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Cooperation with Laos helping advance local banking sector

Sok Chan / Khmer Times Share:
Meeting between representatives of the National Bank of Cambodia and the Bank of the Lao PDR. KT/Mai Vireak

The central banking authorities of Cambodia and Laos have recently restated their commitment to enhance cooperation to strengthen their banking sectors.

Speaking during the annual meeting between representatives of the National Bank of Cambodia (NBC) and the Bank of the Lao PDR on Friday, NBC’ governor Chea Chanto said working with Laos’s central bank to improve the banking sector in both nations continues to be one of their priorities.

“We seek to continue to strengthen and expand the collaboration, both technical and political, between the two central banks,” Mr Chanto said.

“Our annual meeting is pivotal for building human capital and exchanging skills and knowledge, particularly as it pertains to monetary policy, cash security, auditing, and international collaboration.”

Somphao Phaysith, the governor of the Bank of the Lao PDR, said that in 2017 his institution benefited from the collaboration with NBC in a number of areas, learning from the experience of the kingdom’s central bank in monetary policy, auditing, international cooperation and the supervision of provincial branches.

“In the near future, the Bank of the Lao PDR hopes to enhance cooperation in appraising the economic situation of commercial banks, and drafting trade policy under the World Bank’s framework,” Mr Somphao said.

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