−¾£¾−¡øÉ¥¾¡ìñ©«½®¾− -183.13 -162.20 -136.96 -105.72 Government Lending Fund À¤ò−±¾¡¥¿¡ñ© -51.98 -8.70 -8.40 -5.30 Restricted Deposits ®ñ−§óêô− -1,870.93 -2,749.92 -4,686.83 -5,368.48 Capital Account ºˆ−Å 1,100.86 2,082.71 3,858.53 4,704.75 Others

¯½ìò´¾−À¤ò−ª¾´£¸¾´Ï¾¨¡ ɾ¤ 11,563.95 15,178.09 21,080.52 26,401.80 Broad Money ¯½ìò´¾−À¤ò−£¸¾´Ï¾¨Á£® 3,715.33 4,790.49 6,346.92 7,246.70 Money

À¤ò−μ øÈ−º¡ì½®ö®ê½−¾£¾− 2,223.23 3,085.78 3,790.92 4,899.71 Currency Outside Banks À¤ò−±¾¡¡½Á¦ì¾¨ ñ− 1,492.10 1,704.71 2,556.00 2,346.99 Demand Deposits

¯½ìò´¾−À¤ò−¯½À²©º−Å 7,848.62 10,387.60 14,733.60 19,155.10 Quasi Money À¤ò−±¾¡¯½μ ñ© Áì½±¾¡ ó¡¿− ö© 2,025.05 3,395.50 5,452.30 7,368.60 Time and Saving Deposits À¤ò−±¾¡À¯ñ−À¤ò−ª¾ªÈ¾¤¯½Àê© 5,823.57 6,992.10 9,281.30 11,786.50 Foreign Currency Deposits

ª¾-ª½-쾤êó 8: «¾-−½-¡¾− -À¤ò− -¢º¤-ì½-®ö®-ê½-−¾-£¾− (ªœ¡ó®) Table 8: Monetary Survey (Billion Kip)

Á¹ìȤ¢Ó´ø−: ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

   56

P 쾨¡¾− êñ−¸¾Œ2008 êñ−¸¾Œ2009 êñ−¸¾Œ2010 êñ−¸¾Œ2011 Items

I. ê½−¾£¾−Á¹È¤ ¦¯¯ 쾸 I. Bank of The Lao PDR

©º¡À®É¨À¤ò−¡øÉ 7 4 5 5 Bank Rate

²ñ−ê½®ñ© ê¹ì (1 ó) BOL Securities (1 year )

¡ó® 5.50-7.00 6.00-7.00 6.5-7.00 6.5 In Kip

©-ì¾ 2.50 - 3.50 3.00 - 3.50 3.00-3.75 3.7 In US Dollar

II.ê½−¾£¾−ê÷콡ò©   II. Commercial Banks

1. ºñ©-ª¾-©º¡-À®É¨-À¤ò-−±¾¡ 1. Deposits Rates

®ñ-−§ó-À¤ò-−¡ó®   Kip Account

À¤ò-−±¾-¡-¡½-Á¦-ì¾ - ñ− nil nil nil nil Current Account Deposits

À¤ò-−±¾¡-¯½-μñ© 3.00-5.00 2.50-5.00 2.50-4.50 2.00-4.50 Saving Deposits

À¤ò−±¾¡- ó-¡¿−ö© Time Deposits

3 À©õº− 4.00-8.00 3.00-8.00 3.00-8.00 3.00-8.00 3 Months

6 À©õº− 5.00-11.00 4.00-10.00 4.00-10.00 4.00-10.00 6 Months

12 À©õº− 7.00-12.00 5.00-12.00 5.00-12.00 5.00-12.00 12 Months

¹ì¾¨¡ Ⱦ 12 À©õº− 8.00-14.00 8.00-12.00 8.00-12.00 7.50-12.50 Time Deposits > 12Month

®ñ-−§ó-À¤ò-−®¾© Thai Baht Account

À¤ò-−±¾-¡-¡½-Á¦-ì¾ - ñ− nil nil nil nil Current Account Deposits

À¤ò−±¾¡-¯½-μñ© 0.50-1.00 0.25-2.00 0.25-2.00 0.25-2.00 Saving Deposits

À¤ò−±¾¡-¯½-¥¿ Time Deposits

3 À©õº− 0.75-1.60 0.75-3.50 0.75-3.50 0.75-4.00 3 Months

6 À©õº− 0.75-2.35 0.75-6.50 0.75-6.50 0.75-6.50 6 Months

12 À©õº− 0.75-2.60 0.75-5.50 0.75-5.50 0.75-5.50 12 Months

ª¾-ª½-쾤êó 9: ºñ©ª¾©º¡À®É¨ (-À¯ó-À§ñ− -ªÒ-¯ó) Table 9: Interest Rates ( In Percent Per Annum)

   57

¹ì¾¨¡ Ⱦ 12 À©õº− 2.25-4.00 2.70-5.00 2.70-5.00 3.00-5.50 >12 Months

®ñ− -§ó-À¤ò−©-ì¾   US Dollar Account

À¤ò−-±¾-¡-¡½-Á¦-ì¾ - ñ− nil nil nil nil Current Account Deposits

À¤ò-−±¾¡-¯½-μñ© 0.50-1.25 0.25-2.00 0.25-2.00 0.25-2.00 Saving Deposits

À¤ò−±¾¡-¯½-¥¿ Time Deposits

3 À©õº− 0.75-2.00 0.50-4.00 0.50-4.00 0.50-4.00 3 Months

6 À©õº− 1.25-2.60 0.75-5.00 0.75-50 0.75-5.00 6 Months

12 À©õº− 1.50-3.60 1.00-6.00 1.00-6.00 1.00-6.00 12 Months

¹ì¾¨¡ Ⱦ 12 À©õº− 2.25-4.80 1.25-5.00 1.25-5.00 1.25-6.50 > 12 Months

2. ºñ©-ª¾-©º¡-À®É¨-À¤ò−¡øÉ**          2. Lending Rates **

À¤ò−¡øÉ-À ñ−¦½-¡÷−À¤ò−¡ó® Kip Accounts

¯½-À²©-ìø¡-£É¾A (-Ä쨽1 ó) 11.00-24.00 9.00-26.55 8.00-22.00 8.00-21.00 Customer A (1year)

¯½-À²©-ìø¡-£É¾B (-Ä쨽1 ó) 13.00-15.00 10.00-14.00 9.00-14.00 9.00-18.00 Customer B (1year)

¯½-À²©-ìø¡-£É¾C (-Ä쨽1 ó) 14.00-16.00 11.00-15.00 10.00-15.00 10.00-18.00 Customer C (1year)

À¤ò−¡øÉ-À ñ−¦½-¡÷−À¤ò−®¾© Baht Accounts

¯½-À²©-ìø¡-£É¾A (-Ä쨽1 ó) 7.00-18.00 6.00-15.50 6.00-17.00 6.50-17.00 Customer A (1year)

¯½-À²©-ìø¡-£É¾B (-Ä쨽1 ó) 7.50-9.50 6.50-9.00 7.75-9.00 7.15-13.00 Customer B (1year)

¯½-À²©-ìø¡-£É¾C (-Ä쨽1 ó) 8.50-10.00 7.25-10.00 8.25-10.00 8.50-11.00 Customer C (1year)

À¤ò−¡øÉ-À ñ−¦½-¡÷−À¤ò− -©-ì¾ US Dollar Accounts

¯½-À²©-ìø¡-£É¾A (-Ä쨽1 ó) 5.00-14.00 6.00-18.00 6.00-18.00 6.00-16.00 Customer A (1year)

¯½-À²©-ìø¡-£É¾B (-Ä쨽1 ó) 7.50-9.00 7.50-9.00 7.75-9.00 7.15-11.00 Customer B (1year)

¯½-À²©-ìø¡-£É¾C (-Ä쨽1 ó) 8.50-10.00 7.75-10.00 8.25-10.00 8.50-11.00 Customer C (1year)

À¤ò−À®ó¡-À¡ó−®ñ−§ó Overdraft

-¡ó® 15.00-24.00 9.75-20.00 9.75-20.00 15.00-18.00 In Kip

®¾© 7.00-18.00 7.00-16.00 7.00-16.00 10.00-16.00 In Baht

©-ì¾ 7.00-14.00 6.00-14.00 6.00-14.00 10.00-14.00 In US Dollar

Á¹ìȤ¢Ó´ø−: ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

58

P 쾨¡¾− 2008 2009 2010 2011

쾨¡¾−/ Descriptions ¡ó® ¤ªª ê¼®¡ó® 츴 ¡ó® ¤ªªê¼®¡ó® 츴 ¡ó® ¤ªª ê¼®¡ó® 츴 ¡ó® ¤ªª ê¼®¡ó® 츴

Kip FOREX in Kip Total Kip FOREX in Kip Total Kip FOREX in Kip Total Kip FOREX in Kip Total

À¤ò−±¾¡ì¸´/ Total Deposits 3,604.77 6,468.54 10,073.3 5,499.37 7,590.60 13,354.61 8,617.18 9,981.36 18,598.45 10,631.55 12,900.69 23,532.24

À¤ò−±-¾¡-¡½-Á¦-쾨-¸ñ−/ Current Account Deposits

1,484.26 1,688.17 3,172.43 1,704.01 1,673.35 3,377.36 2,552.03 2,419.17 4,971.20 2,335.90 3,257.47 5,593.37

À¤ò−±¾¡-¯½-μ ñ©/ Savings 750.23 2,738.27 3,488.50 1,135.06 3,266.31 4,401.37 1,716.18 4,274.07 5,990.25 2,289.39 5,153.25 7,442.64

À¤ò−±¾¡-¯½-¥¿/ Term Deposits 1,274.83 1,405.00 2,679.83 2,260.43 2,052.52 4,312.95 3,736.13 2,587.94 6,324.07 5,079.14 3,375.46 8,454.60

- 3 À©õº−/ 3 Months 114.13 278.01 392.14 700.73 636.28 1,337.01 1,231.00 598.56 1,829.56 620.37 926.75 1,547.12

- 6 À©õº−/ 6 Months 280.89 337.33 618.22 474.69 431.03 905.72 1,034.03 1,420.40 2,454.43 710.00 817.33 1,527.33

- 12 À©õº−/ 12 Months 421.36 446.72 868.08 791.15 718.38 1,509.53 856.00 378.59 1,234.59 82.00 1,038.85 1,120.85

À¤ò−±¾¡-¯½-¥¿ > 12 À©õº−; < 24 À©õº−

Term Deposits > 12 M ; < 24 M 458.45

342.94 801.39 293.86 266.83 560.69 615.03 189.39 804.42 80.08 592.54 672.62

À¤ò−±¾¡-¢º¤-°øÉ-ê†-®Ò-ª˜¤-μ øÈ-쾸 82.76

599.79 682.55 391.51 871.42

1,262.93

604.48

700.18 1,304.66 918,45 1,114.51 2,032.96

Non-Resident Deposits 12.69

37.31

50

8.36 8.36

8.71 8.36 8.36

8.67

8.67

À¤ò−±¾¡-ºˆ−Å/ Others Deposits

ª¾-ª½-쾤êó 10: À¤ò−±¾¡¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© (ªœ¡ó®)

Table 10: Commercial banks’ Deposits (Billion Kip)

Á¹ìȤ¢Ó´ø−: ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR 

59

ª¾-ª½-쾤êó 11: ¦ò−À§ˆº¢º¤ê½−¾£¾−-ê÷ì½-¡ò© (ªœ¡ó®)

Table 11: Commercial banks’ Credits (Billion Kip)

P

¨º©-¦ò−-À§º (ªœ¡ó®) 2008 2009 2010 2011 Credit Outstanding

(in LAK billion) £È¾-À§º´ -100.29 -92.492 -142.134 -165.37 Provisions ¢½ÁΤº÷©¦¾¹½¡¿ Áì½ ¹ñ©«½¡¿ 1,136.15 1,616.98 2,389.65 3,505.49 Credits for Industry and Handicraft ¢½ÁΤ¡Ò¦É¾¤ 235.19 349.62 1,571.25 2,223.85 Credits for Constructions ¢½ÁΤ¦½Îº¤ ñ©«÷ Áì½ Àªñ¡−ò¡ 499.37 677.07 618.89 697.30 Credits for Materials and Technical

Supplies ¢½ÁΤ¡½¦ò¡¿ 765.36 1,179.96 2,003.80 2,362.21 Credits for Agricultures ¢½ÁΤ¡¾−£É¾ 1,533.40 2,054.00 2,991.73 3,742.82 Credits for Commerce ¢½ÁΤ¢ö−¦öú¤ 162.77 244.73 493.36 667.94 Credits for Transportations ¢½-ÁΤ-®ð-ìò-¡¾− 568.11 719.79 1,604.57 2,970.20 Credits for Services ¢½ÁΤºõú−Å 1,313.77 1,898.28 1,095.42 1,438.20 Credits for Other Activities

츴¦ò− -À§ºêñ¤Ïö© 6,214.13 8,740.42 12,768.67 17,608.02 Total Credits ºñ©ª¾¢½¹¨¾¨ªö¸¢º¤¦ò−À§º (%) 2008 2009 2010 2011 Credits Growth (Percent)

£È¾-À§º´ -44.99% -7.77% 53.67% 16.35% Provisions ¢½ÁΤº÷©¦¾¹½¡¿ Áì½ ¹ñ©«½¡¿ 42.75% 42.32% 47.79% 46.69% Credits for Industry and Handicraft ¢½ÁΤ¡Ò¦É¾¤ 58.70% 48.65% 349.42% 41.53% Credits for Constructions ¢½ÁΤ¦½Îº¤ ñ©«÷ Áì½ Àªñ¡−ò¡ 76.37% 35.58% -8.59% 12.67% Credits for Materials and Technical

Supplies ¢½ÁΤ¡½¦ò¡¿ 162.63% 54.17% 69.82% 17.89% Credits for Agricultures ¢½ÁΤ¡¾−£É¾ 45.97% 33.95% 45.65% 25.11% Credits for Commerce ¢½ÁΤ¢ö−¦öú¤ 403.61% 50.35% -101.59% 35.39% Credits for Transportations ¢½-ÁΤ-®ð-ìò-¡¾− 104.16% 26.70% 122.92% 85.11% Credits for Services ¢½ÁΤºõú−Å 43.20% 44.49% -42.29% 31.29% Credits for Other Activities

츴¦ò− -À§ºêñ¤Ïö© (%) 63.65% 40.65% 46.09% 37.90% Total Credits ¨º©¦ò−À§ºì¸´ê¼®Ã¦È GDP (%) 13.63% 18.38% 22.59% 28.28% Total Credits in Percent of GDP

Á¹ìȤ¢Ó´ø−: ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

   60

ª¾-ª½-쾤êó 12: ©÷−¡¾−§¿ì½¡ñ®ªÈ¾¤¯½Àê© (ìɾ−©ì¾). Table 12: Balance of Payments (Million US$)

R R R P

쾨¡¾− 2008 2009 2010 2011 Items

©÷-−¡¾−§¿ì½À¤ò−¯ö¡¡½ªò 90.33 -60.91 29.27 -150.61 Current Account Balance

(®Ò츴À¤ò−º−¢º¤²¾¡ìñ©«½®¾−) 13.22 -158.43 -79.35 -299.83 (Excluding Official Transfers)

©÷−¡¾−£É¾ -311.26 -408.41 -314.06 -568.89 Trade Balance

ø−£È¾¦ò−£É¾¦‰¤ºº¡ 1,091.90 1,052.70 1,746.40 1,853.98 Exports (f.o.b.)

ø−£È¾¦ò−£É¾−¿À¢í¾ -1,403.20 -1,461.10 -2,060.40 -2,422.86 Imports (c.i.f.)

¡¾−®ðìò¡¾−¦÷©êò 306.37 261.63 247.87 272.36 Services (net)

쾨»ñ® 414.27 397.26 511.99 569.15 Services Receipts

쾨¥È¾¨ -107.91 135.63 263.12 296.79 Services Payments

쾨»ñ®¦÷©êò 145.64 -47.02 -83.17 -76.86 Factor Income (net)

쾨»ñ® 32.07 41.73 50.29 48.33 Income Receipts

쾨¥È¾¨ 77.71 88.76 133.46 125.19 Income Payments

À¤ò−§È¸¨ÀÍõº¦÷©êò 140.87 132.89 178.63 222.78 Transfers (Net)

²¾¡Àº¡½§ö− 63.76 35.36 70.01 73.55 Private

²¾¡ìñ©«½®¾− 77.11 97.53 108.62 149.22 Official

©÷−®ñ−§óêô− Áì½ ¡¾−À¤ò− 430.38 644.43 401.94 465.85 Capital and Financial Account

®ñ−§ó¡¾−À¤ò− 430.38 644.43 401.94 465.85 Financial Account

¡¾−ìö¤êô−©¨¡ö¤ 227.77 318.60 278.81 300.70 Foreign Direct Investment

¡¾−ìö¤êô−ºˆ−Å 202.61 325.83 81.40 154.11 Other Investment

£¸¾´°ò©²¾© Áì½ ¡¾−£¾©À£ˆº− -420.21 -587.24 -345.29 -372.39 Errors and Omissions

©÷−¡¾−§¿ì½À¤ò−츴 100.51 -3.72 97.39 -57.15 Overall Balance

Ͼ¨À¹©: Memorandum Items:

©÷− -¡¾−§¿ì½À¤ò−¯ö¡¡½ªò츴êñ¤ 1.71 -1.09 0.46 -1.94 Current Account

(Percent of GDP) À¤ò−§È¸¨ÀÍõº¢º¤ìñ© (% ¢º¤ GDP)

©÷−¡¾−§¿ì½À¤ò−¯ö¡¡½ªò®Ò츴Àºö¾ À¤ò−§È¸¨ÀÍõº¢º¤ìñ© (% ¢º¤ GDP)

0.25 -2.83 -1.24 -3.87 Excluding Official Transfers (Percent of GDP)

©÷−¡¾−£É¾ê¼®¡ñ® GDP (%) -5.89 -7.30 -4.90 -7.34 Trade Balance (Percent of GDP)

£ñ¤¦¿»º¤ªÈ¾¤¯½Àê© (ìɾ−©쾦½¹½ìñ©) 636.09 632.37 729.76 678.76 Official Gross Reserves (Millions of US Dollars)

£ñ¤¦¿»º¤ªÈ¾¤¯½Àê©ê¼®¡¾−−¿À¢í¾ªÒÀ©õº− 5.44 5.19 4.25 3.36 Official Gross Reserves (in Months of Imports)

츴¨º©°½ìò©ª½²ñ−²¾¨-Ã− (ìɾ−©ì¾) 5,286.50 5,596.10 6,409.50 7,754.02 Gross Domestic Product in Millions of US$

Á¹ìȤ¢Ó´ø−: ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

   61

P ì¾ -¡¾− 2008 2009 2010 2011 Items

©÷−¡¾−£É¾ -311.26 -408.41 -314.06 -568.89 Trade Balance

¡¾−¦‰¤-ºº¡ 1,091.90 1,052.70 1,746.40 1,853.98 Exports (f.o.b.)

(ºñ©ª¾¡¾−¯È¼−Á¯¤-) 18.30% -7.90% 65.89% 6.16% (Annual Change)

°½-ìò©-ª-½-²ñ−Ä É 65.70 41.74 37.40 27.60 Wood Products

¡¾-À³ 18.49 21.71 26.09 17.80 Coffee

À£ˆº¤-¡½-¦ò¡¿/À£ˆº¤-¯È¾ 52.66 91.41 169.02 171.50 Agricultural/Forest Products

ªñ©-¹¨ò® 256.03 127.09 171.07 161.30 Garments

ij-³É¾ 107.99 100.62 113.18 75.97 Electricity

®ÒÁ»ú 561.68 446.58 625.40 812.21 Mining

£¿ 80.61 90.59 131.41 111.82 Gold

꺤Á©¤ 446.03 327.59 468.28 676.02 Copper

ºˆ−Å 35.04 28.41 25.74 24.38 Others

¡¾−−¿-À¢í¾ 1,403.17 -1,461.10 -2,060.40 -2,422.86 Imports (c.i.f.)

(ºñ©ª¾¡¾−¯È¼−Á¯¤-) 31.80% 0.70% 28.11% 17.59% (Annual Change)

¦ò−£É¾-À²º¡¾−ìö¤-êô− 567.63 920.20 1,066.30 1,221.30 Investment Goods

¦ò−£É¾§ö´Ã§É 611.42 373.22 670.42 901.27 Consumption Goods

¸ññ©-«÷-©ò®-¦¿-ìñ®-º÷©-¦¾-¹-½-¡¿- 175.16 67.04 60.28 77.00 Materials for Garments

£¿ Áì½ À¤ò− 20.20 59.74 209.76 166.23 Gold and Silver

ij-³É¾ 26.90 39.20 50.76 50.96 Electricity

ºˆ−Å 1.87 1.69 2.90 6.10 Others

ª¾-ª½-쾤êó 13: ¡¾-−£É¾-ªÈ¾¤-¯½-Àê© (ìɾ−©쾦½¹½ìñ©) Table 13: Foreign Trade (Million US$)

Á¹ìȤ¢Ó´ø−: ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

   62

R P

쾨¡¾− 2008 2009 2010 2011 Items

1. ¨º©À¹ìõºÎš¦ò−ªÒªÈ¾¤¯½Àê©êñ¤Ïö© 2,575.17 2,694.41 2,808.71 2,990.32 1. Total Debt Stock

Á®®¦º¤±È¾¨ 825.83 927.76 1,064.10 1,262.36 Bilateral

Á®®¹ì¾¨±È¾¨ 1,749.35 1,766.65 1,744.60 1,727.97 Multilateral

2. ¡¾-−§¿-ì½-Κ 72.9 87.29 106.51 156.97 2. Debt Services

(À¯óÀ§ñ−¡¾−¯È¼−Á¯¤) 42.49 19.75 22.02 47.37 (in Percentage Change)

§¿-ì½-ªí−êô− 72.88 87.29 106.51 156.97 Amortization

Á®®¦º¤±È¾¨ 7.63 11.47 12.89 30.22 Bilateral

Á®®Í¾¨±È¾¨ 43.54 51.62 58.72 73.39 Multilateral

§¿ì½©º¡À®É¨ 21.72 24.19 34.91 53.35 Interest Payments

Á®®¦º¤±È¾¨ 4.43 6.84 15.03 25.91 Bilateral

Á®®¹ì¾¨±È¾¨ 17.29 17.35 19.87 27.45 Multilateral

Κ-¦ò−ªÈ¾¤-¯½-Àê©-ê¼®Ã¦È GDP (À¯ó-À§ñ−) 48.71 48.15 43.82 38.56 Total Debt Stock to GDP (%)

ºñ©-ª¾-¦È¸-−£¸¾ -¦-¾-´¾©-Ã−¡¾−§¿-ì½-Κ 4.6 6.02 4.72 6.48 Debt Service Ratio

ª¾-ª½-쾤êó 14: Κ-¦ò-−ªÒªÈ¾¤-¯½-Àê©¢º¤-ìñ© (ìɾ−©쾦½¹½ìñ©) Table 14: External Debts (Million US$)

Á¹ìȤ¢Ó´ø−: ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

Áì½ ¡½§¸¤-¡¾− -À¤ò− and Ministry of Finance

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À©õº−/¯ó

¡ó®/©-ì¾( Kip/US$) ¡ó®/®¾© (Kip/Baht)

Month/Year   

ºñ©-ª¾-Áì¡-¯È¼-−ª½-¹ì¾©- ºñ©-ª¾-Áì¡-¯È¼− - êê¡ ºñ©-ª¾-Áì¡-¯È¼− -ª½-¹ì¾©- ºñ©-ª¾-Áì¡-¯È¼− - êê¡

Parallel Market Rates Commercial Bank Rates Parallel Market Rates Commercial Bank Rates

§œ (Buy) ¢¾¨ (Sell) §œ (Buy) ¢¾¨ (Sell) §œ (Buy) ¢¾¨ (Sell) §œ (Buy) ¢¾¨ (Sell)

´ñ¤¡º−Œ09 8476.97 8529.3 8478.36 8505.7 243.1 244.57 243.12 244.17 Jan-2009

¡÷´²¾Œ09 8499.59 8543.43 8490.8 8525.24 241.78 243.2 241.57 242.55 Feb-2009

´ó−¾Œ09 8555.49 8602.65 8548.37 8581.38 239.87 241.25 240.05 241.1 Mar-2009

À´¦¾Œ09 8547.18 8586.92 8542.98 8577.11 241.46 242.77 241.31 242.37 Apr-2009

²ô©¦½²¾Œ09 8525.51 8563.17 8523.42 8557.97 246.43 247.73 246.26 247.4 May-2009

´ò«÷−¾Œ09 8513.97 8552.67 8509.17 8541.3 249.87 251.05 249.49 250.65 Jun-2009

¡ð콡ö©Œ09 8509.51 8544.12 8504.05 8533.42 250.74 251.73 250.02 251.18 Jul-2009

¦ò¤¹¾Œ09 8505.87 8533.53 8499.17 8526.99 250.7 251.57 250.16 251.29 Aug-2009

¡ñ−¨¾Œ09 8496.00 8528.92 8495.16 8521.36 251.58 252.66 251.17 252.14 Sep-2009

ª÷쾌09 8,546.95 8,598.41 8479.05 8505.39 254.51 255.66 253.84 254.77 Oct-2009

²½¥ò¡Œ09 8,545.31 8,595.17 8,469.28 8,496.03 255.13 256.2 254.51 255.84 Nov-2009

êñ−¸¾Œ09 8,501.03 8,549.51 8,473.08 8,499.56 255.52 256.61 255.26 256.47 Dec-2009

´ñ¤¡º−Œ10 8470.90 8502.94 8472.53 8497.42 256.73 257.85 256.54 257.75 Jan-2010

¡÷´²¾Œ10 8477.30 8509.80 8473.88 8499.54 256.15 257.22 255.70 256.90 Feb-2010

´ó−¾Œ10 8459.14 8493.47 8458.22 8487.80 258.92 260.34 258.14 259.41 Mar-2010

À´¦¾Œ10 8341.44 8387.85 8332.71 8361.09 258.11 259.49 257.52 258.71 Apr-2010

²ô©¦½²¾Œ10 8271.10 8312.16 8272.94 8302.45 255.93 257.11 255.62 256.85 May-2010

´ò«÷−¾Œ10 8256.43 8299.63 8253.41 8283.94 255.15 256.32 254.70 255.83 Jun-2010

¡ð콡ö©Œ10 8237.01 8273.71 8230.95 8259.89 255.66 256.79 255.16 256.34 Jul-2010

¦ò¤¹¾Œ10 8197.16 8240.02 8198.52 8233.77 257.39 258.74 257.29 258.52 Aug-2010

¡ñ¨¾Œ10 8160.87 8197.13 8158.21 8191.92 262.84 264.39 262.62 263.87 Sep-2010

ª÷쾌10 8052.75 8089.77 8052.82 8086.45 267.69 269.03 267.61 268.73 Oct-2010

²½¥ò¡Œ10 8015.53 8053.02 8015.43 8050.41 268.68 270.15 268.49 269.70 Nov-2010

êñ−¸¾Œ10 8039.10 8075.57 8038.73 8073.77 267.63 269.03 267.48 268.27 Dec-2010

´ñ¤¡º−Œ11 8045.11 8084.75 8044.97 8080.52 264.71 266.09 264.32 265.42 Jan-2010

¡÷´²¾Œ11 8037.03 8075.16 8035.66 8072.45 262.63 264.03 262.45 263.64 Feb-2011

´ó−¾Œ11 8031.01 8067.77 8031.06 8067.92

264.94

266.25

264.62

265.89

Mar-2011

À´¦¾Œ11 8024.27 8059.05 8022.90 8058.45 266.84 268.20 266.65 267.89 Apr-2011

²ô©¦½²¾Œ11 8014.13 8050.42 8013.67 8049.73 265.75 267.10 265.37 266.52 May-2011

´ò«÷−¾Œ11 8011.09 8045.99 8010.79 8047.48 262.99 264.29 262.73 263.88 Jun-2011

¡ð콡ö©Œ11 8001.81 8037.01 8000.68 8036.90 265.53 266.95 265.44 266.56 Jul-2011

¦ò¤¹¾Œ11 7993.01 8025.49 7988.39 8024.95 268.04 269.32 267.54 268.76 Aug-2011

¡ñ¨¾Œ11 7994.92 8030.34 7996.84 8030.04 264.04 265.54 264.35 264.98 Sep-2011

ª÷쾌11 7999.34 8034.16 7999.22 8031.70 260.17 261.51 259.92 261.23

Oct-2011

²½¥ò¡Œ11 7998.95 8033.01 7997.02 8031.99 259.53 260.89 259.59 260.65

Nov-2011

êñ−¸¾Œ11 8001.21 8034.74 8001.11 8035.22 258.54 259.75 257.65 258.71

Dec-2011

ª¾-ª½-쾤êó 15: ºñ©-ª¾-Áì¡-¯È¼-−ê½-−¾-£¾-− Áì½- ª½¹ì¾©

Table 15: Official and Parallel Exchange Rates

Á¹ìȤ¢Ó´ø−: ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

   64

ª¾-ª½-쾤êó 16: À¤ò−º−À¢í¾-´¾ìö¤êô−© -¡ö¤-¢º¤ªÈ¾¤¯½ÀꩰȾ−ì½®ö®ê½−¾£¾− (ìɾ−©ì¾) Table 16: FDI Funds Transferred Through Banking System (Million US$)

Á¹ìȤ¢Ó´ø−: ê½−¾£¾− Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

R

P

¯½Àê© 2007 2008 2009 2010 2011 Country

μ † ÷È− 18.19 9.88 16.96 8.30 10.57 Japan ê½ ò®º¾À´ìò¡¾ 0.94 0.36 0.11 1.24 0.07 North America Àºóìö® 21.31 17.01 11.93 32.69 6.77 Europe

¦½¹½²ñ−Àºóëö® 14.59 9.94 11 27.54 1.84 European Union: Àºóëö®ºˆ−Å 6.72 7.07 0.93 5.16 4.93 Other Europe

º¾§ó 1.68 42.97 39.14 45.57 140.32 ASIA ANIES 35.41 47.23 5.92 2.42 55.74 ANIES

À¡ö¾¹ìóÃªÉ 14.58 46.93 5.92 1.67 1.74 South Korea(ROK) »ö¤¡ö¤ 0.14 - - 0.75 54.00 Hong Kong êɹ ñ− 20.69 0.3 - - - Taiwan (ROC)

º¾§¼− 100.41 47.67 57.33 81.58 53.96 ASEAN ´¾ÀìÀ§¨ - 0.38 0.45 - 0.30 Malaysia ¦ò¤¡½Â¯ 10.15 0.29 15.97 0.28 1.40 Singapore Äê 85.99 34.29 17.2 36.54 18.48 Thailand ¹¸¼©−¾´ 4.05 12.5 23.7 17.43 33.78 Vietnam

ºö¦Àªëìó-À§¨ 2.37 6.26 0.01 4.30 - AUSTRALIASIA ºö¦ÀªëÀì¨ 2.37 6.26 0.01 4.30 - Australia − ó¸§óÁì− - - - -

- New Zealand ¯½-Àꩻȸ´ìö¤-êô− 142.74 55.48 187.23 101.02 33.27 JOINT VENTURE

COUNTRIES ¨† ÷È− Áì½ ±ì„¤ - 2.48 - - - Japan & France ¥ó−+ºö¦ÀªëÀì¨ 0.2 1.3 - - - China+Australia ±ì„¤+Äê - 11.76 14.2 9.22 - France+Thailand Äê+¥ó− - 4 5.92 3.78 5.80 Thailand+China Äê+ºñ¤¡ò© - - - - 6.39 Thailand+United ¦ò¤¡½-¯+ºñ¤¡ò© - - - - 5.15 Singapore+United ìñ©-À§¨+ºñ¤¡ò© - - - 0.85 Russia+Unites ¨† ÷È−+Äê 0.75 0.07 0.19 - 0.08 Thailand+Japan ºò−À©¨+Äê+ºò−© 10 - - - 5.00 India+Thai+Indo ºö¦ÀªëÀì¨+Äê+ºö¤¡¾−¦¾¡ö− 10.85 - - - Australia+Thai+Inten.org ºˆ−Å 120.94 35.87 166.92 81.97 10.00 Other

츴êñ¤Ïö© 323.51 227.76 318.60 278.79 300.70 Total

   65

ª¾-ª½-쾤êó 17: 츴¡¾−ìö¤êô−¥¾¡ªÈ¾¤¯½Àê© Á®È¤ª¾´¢½ÁΤ¡¾−, 2007-2011

Table 17: Approved Foreign Direct Investment by Sectors 2007-2011

P

ó 2007 2008 2009 2010 2011 Years

¥¿−¸−£¤¡¾− 191 152 208 207.00 288 Number of Projects

ø−£È¾¡¾−ìö¤êô−êñ¤Ïö© (ìɾ−©ì¾)

1,136.91 1,215.54 4,312.89 1,402.21 2,734.46 Total

( Million of US Dollar ) ø−£È¾¡¾−ìö¤êô−Ã−-

¢½ÁΤ¡¾− (ìɾ−©쾦½¹½ìñ©)

Sectors

(Million of US Dollar )

ij³É¾ 360.54 640 218.26 443.32 28.70 Electricity Generation

¡½¦ò¡¿ 183.84 78.49 289.83 160.66 337.39 Agriculture

®ÒÁ»È 115.27 102.07 2,280.46 200.34 1,664.69 Mining

º÷©¦¾¹½¡¿Œ¹ñ©«½¡¿ 134.19 156.89 198.72 278.00 262.09 Industry & Handicraft

¡¾−£É¾ 13.93 12.89 16.64 35.50 23.68 Trading

¡Ò¦É¾¤ - 66.6 27.19 75.00 152.13 Construction

®ðìò¡¾− 181.19 23.6 1,055.06 172.49 91.42 Services

»¤Á»´ Áì½ »É¾−º¾¹¾− 58.15 29.43 44.22 6.30 11.11 Hotels & Restaurants

Âêì½£ö´ ‐  32.45 83.77 - - Telecoms

º÷©¦¾¹½¡¿Ä É 56.96 20.99 13.63 12.63 1.57 Wood Industry

ê½−¾£¾− 25 43 77 12.00 105.98 Banking

ªñ©¹ ò® 5.52 5.11 1.2 - 6.70 Garment

ꆯô¡¦¾ 2.32 4.04 6.89 5.97 5.29 Consultancies

¦¾ê¾ì½−½-¦÷¡ 42.52

Public Health

¡¾−-¦ô¡¦¾ 1.12 Education

Á¹ìȤ¢Ó´ø−: ¡½§¸¤Á°−¡¾− Áì½ ¡¾−ìö¤êô− (¡ö´-ìö¤êô−)

Source: Ministry of Planning and Investment: (Department of Investment)

   66

ó ªö¸-Àì¡−-ñ¡-êȺ¤-êȼ¸ ì¾ -Ä©É-¥¾¡-¡¾−êȺ¤êȼ¸

Years Number of Tourist Revenue from

Arrivals Tourism (U.S Dollars)   

2000 737,208 113,898,285

2001 673,823 103,786,323

2002 735,662 113,409,883

2003 636,361 87,302,412

2004 894,806 118,947,707

2005 1,095,32 146,770,074

2006 1,215,11 173,249,896

2007 1,623,94 233,304,695

2008 1,736,79 275,515,758

2009 R 2,008,363 267,700,224

2010 R 2,513,028 381,669,031

2011P 2,919,774 424,447,921

-

ª¾-ª½-쾤êó 18: ªö¸-Àì¡-− ñ¡-êȺ¤-êú¼¸ -Áì½ ì¾ -Ä©É-¥¾¡-¡¾−êȺ¤êȼ¸¢º¤ì¾¸ÁªÈ- ó 2000-Œ2011.

Table 18: Tourist Arrivals to Laos PDR and Revenue from Tourism, 2000-2011

Á¹-ìȤ¢Ó´ø−: ºö¤¡¾−êȺ¤êȼ¸Á¹È¤§¾© Source: Lao National Tourism Administration

BANK OF THE LAO PDR Yonnet Road P.O.Box No: 19 Vientiane Lao PDR

Tel: (856-21) 213109-110, Fax: (856-21) 213108

http://www.bol.gov.la