ANNUAL ECONOMIC REPORT 2009

®ö©-ì¾ -¤¾­-À¦©«½¡ò©- ¯½¥¿- ó 2009

¦¾ê¾ì½­½-ìñ©- ¯½§¾êò ½-Ī ¯½§¾§ö­-쾸

¦ñ­ªò²¾®- Àº¡½-ì-¾© ¯½§¾êò ½-Ī --Àº¡½-²¾® ñ©ê½­½-«¾¸º­

LAO PEOPLE’S DEMOCRATIC REPUBLIC

PEACE INDEPENDENCE DEMOCRACY UNITY PROSPERITY

ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸

BANK OF THE LAO PDR

¦¾ì½®¾­ Contents

£¿-À¹ñ­ -°øÉ-¸È¾¡¾­

Message From the Governor Page No

1

I. ¦½²¾®-À¦©«½¡ò©-¢º¤ ¦¯¯ 쾸 I. Lao Economic Performance 8

1. ¢½-ÁΤ -¡½¦ò¡¿ 1. Agriculture 10

2. ¢½-ÁΤ -º÷©-¦¾-¹½¡¿ 2. Industry 11

3. ¢½-ÁΤ -®ðìò¡¾­ 3. Services 12

4. ¡¾­- ȼ­-Á¯¤ -£¤ -¯½¡-º® GDP 4. Changes in GDP Components 13

5. 콩ñ®-ì¾£¾ 5. Price Level 15

II. ¢½-ÁΤ -¡¾­-À¤ò­-¢º¤ -ìñ©. II. Public Finance 17

1. ì¾ -»ñ®-¤ö®¯½´¾­ 1. Revenues 17

2. 쾨¥È¾¨¢º¤¤ö®¯½´¾­ 2. Expenditures 19

3. ¡¾­-©÷ú­©È¼¤¤ö®¯½´¾­ 3. Financing 20

III. ¢½-ÁΤÀ¤ò­ª¾ III. Monetary Sector 21

1. ­½Â¨®¾¨ºñ©ª¾ -Áì¡ È¼­ 1. Exchange Rate Policy 21

2. ­½Â¨®¾¨À¤ò­ª¾ 2. Monetary Policy 23

2.1 ¯½ìò ¾­-À¤ò­ 2.1 Monetary Supply 23

2.2 «¾­-À¤ò­ª¾ 2.2 Monetary Base 25

3. ¡¾­-£÷É´ -£º¤ -À¤ò­ª¾ -ªÈ¾¤¯½ -Àê© -Áì½ ¡¾­-¦‰¤ -À¦ó -¡¾­-­¿ -çÉ-À¤ò­-¡ó®

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

26

4. À¤ò­-±¾¡¢º¤ -ê½­¾£¾­-ê÷ì½-¡ò© 4. Commercial Banks’ Deposits 27

5. ¦ò­À§ˆº¢º¤ -ê½­¾£¾­-ê÷ì½-¡ò© 5. Commercial Banks’ Credits 28

6. ºñ©ª¾©º¡À®û¨ 6. Interest Rates 29

7. ¡¾­-£÷É´ -£º¤ -ê½­¾£¾­-ê÷ì½-¡ò©- Áì½- ¦½-«¾-®ñ­-¡¾­-À¤ò­

7. Bank and Financial Institution Supervision 31

8. ¡¾­-¡½¡¼´ -¦É¾¤ª¤ª½Í¾©-Íñ¡-§ñ® -í ¦¯¯ 쾸 8. Preparation of Stock Exchange Establishment 34

IV. ©÷­-¡¾­-§¿-콡ñ®ªÈ¾¤¯½Àê©- IV. Balance of Payments 36

1. ¡¾­£É¾ -¡ñ®ªÈ¾¤ -¯½ -Àê© 1. Foreign Trade 37

2. ©÷­-®ðìò¡¾­ 2. Services 39

3. ©÷­-ì¾ -Ä©É -Áì½ -À¤ò­-º­-§È¸ -ÀÍõº 3. Factor income and current transfers 41

4. Κ¦ò­ªÈ¾¤¯½Àê© 4. External Debts 41

5. ¡¾­ìö¤êô­¥¾¡ªÈ¾¤¯½Àê© 5. Foreign Direct Investment 42

V. êȾºÈ¼¤À¦©«½¡ò© ¦¯¯ 쾸 ó 2010 V. Economic Outlook of Lao PDR 2010 44

£¤ -¯½¡º®-£½­½ -­¿ -¢º¤ê½­¾£¾­ Á¹È¤ ¦¯¯ 쾸 ó 2009

Table 1: Management Structure of the Bank of the Lao PDR 2009

45

Á°­-¸¾©êó1: -£¤ -»È¾¤ -¡¾­¥ñ©-ª¤ê½­¾£¾­ -Á¹È¤ ¦¯¯ 쾸

Chart 1: Organizational Chart of the BOL 49

Á°­-¸¾©êó 2 : -£¤ -»È¾¤ -¡¾­¥ñ©-ª¤¢º¤ -ì½®ö®ê½­¾£¾­--í ¦¯¯ 쾸.

Chart 2: Organizational Chart of the Laos Banking System

51

¦¾ì½®¾­»ø® List of Figure

Page No

»ø®êó 1: ¡¾­¢½¹¨¾¨ªö À¦©«½¡ò© Figure 1: GDP Growth Rate 8

»ø®êó 2: ¡¾­¢½¹¨¾¨ªö ¢½ÁΤ¡½¦ò¡¿ Figure 2: Growth of Agriculture 10

»ø®êó 3: ¡¾­¢½¹¨¾¨ªö ¢½ÁΤº÷©¦¾¹½¡¿ Figure 3: Growth of Industry 11

»ø®êó 4: ¡¾­¢½¹¨¾¨ªö ¢½ÁΤ®ðìò¡¾­ Figure 4: Growth of Services 13

»ø®êó 5: ¡¾­ ȼ­Á¯¤Â£¤¯½¡º® GDP Figure 5: Changes of GDP Components 14

»ø®êó 6: ºñ©ª¾À¤ò­À³š Figure 6: Inflation 16

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

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

17

»ø®êó 8: «¾­½¡¾­À¤ò­¢º¤ìñ© Figure 8: Fiscal Performance 18

»ø®êó 9: 쾨»ñ®¢º¤¤ö®¯½´¾­ Figure 9: Revenues 19

»ø®êó 10: 쾨¥È¾¨¢º¤¤ö®¯½´¾­ Figure 10: Expenditures 20

»ø®êó 11: ¡¾­©÷È­©È¼¤¤ö®¯½´¾­ Figure 11: Fiscal Financing 21

»ø®êó 12: ºñ©ª¾Áì¡ È¼­ Figure 12: Exchange Rates 22

»ø®êó 13: ¯½ìò ¾­À¤ò­ M2 Figure 13: Money Supply (M2) 24

»ø®êó 14: ºö¤¯½¡º®¢º¤ M2 Á¨¡ª¾´¦½¡÷­À¤ò­ Figure 14: M2 by Currency Components 25

»ø®êó 15: «¾­À¤ò­ª¾ Figure 15: Monetary Base 26

»ø®êó 16: À¤ò­±¾¡¢º¤ -ê½­¾£¾­-ê÷ì½-¡ò© Figure 16: Commercial banks’ Deposits 28

»ø®êó 17: ¦ò­À§ˆº¢º¤ -ê½­¾£¾­-ê÷ì½-¡ò© Figure 17: Commercial banks’ Credits 29

»ø®êó 18: ºñ©ª¾©º¡À®É¨¦½ÀìȨÀ¤ò­±¾¡¡¿­ö©12 À©õº­ Figure 18: Average 12 Months Deposit Rates 30

»ø®êó 19: ºñ©ª¾©º¡À®É¨¦½ÀìȨÀ¤ò­¡øÉ¡¿­ö© 12 À©õº­ Figure 19: Average 12 Months Lending Rates 31

»ø®êó 20: ©÷­¡¾­§¿ì½¡ñ®ªÈ¾¤¯½Àê© Figure 20: Balance of payments 37

»ø®êó 21: ¡¾­¢½¹¨¾¨ªö¸¢º¤¡¾­¦‰¤ºº¡Œ­¿À¢í¾ Figure 21: Growth Rate of Exports - Imports 38

»ø®êó 22: ¡¾­£É¾ªÈ¾¤¯½Àê© Figure 22: Foreign Trade 39

»ø®êó 23: ªö¸Àì¡­ñ¡êȺ¤êȼ¸À¢í¾´¾ ¦¯¯ 쾸 Figure 23: Number of Tourist Arrivals to Lao PDR

41

»ø®êó 24: Κ¦ò­ªÈ¾¤¯½Àê© Figure 24: Extenal Debts 42

»ø®êó 25: ¡¾­ìö¤êô­Â©¨¡ö¤¢º¤ªÈ¾¤¯½Àê© Figure 25: Foreign Direct Invesment 43

¦¾ì½®¾­ª¾ª½ì¾¤ List of Tables

Page No

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

Table 1: Selected Economic Indicators of the Lao PDR

9

ª¾ª½ì¾¤êó 2:츴¨º©°½ìò©ª½²ñ­²¾¨Ã­£ò©ÄìÈ ª¾´´ø­£È¾À²†´

Table 2:Gross Domestic Product by Value Added

53

ª¾ª½ì¾¤êó 3: ©ñ©¦½­óì¾£¾°øɧö Ã§É Table 3: Consumer Price Index (CPI) 54

ª¾ª½ì¾¤êó 4: ºñ©ª¾À¤ò­À³š Table 4: Inflation 55

ª¾ª½ì¾¤êó 5: «¾­½¡¾­À¤ò­¢º¤ìñ© Table 5: Status of Government Budget 56

ª¾ª½ì¾¤êó 6: 쾨»ñ®¢º¤¤ö®¯½´¾­ Table 6: Revenues 58

ª¾ª½ì¾¤êó 7: «¾­½¡¾­À¤ò­¢º¤ ê¹ì Table 7: Balance Sheet of the BOL 59

ª¾ª½ì¾¤êó 8: «¾­½¡¾­À¤ò­¢º¤ì½®ö®ê½­¾£¾­ Table 8: Monetary Survey 60

ª¾ª½ì¾¤êó 9: ºñ©ª¾©º¡À®É¨ Table 9: Interest Rates 61

ª¾ª½ì¾¤êó 10: À¤ò­±¾¡¢º¤ -ê½­¾£¾­-ê÷ì½-¡ò© Table 10: Commercial banks’ Deposits 63

ª¾ª½ì¾¤êó 11: ¦ò­À§ˆº¢º¤ -ê½­¾£¾­-ê÷ì½-¡ò© Table 11: Commercial banks’ Credits 64

ª¾ª½ì¾¤êó 12: ©÷­¡¾­§¿ì½¡ñ®ªÈ¾¤¯½Àê© Table 12:Balance of Payments 65

ª¾ª½ì¾¤êó 13: ¡¾­£É¾ªÈ¾¤¯½Àê© Table 13: Foreign Trade 66

ª¾ª½ì¾¤êó 14: Κ¦ò­ªÒªÈ¾¤¯½Àê©¢º¤ìñ© Table 14: External Debts 67

ª¾ª½ì¾¤êó 15: ºñ©ª¾Áì¡ È¼­ê½­¾£¾­ Á콪½¹ì¾©

Table 15: Official and Parallel Exchange Rate

68

ª¾ª½ì¾¤êó 16:À¤ò­Âº­À¢í¾´¾ìö¤êô­Â©¨¡ö¤ ¢º¤ ªÈ¾¤¯½ÀꩰȾ­ì½®ö®ê½­¾£¾­

Table 16: FDI Funds Transferred Through Banking System

69

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

Table 17: Approved Foreign Direct Investments by Sector

70

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

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

71

1

--

¦½²¾®-Á¸©-ìɺ -À-¦©«½¡ò©¦¾¡ö­ í-

ó 2009 - ñ¤-¦õ®-ªÒ-¯½--À§ó­-¡ñ®-¦…¤-êɾ-ê¾ -¹ù¾¨

©É¾­Â© -¦½-À²¾½-Á È­ -°ö­¡½êö®¥¾¡¸ò-¡ò©-

¡¾­-¡¾­-À¤ò­-Âì¡-, -IJê¿-´½§¾© Áì½ ®ñ­¹¾

²½¨¾©Ä¢É¹¸ñ©Ã¹ È-¦¾ -²ñ­-ÃÏÈ 2009 (AH1

N1) -§‡¤-êñ¤-Ïö©­­-ùÉ-¦‰¤-°ö­-¡½êö®-꾤-ìö®-ªÒ-

¡¾­-²ñ©ê½­¾--À¦©«½¡ò©Œ¦ñ¤£ö´ ¢º¤-®ñ­©¾-¯½-

Àê©-ªÈ¾¤Å -í-ꉸ-Âì¡. ¦¿ìñ®- ¦¯¯ 쾸 -À«ò¤-

¸È¾Ä©É-»ñ®-°ö­-¡½êö®-¥¾¡-¸ò-¡ò©-¡¾­ ¡¾­-À¤ò­¦¾

¡ö­, -IJ-ê¿-´½-§¾© ÁªÈ©É¸ -£¸¾ -¦øÉ-§ö­-®÷¡®õ­

¢º¤-ê÷¡¢½-ÁΤ¡¾­²¾ -êÉ-¡¾­-­¿²¾-µÈ¾¤Ã¡É-

§ò©¢º¤-¡ö -¡¾­-À õº¤-¦ø­-¡¾¤-²ñ¡- Áì½- ìñ©«½

®¾­ ²¸¡-À»ö¾-¦¾´¾©-¦É¾¤-¦½²¾®-Á¸©-ìɺ -

꾤-©É¾­-À¦©«½¡ò©´½¹¾-²¾¡ ó-£¸¾ -¦½

In 2009, the global economic

environment continued to face various

challenges such as: the impact from

global financial crisis, natural calamities

the outbreak of influenza 2009 (A/H1N1),

all of which resulted in negative impact on

socio- economic development of countries

worldwide. Despite the impact from

global financial crisis, natural calamities

affected to Lao PDR, due to tireless effort

made by all relevant sectors under

leadership of the government, macro-

economic stability was able to maintain

well, foreign investments continued to

increase, overall economy continued to

expand by 7.6 percent in 2009.

Furthermore, overall monetary stability

was able to maintain as witnessed by low

inflation rate, stable exchange rate,

increased public confidence in the banking

system as well as the holding of Kip. The

banking system displayed the pace of

developments and soundness.

For the banking sector in particular,

it has paid attentively to perform its

mandate in accordance with monetary

£¿-À¹ñ­ -°øÉ-¸È¾¡¾­ -ê½­¾£¾­ -Á¹È¤ ¦¯¯ 쾸 Message from the Governor

2

¹¤ö® ö¡¡½ªò, ¡¾­-ìö¤êô­ -¢º¤-ªÈ¾¤¯½-Àê©- ñ¤-

¦õ®ªÒ-À²† -¢›­, -À¦©«½¡ò©Â© -츴¢º¤ ¦-¯¯

쾸 ¦õ-®ªÒ-¢½¹¨¾¨ªö -- 7,6% -í- ó 2009.

¦½²¾®ê¾¤-©É¾­-À¤ò­ª¾-Á¹È¤-§¾©-¦õ®ªÒ ó-£¸¾ -

Ï­êȼ¤, ºñ©ª¾-À¤ò­-À³š-µøÈ-í-콩ñ®-ªÒ¾, ºñ©ª¾-

Áì¡ È¼­ ó-£¸¾ -¦½¹¤ö® -, ¦ñ¤£ö - ó-£¸¾ -À§º

Ï­ªÒ-ì½®ö®-ê½­¾£¾­- Áì½ À¤ò­-¡ó®-À²† -¢›­,

ì½®ö®-ê½­¾£¾­- ó -êȸ¤êȾ-¢½¹¨¾¨ªö - Áì½

Ï­£ö¤.

¦¿ìñ®- ¢½-ÁΤ-¡¾­-ê½­¾£¾­-²¸¡-À»ö¾-

¡Ò-Ä©É-Àºö¾-Ã¥-æÈ-¥ñ©ª¤¯½ªò®ñ©Îɾ -ê†-¢º¤-ªö­µÈ¾¤-

ª¤Îû¾Â© -ºó¤-æÈ-£¾©Ï¾ -¦øÉ-§ö­-꾤-©É¾­-À¤ò­

ª¾ê†-¡¿­ö©-ºº¡-- í¦ö¡ ó 2008/2009 £õ: --

»ñ¡¦¾-¦½«¼­-ì½-²¾®-À¤ò­ª¾- Á¹È¤-§¾© -ùÉ- ó-

£¸¾ -Ϙ­êȼ¤, ºñ©ª¾-À¤ò­-À³šµøÈ-í-콩ñ®-ªÒ¾

¡¸È¾-¡¾­-¢½¹¨¾¨ªö -¢º¤-À¦©«½¡ò©, ºñ©ª¾-

Áì¡ È¼­- ó-£¸¾ -¦½¹¤ö® ö¡¡½ªò, -À¤ò­-¡ó®-ê¼®

¡ñ®-À¤ò­-©-ì¾- Áì½ -À¤ò­-®¾©Á¢¤-£È¾ -¹ùõ ººÈ­

£È¾®Ò-À¡ó­ 5%, ¯½ìò´¾­À¤ò­Ã¹ÉÀ²† ¢›­ 30%,

¢½¹¨¾ -¦ò­-À§º-ùÉ-²¾¡¦È ­À¦©«½¡ò© -À²† -

¢›­ 26% ¹ùõ Àꉾ¡ñ® 13,5 % ¢º¤ GDP,

콩ö -À¤ò­-±¾¡-ùÉ-À²† -¢›­ 25,7% ¹ùõ Àꉾ-¡ñ®

21,5 % ¢º¤ GDP Áì½ -À»ñ©-ùÉ-À¤ò­-±¾¡-À ñ­-

À¤ò­-¡ó®ªÒ-À¤ò­-±¾¡-êñ¤Ïö©-À²† -¢›­ 40%, £ñ¤-¦¿

»º¤-À¤ò­ª¾-ªÈ¾¤¯½-Àê©-ùÉ-¦¾´¾©-¡÷É -¡¾­-­¿-

À¢í¾¹ù¾¨¡¸È¾ 5 À©õº­ .

ºó¤-ª¾ -£¾©Ï¾¨ê†-¡¿­ö©--ĸÉ-¢É¾¤-Àêò¤-­­

®¸¡-¡ñ®--¦½²¾®-Á¸©-ìɺ´²¾ -í- Áì½ ¦¾¡ö­

targets set in FY2008/2009 as follows.

Strived to maintained sound monetary

stability, maintained inflation rate lower

than economic growth rate, stable

exchange rate, Kip/US dollar and Thai

Bath is to be appreciated or depreciated

less than 5 percent, money supply is to

keep 30 percent, credit to economy is to

keep at 26 percent or equal to 13.5 percent

of GDP, deposits mobilization at 25.7

percent, or equal to 21.5 percent of GDP.

Kip deposits to total deposits is to rise 40

percent, international reserve is to cover

more than 5 months of imports of goods.

On the basis of target determined

above, coupled with domestic and

international environments, the Bank of

Lao PDR (BOL) has wisely implemented

its accommodative monetary policy by

using more indirect monetary tools to

ensure the stability of national monetary

system and contributing to supporting

socio-economic development as follows:

(1) Lowered short-term policy interest rate

(BOL rate) four times from 7 percent to 4

percent; (2) Adjusted reserve requirement

ratio (RRR) for only cash in Kip and

foreign currencies and conversed cash

and eligible securities (Bonds) into

3

ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 (ê¹ì) -Ä©É-¥ñ©ª¤

¯½ªò®ñ©-­½-¨®¾ -À¤ò­ª¾°Èº­£¾¨µÈ¾¤- ó-Ÿ-

²ò®©É -¡¾­-­¿-çÉ-À£º¤ õ-­½Â¨®¾ -À¤ò­ª¾-

꾤-ºûº´Í¾ -¢›­ -À²º»ñ®¯½¡ñ­-¦½«¼­-ì½-

²¾®-À¤ò­ª¾-Á¹È¤-§¾©- Áì½ -¯½¡º®¦È ­- øÉ -Á»¤-

¡¾­-²ñ©ê½­¾-À¦©«½¡ò©¦ñ¤£ö´©„¤-­š:

(1) ñ® ¹ì÷©ºñ©ª¾-©º¡-À®É- -À¤ò­-¡øÉÄ쨽-¦­

¢º¤-ªö­ìö¤- 4 £¤ ¥¾¡ 7% ´¾-À ñ­ 4%, (2)

ñ® ÷¤-£¤-¦É¾¤- À¤ò­-Á»-±¾¡-®ñ¤-£ñ®-êñ¤-À¤ò­-¡ó® -

Áì½ -À¤ò­ª¾-ªÈ¾¤¯½-Àê©ê† ó-À¤ò­¦ö©-µÈ¾¤-©¼¸´¾-

À ñ­À¤ò­¦ö©- Áì½- ¹ùñ¡§ñ® (²ñ­ê½®ñ©) ê† -®Ò ó-²¾

ì½-°ø¡-²ñ­; (3) ĩɺñ©-¦ó©-À¤ò­-À¢í¾-í-ì½®ö®À¦©

«½¡ò©©É -¡¾­¦½Îº¤¦ò­-À§º- ùÉ-Á¡È-²¾¡

¦È ­-À¦©«½¡ò© -Áì½ -¦½-«¾-®ñ­-¡¾­-À¤ò­-©É -

¡¾-­©ñ©¦ö -¦½²¾®-£Èº¤- Áì½-À ñ­-Á¹ùú¤êô­- Ⱥ -

ªÒÁ­-æÈ- øÉ-Á»¤-À¦©«½¡ò©-ùÉ-¢½-¹¨¾-¨ªö µÈ¾¤-

ªÒÀ­º¤, - Ⱥ -¦ò­-À§º-ùÉ-Á¡È-²œ­«¾­-£¤-ìȾ¤, -

£¤¡¾­-¡¾­-°½ìò©¦ò­£É¾, ¦½®¼¤º¾¹¾­-À²º-

»º¤-»ñ®-í-¤¾­-´½¹¾-¡¿-¡òì¾-§ó-À¡-´£¤êó 25 ê†

¦¯¯ 쾸 -À ñ­-À¥í¾²¾®, -Áì½ (4) ¦‰¤-À¦ó -ùÉ

ê½­¾£¾­-ê÷ì½-¡ò© (êê¡) ¢½¹¨¾ -ª¾Îú¾¤

¡¾­-®ðìò¡¾­- ¢º¤ -ê½­¾£¾­-ùÉ-¡¸É¾¤¢¸¾¤,

¦½©¸¡-¦½®¾¨, ²ñ©ê½­¾-°½ìò©-ª½²ñ­ -¡¾­-

®ðìò¡¾­-ùÉ- ó-£¸¾ -¹ù¾¡¹ù¾ -Áì½-¹ñ­-ì½®ö®-ê½

­¾£¾­-Ä -¦øÈ-£¸¾ -êñ­-¦-½-ÄÎ-Àêº-콡ɾ¸À²º-

ùÉ-¦¾´¾©-À§º -¨¤-¡ñ®-¦¾¡ö­ Áì½- ²¾¡-²œ­.

- ¦¿ìñ® ­½-¨®¾ -ºñ©ª¾-Áì¡ È¼­,

ê¹ì -Ä©É-«õ-Àºö¾-­½-¨®¾¨ºñ©ª¾-Áì¡ È¼­ ª¾ -

reserve requirement ratio (RR); (3)

Injected money into the economic system

by providing large amount of credit to

economic sector and financial institutions

for liquidity purpose and on-lending for

boosting sustained economic growth,

developing the infrastructure sector

commercialization projects, foodstuff

production in preparation of the 25th

In light of exchange rate management,

BOL continued to pursue a market -

oriented exchange rate regime guided by

the State (managed floating system) as

principal instruments to maintain the

national economic stability and to increase

the level of international reserves to cover

more than 5 months of imports of goods

by : (1) continuing to set daily reference

rate for Kip/US dollar for commercial

banks and exchange bureaus in selling

Sea

Games organized by the Lao PDR;

(4)encouraged commercial banks to

extend their widespread service networks

in order to provide better access to

financial service and developed

diversified financial products and

gradually transform the banking system

into modernization and enable to link with

international and regional levels .

4

¡ö­-Ä¡-ª½Í¾©- ê†- ó-¡¾­-£÷É -£º¤- ¢º¤- ìñ©-À ñ­-

À£º¤ õ-ªí­ªð-í-¡¾­-»ñ¡¦¾-¦½«¼­-ì½²¾®-À¤ò­

ª¾-Á¹È¤-§¾©---ùÉ- ó-£¸¾´Ï˜­êȼ¤ -Áì½- À²º-À²† -

£ñ¤-¦¿»º¤- ùÉ-¦¾´¾©-¡÷û´¡¾­-­¿-À¢í¾-Ä©É-¹ù¾¨

¡¸È¾- 5 À©õº­ ©É -¡¾­-: (1) ¦õ®-ªÒ-¡¿­ö©-ºñ©ª¾-

Áì¡ È¼­-ºÉ¾¤-ºó¤-¯½¥¿-¸ñ­ -À¤ò­-¡ó®-ê¼®-æÈ-À¤ò­-

©-ì¾ ¦¹ì -À²º-Ã¹É (êê¡) --À ñ­-®Èº­-ºó¤-í-

¡¾­-¡¿­ö©-ºñ©ª¾-ºñ©ª¾-§œŒ¢¾¨ ¡ó®/-©-ì¾ ¢º¤-

ªö­ -í-¢º®-À¢© ± 0,25%, ¦È¸­-ªÈ¾¤-ì½¹¸È¾¤

ºñ©ª¾-§œŒ¢¾¨ ¢º¤ ¡ó®/®¾© -Áì½ ¡ó®/-Àºó-Âë ®Ò-

À¡ó­ 0,5% ¦È ­-¦½¡÷­ -º­-Å ®Ò-À¡ó­ 2%; (2) -

¦õ®-ªÒ-©ñ©¦ö -ª½¹ù¾©-À¤ò­ª¾-ªÈ¾¤¯½-Àê© -À´º- ó-

£¸¾ -¥¿-À ñ­; Áì½ (3) ¦õ®ªÒ¦½-Î-º¤-À¤ò­ª¾-

ªÈ¾¤¯½-Àê©Ã¹É-Á¡È-¦ñ¤£ö ®Òùɢ¾©Á£­Ã­-¸ö¤-

À¤ò­-®Ò-À¡ó­ 20 ìɾ­-¡ó® ªÒ-£ö­/ªÒ-¸ñ­, Áì½ §÷¡ øÉ

¡¾­-¢½¹¨¾ -Îȸ -Áì¡ È¼­-¢º¤-ê½­¾£¾­-

ê÷ì½-¡ò© -Áì½ »É¾­-Áì¡ È¼­--Àº¡-½ §ö­Ã¹É-¡¸É¾¤

¢¸¾¤-.

-í-¡¾­-£÷É -£º¤-À¤ò­ª¾-ªÈ¾¤¯½-Àê© Áì½-

¦‰¤-À¦ó -¡¾­-­¿-çÉ-À¤ò­-¡ó®, ê¹ì ¦õ®ªÒÀ²† -꽸ó

¸¼¡¤¾­-©„¤¡È¾¸µÈ¾¤-ªÒ-À­º¤-Á­-æÈ-¯½¡º®¦È ­-

»ñ¡¦¾-¦½«¼­-ì½-²¾®-Á¹È¤-§¾©-ùÉ- ó-£¸¾ -Ϙ­

êȼ¤, ºñ©ª¾-Áì¡ È¼­- ó-£¸¾ -¦½¹¤ö® -À»ñ©-ùÉ-

¯½§¾§ö­- ó-£¸¾ -À§º-Ï­ªÒ-£È¾ -À¤ò­-¡ó®­ñ® œ­ñ®

¦ø¤¢›­Â©¨:

¸¼¡¤¾­-£÷É -£º¤-À¤ò­ª¾-ªÈ¾¤¯½-Àê©:

(1) Ä©É ñ® ÷¤ì½®¼®¡¾­§œŒ¢¾¨À¤ò­ª¾ªÈ¾¤

¯½Àê©Ã¹ÉÁê©ÀϾ½¡ñ® ¦½²¾®¡¾­²ñ©ê½

their buying and selling rates for Kip/US

$ within the range of ± 0.25 percent of the

reference rate. spread between buying and

selling rates for Kip/US $, and Kip/Euro

was less than 0.5 percent and while other

currency was less than 2 percent; (2)

continued to intervene exchange market

when is needed and;(3) supplied enough

foreign exchange to the public which was

equivalent to 20 million Kip per

person/day and encouraged expansion of

the exchange units of commercial bank

and private exchange bureaus.

On the foreign currency management

and Kip promotion, BOL continuously

carried out this task as supporting

measures to maintain sound monetary

developments, stable exchange rate in

order to restore public confidence in the

value of Kip. This includes.

Foreign currency management: (1)

improved the regulations governing the

foreign exchange trading in line with the

pace of socio-economic development; (2)

allowed the commercial banks to bring

foreign currencies in and out of the Lao

PDR in a more flexible manner; (3)

implemented wisely foreign currency

management rules; and (4) conducted an

inspection in exchange bureaus and

5

­¾À¦©«½¡ò©Œ¦ñ¤£ö´; (2) º½­÷ ¾©Ã¹Éê½­¾

£¾­ê÷콡ò©­¿À¤ò­ª¾ªÈ¾¤¯½Àê© À¢í¾ Áì½

ºº¡ ¦¯¯ 쾸 Ã¹É ó£¸¾´£Èº¤ªö ¡¸È¾À¡‰¾;

(3) ¯½ªò®ñ©­½Â¨®¾¨ Áì½ ì½®¼®¡¾­

£÷É £º¤ê†ÀϾ½¦ö´ Áì½ óŸ²ò®, -Áì½ (4)

ìö¤ªò©ª¾´»É¾­Áì¡ È¼­À¤ò­ª¾ Áì½ ®ðìò¦ñ©

­¿À¢í¾Œ¦‰¤ºº¡¸ñ©«÷ ó£È¾Ã¹É ½ªò®ñ©ª¾´ì½

®¼®¡¾­¸¾¤ºº¡.

¸¼¡¤¾­¦‰¤À¦ó ¡¾­­¿Ã§ÉÀ¤ò­¡ó® ê¹ì

Ä©É¥ñ©ª¤¯½ªò®ñ©£õ: (1) ìö¤ª-ò©ª¾ -¡¸©¡¾

µÈ¾¤-À ñ­ ö¡¡½ªò-¡¾­-ªò©-ì¾£¾-¦ò­£É¾ -Áì½ -£È¾-

®ðìò¡¾­-À ñ­-À¤ò­-¡ó®-µøÈ-ª¾ -¥÷©-À¢©-¡¾­-£É¾ -ªÈ¾¤Å

Áì½ ¤¾­¸¾¤¦½Á©¤¦ò­£É¾ªÈ¾¤Å; (2) Ä©ÉÀ²†´

꽸󡾭£¦½­¾ ©É ¨¹ù¾¨»ø®¹ù¾¨¦ó ©¨

°È¾­ê¾¤¦ªÈ¾¤Å; (3) ñ® ÷¤£÷­­½²¾®Ã®À¤ò­

ùÉÃÏú Áì½ Â£¤¯½¡º®¯½À²©Ã®À¤ò­Ã¹É

ÀϾ½ ¦ö íÁªÈì½Ä쨽; (4) §÷¡ øɦ‰¤À¦ó

¡¾­§¿ì½°È¾­ì½®ö®ê½­¾£¾­Ã¹É¹ù¾¨¢›­.

°È¾­-¡¾­-¥ñ©ª¤¯½ªò®ñ©-­½-¨®¾¨ ¢É¾¤-

Àêò¤, ê¹ì ¦¾´¾©-®ñ­ì÷-Ä©É°ö­-¤¾­-ê†-²í­-À©„­---£õ:

ºñ©ª¾-À¤ò­-À³š- µøÈ-í-콩ñ®Î‡¤ªö -Àì¡-© -¦½-

ÀìÈ 0,03 %, ºñ©ª¾-Áì¡ È¼­ ó-£¸¾ -¦½¹¤ö®

ö¡¡½ªò-À¤ò­¡ó®Á¢¤£È¾ 2,7% ê¼®¡ñ®À¤ò­

Â©ì¾ (¦½ÀìȨ ó 2009 ê¼®Ã¦È ó 2008),

¦È ­ªÈ¾¤ì½¹¸È¾¤ºñ©ª¾Áì¡ È¼­ ¢º¤ ê½­¾

£¾­ Áì½ ª½¹ù¾©µøÈí콩ñ® 0,09% ¦¿ìñ®

À¤ò­¡ó®ê¼®¡ñ®Â©ì¾ Áì½ 0,01% ¦¿ìñ®

À¤ò­¡ó®ê¼®¡ñ®®¾©, ¯½ìò´¾­À¤ò­ M2 À²† -

precious metals import-export companies

to be in compliance with the rules of

Laws.

With regards to Kip promotion

campaign, BOL implemented activities

such as: (1) regularly inspected price

quotation and service fees in Kip at

business centers and trade fairs or

exhibitions; (2) intensified advertizing

means in various forms through the

medias; (3) improved the quality of bank

note denomination and the component of

bank notes to be appropriate from time to

time; and (4) further encouraged the

financial payments or transactions through

banking system.

Upon the implementation of various

policies mentioned above, BOL has made

outstanding achievements such as: inflation

rate was able to keep with one digit number

as averaged 0.03 percent, exchange rate has

been constantly stabilized, the Kip

appreciated on average 2.7 percent against

the US dollar in 2009 compared with 2008.

Spread between official and parallel market

exchange rates was narrow around 0.09

percent for Kip/US dollar and 0.01 percent

for Kip/Baht; money supply ( M2) rose 29.2

percent, international reserves could cover

6

¢›­ 29,2%, £ñ¤-¦¿»º¤-À¤ò­ª¾-ªÈ¾¤¯½-Àê©-¦¾

´¾©-»ñ®¯½¡ñ­-¡¾­-­¿-À¢í¾-¦ò­£É¾ -Áì½- ¡¾­-

®ðìò¡¾­Ä©É-¹ù¾¨¡¸È¾ 5 À©õº­, ¦ñ¤-£ö - ó-£¸¾ -

À§ºÏ­ªÒ¢½-ÁΤ꽭¾£¾­ -Áì½-- ªÒÀ¤ò­-¡ó®-

­ñ®- œ­ñ®-À²† -¢›­§‡¤¦½-Á©¤-ºº¡-£õ: ¨º©-À¤ò­-

±¾¡ê‰ -ì½®ö®-ê½­¾£¾­ »º©-êɾ --À©õº­

12/2009 ó-¥¿­¸­ 10.677,71 ªœ-¡ó®, -À²† -¢›­

29,5% Áì½ -¡¸ -Àºö ¾ 24,3 % ¢º¤ GDP,

ºñ©ª¾-¦È ­-À¤ò­-±¾¡-À ñ­-À¤ò­-¡ó®ªÒÀ¤ò­-±¾¡-êñ¤

Ïö©Á È­ À²† ¢›­ -¥¾¡ 37,7% -í- ó 2008 ´¾-

À ñ­ 42,3% -í-À©õº­ 12/2009, ¨º©¦ò­À§º

¢º¤ì½®ö®ê½­¾£¾­Á¡È²¾¡¦È ­À¦©«½¡ò©

ó-¥¿­¸­ 11.112,09 ªœ-¡ó®, À²† ¢›­ 90,1% -

Áì½ ¡¸ -Àºö¾ 22,3 % ¢º¤ GDP í-À©õº­

12/2009. ¡¾­-ùÉ-¦ò­-À§º-¢º¤-ì½®ö®-ê½­¾

£¾­-Ä©É-¦÷ -æÈÀ í¾Ï¾¨ í-¡¾­°½ìò©ì½®¼¤

º¾¹¾­, °½ìò©-¦ò­£É¾, ¡¾­- ÷¤ÁªÈ¤--À²º-§ö -çÉ-

²¾ -í- Áì½ -¡¾­-¦‰¤-ºº¡, ¡¾­¡Ò¦É¾¤-²œ­«¾­-

£¤-ìȾ¤. ì½®ö® -ê½­¾£¾­- ó-êÈ ¤êȾ¦õ®ªÒ¢½

¹¨¾¨ªö -Áì½ Ï­£ö¤- --§‡¤-¦½-Á©¤-ºº¡-£õ: Κê†-

®Ò-À¡ó©-©º¡-ºº¡-°ö­ (NPL) 󲼤--ÁªÈ 3,28%

¢º¤-¨º©-¦ò­-À§º-¦÷©êò. ¡¾­-®ðìò¡¾­-¢º¤-ê½­¾

£¾­Á È­­ñ®- œ-­ñ®-¡¸É¾¤¢¸¾¤ Áì½ ­ñ®- œ¡É¾ -

À¢í¾-¦øÈ-¡¾­-¹ñ­À ñ­-êñ­-¦½-ÄϵȾ¤-®Òµ÷©-µ¤.

© -ºó¤-æÈ-¦½²¾®-Á¸©-ìɺ -¢º¤-À¦©

«½¡ò©- ¢º¤ -¦¾¡ö­ê†- ó-êȾ-ºÈ¼¤³œ­-ªö Áì½ --Á°­-

²ñ©ê½­¾-À¦©«½¡ò©-¦ñ¤£ö´ ¦ö¡- ó 2009/2010

ê†-Ä©É¡¿­ö©-£¾©Ï¾¨¦øÉ -§ö­ ì¸ -ùÉÀ¦©«½¡ò©-

more than 5 months of imports of goods,

public confidence in the banking sector as

well as the value of Kip has risen as

follows: amount of total deposits in the

banking sector as whole as of December

2009 was 10.677,71 billion Kip, up by

29.5 percent and accounted for 24.3 percent

of GDP; the ratio of Kip deposit to total

deposits rose from 37.7 percent in 2008 to

42.3 percent in December 2009; total credit

of banking system to the economy was

amounted to 11.112,09 billion Kip, up by

90.1 percent and accounted for 22.3 percent

of GDP in December 2009. Credits

extended by the banking sector were

particularly concentrated on foodstuff

production, commodity production, and

manufacturing for domestic consumption,

export and infrastructure development. In

sum, banking sector significantly expanded

and in financially sound as demonstrated by

the level of non-performing loan (NPL) was

merely 3.28 percent of total net credit. Bank

service is expanded vastly and increasingly

moving toward modernization.

On the basis of international economic

environment with tendency of economic

recovery and numerous targets described in

the socio-economic development plan for

7

¢½¹¨¾¨ªö 8% , ºñ©ª¾-À¤ò­-À³š®Ò-ùÉ-À¡ó­ 3% -

Áì½ -ºñ©ª¾-Áì¡ È¼­ ó-£¸¾ -¦½¹¤ö®, ¦½-­­, -

£¾©Ï¾¨¦½-À²¾½¢º¤¢½-ÁΤ꽭¾£¾­-í-

ó 2010 ó-£õ: ¦õ®ªÒ»ñ¡¦¾-¦½«¼­ì½-²¾®-À¤ò­ª¾-

ùÉϘ­êȼ¤ £÷É -£º¤-ºñ©ª¾-Áì¡ È¼­-ùÉ- ó-£¸¾ -

¦½¹¤ö®- ö¡¡½ªò, »ñ®¯½¡ñ­-£ñ¤-¦¿»º¤À¤ò­ª¾-

ªÈ¾¤ ¯½-Àê©-ùÉ-¡÷É -¡¾­-­¿-À¢í¾®ðÒ¹ì÷© 6 À©õº­-,

¦øÉ-§ö­-¢½¹¨¾ -¦ò­-À§º-ùÉ-²¾¡¦È ­-À¦©«½¡ò© -

À²† -¢›­ 28,8% ¹ùõÀꉾ-¡ñ® 27,2% ¢º¤ GDP,

콩ö -À¤ò­-±¾¡-ùÉ-À²† -¢›­ 23,7% ¹ùõ Àꉾ-¡ñ®

28,4 % ¢º¤ GDP. ®ö­-²œ­«¾­-£¾©Ï¾ -©„¤

¡È¾¸-­½-¨®¾¨À¤ò­ª¾-¢º¤ ê¹ì Á È­-¥½©¿-

À­ó­-ª¾ -êò©-»ñ©¡÷ -µÈ¾¤- ó-Ÿ-²ò® À²º-£¸®-£÷ -

¯½-ìò´¾­-À¤ò­-ùÉ-µøÈ-í-콩ñ®-ê†-¡¿­ö©-ĸÉ, ²Éº´

©¼ -¸¡ñ­-­š, ê¹ì ¥½-¦õ®ªÒ ½ªò®ñ©-­½-¨®¾ -

ºñ©ª¾-Áì¡ È¼­ª¾ -¡ö­-Ä¡-ª½¹ù¾©ê†- ó-¡¾­-£÷É -

£º¤- ¢º¤- ìñ©-© -¥½-ªò©ª¾ -µÈ¾¤-áÉ-§ò©¡¾­-

ÀÎñ¤ªó¤- ¢º¤- £È¾ -À¤ò­-¡ó®-ê¼®-æÈ-À¤ò­-©-ì¾- Áì½-

®¾©-ùÉ-À ñ­-Ä -ª¾ -£¾©Ï¾¨ê†-¡¿­ö©-ĸÉ.

I. ¦½-²¾®-

FY 2009/2010, in which strives to set

economic growth at 8 percent, maintain

inflation rate not over 3 percent and stable

exchange rate, it is therefore, specific

targets for the banking sector are set for

2010 as follows: maintain a sound monetary

stability, stable exchange rate, ensure

international reserve to be covered more

than 6 months of import, extend amount of

credits to economy by 28.8 percent or equal

27.2 percent of GDP, and deposit

mobilization is to be achieved at 23.7

percent or equal to 28.4 percent of GDP.

Subject to targets set above, the BOL will

wisely conduct its monetary policy in the

manner tight direction in order to control

money supply as determined. In the

meantime, BOL will continue to conduct

the exchange rate policy based on market-

oriented force by keeping close watch on

the movements of the value of Kip against

US dollar and Baht in line with pre-

determined target.

Governor of the Bank of the Lao PDR

Phouphet Khamphounvong

8

I. À¦©-«½-¡ò© -¢º¤ ¦ -¯¯ 쾸

-í- ó 2009, ¦½²¾®--À¦©«½¡ò©-¢º¤ ¦¯¯ 쾸 -¦õ®-ªÒ-¢½¹¨¾¨ªö -í-콩ñ® 7,6%, -À²† -¢›­ ¥¾¡ 7,5% --í- ó 2008, © - óó-¨º© °½ìò©-ª½²ñ­-츴²¾ -í (GDP) £ò©-ÄìÈ-ª¾ -ì¾£¾-£ö¤-ê† ó 2002 ó-¥¿­¸­ 28.833,41 ªœ¡ó® (À®…¤»ø®êó 1), ¦È¸­-¨º©°½ìò©-ª½²ñ­-츴²¾ -í (GDP) £ò©Äìú ª¾´ì¾£¾-í- ó ó-¥¿­¸­ 46.796,94 ªœ-¡ó® (-À®…¤-ª¾ª½ì¾¤êó 2). -ÁªÈ-«É¾-ê¼®-æÈ-®ñ­©¾-¯½-Àê©--í-²¾¡-²œ­-À¹ñ­-¸È¾- À¦© «½¡ò©-¢º¤-쾸-À»ö¾- ¢½¹¨¾¨ªö -©ó-²ð-¦ö £¸­ ---í-êȾ´¡¾¤-¸ò-¡ò©-¡¾­-¡¾­-À¤ò­-Âì¡- -Áì½ ¡¾­-Á°È-ì½®¾©-¢º¤-²½¨¾©--Ä¢É-¹¸ñ©--ù Ȧ¾ -²ñ­-ÃÏÈ 2009 A(H1N1) -ê†-°È¾­-´¾. ñ©-Ã¥ øÉ -Îø­-¡¾­¢½¹¨¾¨ªö -¢º¤- GDP --Á È­-´¾-¥¾¡¡¾­-¢½¹¨¾¨ªö -¢º¤-¢½--ÁΤº÷©-¦½-¹¾-¡¿-¢÷©-£í­-®úð-Á»È, º÷©-¦½-¹¾-¡¿¡¾­- ÷¤-ÁªÈ¤ -Áì½- ¡¾­-¡Ò¦É¾¤, ¢½-ÁΤ-¡¾­-®ðìò¡¾­, ¢½-ÁΤ-¡¾­êȺ¤êȼ¸ -Áì½ -º­-Å (-À®…¤-ª¾ª½ì¾¤êó 2).

I. Lao Economic Performance

Lao economy continued to maintain a steady economic growth with an annual GDP growth rate of 7.6 percent in 2009 compared with 2008, slightly higher than 7.5 percent of previous year. The total value of GDP expressed in constant price rose to 28,833.41 billion Kip (see figure 1), or 46,796.94 billion Kip expressed in norminal terms (see table 2). Compared to the performance of regional economies, GDP growth rate of Laos was relatively higher amid global financial crisis and the outbreak of influenza 2009 (A/H1N1). The key factors supporting a sustained GDP growth are mainly driven by the continued growth in mining, manufaturing and constructions as well as service and tourism sectors and so forth (see table 2).

»ø®êó 1: ¡¾­¢½¹¨¾¨ªö ¢º¤-À¦©«½¡ò© Figure 1: GDP Growth Rate

6.9%6.2%

7.0% 6.8%

8.7%

6.8%7.5% 7.6%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

2002 2003 2004 2005 2006 2007 2008 2009

2002 2003 2004 2005 2006 2007 2008 2009

Á¹ìȤ¢Ó´ø­: ¡ö´¦½«òªò Source: Statistics Department

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

9

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 2006 2007 2008 2009 Items

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

ºñ©ª¾¡¾­¢½¹¨¾¨ªö ¢º¤ì¸´¨º©°½ìò©ª½²ñ­ ²¾¨Ã­ª¾´ì¾£¾ ó 1990 GDP

8.6 6.8 7.5 7.6 GDP Growth Rate (Constant Price 1990) or GDP

ºñ©ª¾À¤ò­À³šêɾ¨ ó 4.73 5.57 3.17 3.92 Inflation Rate (End of Period)

ºñ©ª¾À¤ò­À³š¦½Àìú -í- ó 6.81 4.51 7.63 0.03 Inflation Rate (Annual Average)

¡¾­À¤ò­¢º¤ìñ©ê¼®Ã¦È GDP (%) 2005/2006 2006/2007 2007/2008 2008/2009 Public Finance (in Percent of GDP)

쾨»ñ®¤ö®¯½´¾­ì¸´êñ¤À¤ò­§È ¨ÀÍõºìɾ 16.05 16.75 17.80 17.31 Revenues and Grants

쾨»ñ®²¾¨Ã­ 12.88 13.91 14.9 14.89 Revenues

À¤ò­§È ¨ÀÍõºìɾ 3.16 2.85 2.9 2.42 Grants

츴¨º©ì¾¨¥È¾¨ Áì½Ã¹É¡øɵõ ¦÷©êò 19.87 19.87 20.90 20.67 Total Expenditures and Net Lending

쾨¥È¾¨®ðìò¹¾­ê‰¸Ä¯ 10.98 11.05 12.5 13.63 Current Expenditures

쾨¥È¾¨ìö¤êô­ Áì½Ã¹É¡øɵõ ¦÷©êò 8.89 8.82 8.4 7.04 Capital and On-Lending Net

©÷È­©È¼¤ì¸´ -3.83 -3.12 -3.1 -3.36 Overall Cash Balance

©÷È­©È¼¤ì¸´ ꆮҭñ®À¤ò­§È ¨ÀÍõºìɾ -6.99 -5.96 -6.1 -5.78 Overall Cash Balance (Excluding Grants)

¢½ÁΤÀ¤ò­ª¾ (%) 2006 2007 2008 2009 Monetary Sector (in Percent)

ºñ©ª¾¡¾­À²† ¢›­¢º¤¯½ìò ¾­À¤ò­êɾ¨ ó (%) 30.09 38.72 18.31 31.23 Annual Growth Rate of Money Supply M2

¢½ÁΤ¡¾­À¤ò­ªÈ¾¤¯½Àê©ê¼®Ã¦È GDP (%) 2006 2007 2008 2009 External Sector (in Percent of GDP)

©÷­¡¾­§¿ì½¡ñ®ªÈ¾¤¯½Àê© 2.81 4.73 1.90 -0.07 Overall Balance

©÷­¡¾­§¿ì½À¤ò­ ö¡¡½ªò츴êñ¤À¤ò­Âº­¢º¤ìñ© 1.43 2.5 1.7 -2.4 Current Account Balance (Including Official Transfers)

©÷­¡¾­§¿ì½À¤ò­ ö¡¡½ªò®Ò츴Àºö¾À¤ò­Âº­¢º¤ìñ© -0.51 1.4 0.3 -4.1 Current Account Balance (Excluding Official Transfers)

©÷­¡¾­£É¾ -5.14 -3.36 -5.89 -7.29 Trade Balance

©÷­®ñ­§óêô­ Áì½ ¡¾­À¤ò­ 6.63 9.36 7.94 11.01 Capital and Financial Account

´ø­£È¾¡¾­£É¾ 55.98 46.98 47.20 43.22 Foreign Trade Volume

¨º©Îš¦ò­ªÈ¾¤¯½Àê© 62.60 57.70 48.70 47.87 Stock of External Debts

Á¹ìú¤¢Ó´ø­: ¡ö´¦½«òªò Source: Statistics Department

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

10

1. ¢½ÁΤ¡½¦ò¡¿

í- ó 2009 ê¼®-æÈ- ó 2008, ¢½-ÁΤ-

¡½¦ò¡¿ ¢½¹¨¾¨ªö ¹ì÷©-ìö¤¥¾¡ 3,72% ´¾-

À ñ­ 3,11%, -© - ó ø­-£È¾-êñ¤-Ïö©-®ñ­ì÷-Ä©É

9.055,50 ªœ-¡ó® -Áì½ ¡¸ -Àºö¾ 31,09% --¢º¤

GDP (À®…¤»ø®-êó 2). ¢½-ÁΤ-¡¾­ê†À²†´¢›­

;¨¡¸È¾ÏøÈÁ È­¡¾­ ø¡±ñ¤ Áì½ ìɼ¤¦ñ©

À²† ¢›­ 5,02% -¡¸ -Àºö¾ 23,63% ¢º¤

GDP, ¡¾­¯½ ö¤ À²†´¢›­ 4,00% -¡¸ -Àºö¾

3,51% ¢º¤ GDP, í-¢½­½-ê† ¢½-ÁΤ Ⱦ-Ä´É

ÍЩìö¤ 8,00% -Áì½- ¡¸ -Àºö¾ 3,95% ¢º¤

GDP -. (-À®…¤-ª¾ª½ì¾¤-êó 2)

1. Agriculture

In 2009, agricultural sector decreased from 3.72 percent in 2008 to 3.11 percent, with the total value of 9,055.50 billion Kip and represented 31.09 percent of GDP (see figure 2). The major expansion of this sector was resulted from crop and livestock which increased by 5.02 percent, and accounted for 23.63 percent of GDP; followed by fishery up by 4.0 percent, and accounted for 3.51 percent of GDP, while forestry dropped by 8.0 percent and accounted for 3.95 percent of GDP as compared to 2008.

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

40.29%38.71%

36.69%34.38%

30.33% 31.46% 30.47% 31.09%

1.90% 2.51% 3.42%0.72%

2.46%

8.63%

3.72% 3.11%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

2002 2003 2004 2005 2006 2007 2008 2009

ºñ©ª¾¦È ­¢½ÁΤ¡½¦ò¡¿ªÒ GDP (Agricultural Component of GDP)

ºñ©ª¾¡¾­¢½¹¨¾¨ªö ¢½ÁΤ¡½¦ò¡¿ (Growth Rate of Agriculture)

Á¹ìȤ¢Ó´ø­: ¡ö´¦½«òªò Source: Statistics Department

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

11

2. ¢½ÁΤº÷©¦¾¹½¡¿

- í- ó 2009 ê¼®-æÈ- ó 2008, ¢½-ÁΤ º÷©¦¾¹½¡¿- ¢½¹¨¾¨ªö - À²† -¢›­ -¥¾¡ 11,84% ´¾-À ñ­ -- -15,85%, --© - ó ø­-£È¾ -êñ¤-Ïö©-®ñ­ì÷-Ä©É 6.872,58 ªœ-¡ó®, --¡¸ -Àºö¾ 24,12% ¢º¤ GDP (-À®…¤»ø®-êó 3). í-­­, ¢½ÁΤ-®Ò-Á»È Áì½- ¡¾­¢÷©-£í­ À²† -¢›­ 46,15% ¡¸ -Àºö¾ 6,88% ¢º¤ GDP, º÷©¦¾¹½¡¿- ÷¤-ÁªÈ¤ -À²† -¢›­ 9,64%, ¡¸ -Àºö¾ 10,00% ¢º¤ GDP, ¡¾­-¡Ò¦É¾¤ -À²† -¢›­ 10,52% ¡¸ -Àºö¾ 4,45% ¢º¤ GDP. -í-¢½­½-ꆢ½-ÁΤº÷©¦¾¹½¡¿--ij³É¾ -Áì½ ­Õ-¯½¯¾ ¹ì÷©-ìö¤ 6,01% -Áì½ ¡¸ -Àºö¾ 2,78% ¢º¤ GDP. (-À®…¤-ª¾ª½ì¾¤-êó 2)

2. Industry

In 2009, industrial sector continued to rise from 11.84 percent to 15.85 percent, and amounted to 6.872.58 billion Kip and it is now accounted for 24.12 percent of GDP (see figure 3). Of which, mining and quarrying highly rose by 46.15 percent and represented 6.88 percent of GDP; constructions was also up by 10.52 percent, and represented 4.45 percent of GDP, while electricity, water supply dropped by 6.02 percent and represented by 2.78 percent of GDP as the figures compared to 2008.

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

18.38%20.11% 19.28%

22.03%

27.90%26.73% 26.23%

24.12%

10.76%

19.42%

3.72%

10.59%

14.10%

4.43%

11.84%

15.85%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

2002 2003 2004 2005 2006 2007 2008 2009

ºñ©ª¾¦È ­¢½ÁΤº÷©¦¾¹½¡¿ªÒ GDP (Industrial Component of GDP)ºñ©ª¾¡¾­¢½¹¨¾¨ªö º÷©¦¾¹½¡¿ (Growth Rate of Industry)

Á¹ìȤ¢Ó´ø­: ¡ö´¦½«òªò Source: Statistics Department

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

12

3. ¢½ÁΤ®ðìò¡¾­

- í- ó 2009 ê¼®-æÈ- ó 2008, ¢½-ÁΤ-

¡¾­®ðìò¡¾­¢½¹¨¾-¨ªö ¹ì÷©-ìö¤ ¥¾¡ 8,26%

´¾-À ñ­ 7,27%, - ø­-£È¾êñ¤-Ïö© -®ñ­ì÷-Ä©É

10.929,12 ªœ-¡ó® -Á콡¸ -Àºö¾ 38,36% ¢º¤

GDP (-À®…¤-»ø®-êó 4). í-­­ ¡¾­-®ðìò¡¾­-©É¾­-

¡¾­-À¤ò­ -À²† -¢›­ 14,51% ¡¸ -Àº-ö¾ 3,64%

¢º¤ GDP; ¡¾­-®ðìò¡¾­-²¾¡-ìñ© -À²† -¢›­

13,42% ¡¸ -Àºö¾ 7,42% ¢º¤ GDP; ¡¾­-

¥É¾¤-¤¾­²¾ -í-£ö -À»õº­ À²† ¢›­ 10,48%

¡¸ -Àºö¾ 0,75% ¢º¤ GDP; ¡¾­-¢¾¨ ö¡Œ-

¢¾¨ Ⱥ¨ -Áì½ ¡¾­-¦Éº -Á¯¤ -À²† -¢›­ 7,30%

¡¸ -Àºö¾ 20,04% ¢º¤ GDP; ¡¾­-®ðìò¡¾­-

´¸­-§ö­ -À²† -¢›­ 6,22% ¡¸ -Àºö¾ 1,75%

¢º¤ GDP; ¡¾­-¢ö­-¦‰¤, ¦¾¤, į¦½­ó -Áì½ -

Âêì½£ö´´½­¾£ö À²† ¢›­ 6,32% ¡¸ -Àºö¾

4,97% ¢º¤ GDP -Áì½ -»¤-Á»´ -Áì½ -»É¾­-

º¾¹¾­ -À²† -¢›­ 5,83% ¡¸ -Àºö¾ 0,70%

¢º¤ GDP (-À®…¤-ª¾ª½ì¾¤-êó 2).

3. Service

In 2009, service sector expanded 7.27 percent, slightly lower than 8.26 percent of previous year. With is total value of 10,929.12 billion Kip and accounted for 38.36 percent of GDP (see figure 4). Of which, financial intermediation service increased by 14.51 percent, and represented 3.64 percent of GDP; public services rose by 13.42 percent, and accounted for 7.42 percent of GDP; private households with employed persons was up by 10.48 percent, represented 0.75 percent of GDP; wholesale and retail trade up by 7.30 percent, and represented 20.04 percent of GDP; community social and personal services up by 6.22 percent, and represented 1.75 percent of GDP; transport and communication increased by 6.32 percent, represented 4.97 percent of GDP; hotels and restaurants increased by 5.83 percent, represented 0.70 percent of GDP. (see table 3).

13

4. ¡¾­ ȼ­Á¯¤Â£¤¯½¡º®¢º¤ GDP

- £¤-¯½¡º®-¢º¤ GDP í- ó 2009 ê¼®-Ã¦È ó 2008, ¢½-ÁΤ-¡¾­-®ðìò¡¾­¡¸ -Àºö¾-ºñ©ª¾-¦È ­-ù È-- §‡¤ ¡¸ -Àºö¾ 38,36% ¢º¤ GDP -À²† -¢›­-¥¾¡ 36,52% -í- ó 2008, ¡½¦ò¡¿ ¡¸- -Àºö¾ 31,09%, º÷©¦¾¹½¡¿ ¡¸- -Àºö¾ 24,12% ¹ì÷©-ìö¤-¥¾¡ 26,23% -í-¯ó 2008 -Áì½ ²¾¦ó-­¿-À¢í¾ ¡¸ -Àºö¾ 6,4% -ÍЩ-ìö¤ Àìñ¡-­Éº¨¥¾¡ 6,8% -í- ó 2008.

í-Ä쨽 ó 2008Œ2009 £¤-¯½-¡º®-À¦©«½¡ò©©„¤¡È¾¸ - Ä©É- ó-¡¾­-¹ñ­ ȼ­--ª¾ --À¤º­-Ä¢-¢º¤-¦½²¾®À¦©«½¡ò©-²¾ -í- -Áì½ ¢º¤-

4. Changes in GDP Components

The component of GDP growth in 2009 as compared to 2008, service remained a major share of GDP accounting for 38.36 percent, rising from 36.52 percent in 2008; agriculture was accounted for 31.09 percent, while industry was down from 26.23 percent in 2008 to 24.12 percent in 2009, and import duties accounted for 6.4 percent, slightly dropped from 6.8 percent in 2008.

During 2008-2009, Lao economic components have gradually changed

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

35.70% 35.52%38.03% 37.26%

35.29% 35.23% 36.52%38.36%

11.32%

3.77%

11.97%9.88% 9.75%

6.40%8.26% 7.27%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

2002 2003 2004 2005 2006 2007 2008 2009

ºñ©ª¾¦È ­¢½ÁΤ®ðìò¡¾­ªÒ GDP (Services Component of GDP)ºñ©ª¾¡¾­¢½¹¨¾¨ªö ¢½ÁΤ®ðìò¡¾­ (Growth Rate of Services)

Á¹ìȤ¢Ó´ø­: ¡ö´¦½«òªò Source: Statistics Department

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

14

¦¾¡ö­ (À®…¤»ø®-êó 5). í-­­ ºñ©ª¾-¦È ­-¢º¤-¢½ÁΤ-º÷©-¦¾¹½¡¿ ó-¡¾­- ȼ­-Á¯¤- ¹ì÷©-ìö¤ 2,4%, ²¾¦ó-­¿-À¢í¾ 0,1% -í-¢½­½-ê† ºñ©ª¾-¦È ­¢º¤-¢½-ÁΤ-¡½-¦ò¡¿, ¡¾­-®ðìò¡¾­ ó-êȾ-ºÈ¼¤-À²-† ¢›­ 0,5%, -Áì½ 1,7% ª¾ -ì¿©ñ®. ¡¾­- ȼ­-Á¯¤-©„¤-¡È¾¸ - ɺ­--Ä©É-»ñ®-°ö­-¡½êö®-¥¾¡¸ò-¡ò©-¡¾­-¡¾­-À¤ò­-Âì¡ ¦‰¤-°ö­-ùɡ¾­-°½ ìò©-¢º¤-²¾¡-º÷©¦¾¹½¡¿¢º¤-쾸---À ñ­-ªí­-Á È­-¢½-ÁΤ-¡¾­-¢÷©-£í­-®Ò-Á»Èȹì÷©-ìö¤- À­º¤-¥¾¡ £¸¾ -ªÉº¤¡¾­-í-¡¾­-¦‰¤-ºº¡-- Áì½ -ì¾£¾ - 꺤-Á©¤¹ì÷©-ìö-¤, ²Éº -¡ñ­-­š ìñ©«½®¾­À»ö¾ -Ä©É- ó-¡¾­-¦‰¤-À¦ó -¡¾­°½ìò©- ¢º¤- ¢½-ÁΤ-¡½¦ò-¡¿-í-¢ö¤-À¢©-ê‰ ¯½-ÀꩦøÉ-§ö­---ùɡ÷É -ªö­-Àº¤-À²º-¹ì÷©°Èº­-¡¾­-­¿-À¢í¾¥¾¡ªÈ¾¤¯½-Àê©.

following the domestic and global economic conditions (see figure 5). Of which, industry was slightly dropped by 2.4 percent and import duties were 0.1 percent, while the proportions of agriculture and service rose slightly by 0.5 percent and 1.7 percent respectively as compared with previous year. Such changes were due to the impact of global economic crisis, flecting the performance of industry, associated with low growth of mining sector since copper price demand for exports were down. In the meantime, the Lao government took several measures to promote agriculture production nationwide to be self-sufficient and thus reduce the volume of imports from foreign countries.

»ø®êó 5: ¡¾­ ȼ­Á¯¤Â£¤¯½¡º®¢º¤ GDP Figure 5: Changes in GDP Components

40.29% 38.71% 36.69% 34.38%30.33% 31.46% 30.47% 31.09%

18.38% 20.11% 19.28% 22.03% 27.90% 26.73% 26.23% 24.12%

35.70% 35.52% 38.03% 37.26% 35.29% 35.23% 36.52% 38.36%

5.62% 5.67% 6.01% 6.32% 6.48% 6.57% 6.78% 6.42%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

2002 2003 2004 2005 2006 2007 2008 2009

²¾¦ó¡¾­­¿À¢í¾(Import Duties) ®ðìò¡¾­ ( Services)

º÷©¦¾¹½¡¿ (Industry) ¡½¦ò¡¿ ( Agriculture)

Á¹ìȤ¢Ó´ø­: ¡ö´¦½«òªò Source: Statistics Department

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

15

5. ì½-©ñ®ì¾£¾

ºñ©ª¾-À¤ò­-À³š¦½-ÀìÈ -í ó 2009 -Á È­ 0,03% ¹ì÷©-ìö¤-¥¾¡ 7,63% -í- ó 2008, -ÁªÈ-«É¾-ê¼®--æÈ-®ñ­©¾-¯½-Àê©-À²º­-®É¾­ -À¹ñ­-¸È¾-ºñ© ª¾-À¤ò­-À³š-¢º¤-쾸-À»ö¾-µøÈ-í-콩ñ®-ªÔ-²ð-¦ö £¸­ (À®…¤-»ø®êó 6). ¡¾­-¹ì÷©-ìö¤-¢º¤-ºñ©ª¾-À¤ò­ -À³š- ©„¤¡È¾¸ «õ-¸È¾-À ñ­-À¹©-¡¾­-ê†-®Ò-À£ó - ó-´¾-¡Èº­-í-¯½-Àê©-À»ö¾. ºñ©ª¾-¡¾­- ȼ­-Á¯¤-¢º¤-ÁªÈì½-ϸ©-¦ò­£É¾ -í- ó 2009 ê¼®-¡ñ® ó 2008 ê†-¹ì÷©-ìö¤-¹ù¾ -¡¸È¾-ÏøÈ- Á ȭϸ©-¦½®¼¤-º¾¹¾­ ¥¾¡ 10.92% ´¾-À ñ­ 0,71%; ϸ©£ö ´½ ­¾£ö -¢ö­-¦‰¤ ¹ì÷©-ìö¤ ¥¾¡ 3,41% ´¾-À ñ­-ªò©-ìö® 8,43%; ϸ©-ê†-²ñ¡-º¾-æ ¹ì÷©-ìö¤ ¥¾¡ 10,68% ´¾-À ñ­ 6,15%; ϸ©-»É¾­-º¾¹¾­ ¹ì÷©-ìö¤- ¥¾¡ 14,1% ´¾-À ñ­ 6,34%; (-À®…¤ª¾ ª½ì¾¤-êó4). ¦¾-À¹©-ê†-À»ñ©--ùÉ-ºñ©ª¾-À¤ò­-À³š-¢º¤- 쾸-À»ö¾-¹ì÷©-ìö¤-¹ì¾ -í- ó 2009 -À­º¤´¾-¥¾¡ 2 ñ©-Ã¥-ªí­ªð-£õ: (1) -ì¾£¾-­Õ ñ­-í-ª½ ¹ì¾©--Âì¡-¹ì÷©-ìö¤- ¦‰¤-°ö­-ùÉ-©ñ©-§½-­ó ϸ©-£ö -´½-­¾-£ö -¢ö­-¦‰¤-¢-º¤ì¾¸¹ì÷©-ìö¤-µÈ¾¤-ªÒ-À­º¤. (2) ----À¤ò­-¡ó®-Á¢¤-£È¾ -ê¼®-¡ñ®-À¤ò­-©-ì¾-¦½¹½ìñ© Áì½ -À¤ò­®¾© -À»ñ©-ùÉ-ì¾£¾-¦ò­£É¾-­¿-À¢í¾-£ò©-ÄìÈ-À ñ­-À¤ò­-¡ó®-«õ¡-ìö¤- Áì½ ¡¾­-¦½Îº¤-¦ò­£É¾-Á È­-²¼¤²ð-¡ñ®-£¸¾ -ªÉº¤¡¾­-¢º¤-¦ñ¤£ö -© -²œ­«¾­; ²Éº´¡ñ­-­­ ºñ©ª¾-À¤ò­-À³š-µøÈ-ªÈ¾¤¯½-Àê©-¹ì÷©-ìö¤- À»ñ©-ùÉ-ì¾£¾-¦ò­£É¾ -­¿--À¢í¾¡ðú¹ì÷©-ìö¤-À§„­-¡ñ­.

5. Price Level

In 2009, average annual inflation was 0.03 percent, lower than the figure of 7.63 percent in 2008. In comparison with neighboring countries the Lao inflation was relatively low (see figure 6). This figure was the lowest for the first time for its Lao economic events. The major changes in CPI by commodities groups in 2009 compared to 2008, were foodstuff falling from 10.92 percent to 0.71 percent, communication and transports dropped from 3.41 percent to minus 8.43 percent, housing down from 10.68 percent to 6.15 percent, restaurants dropped from 14.1 percent to 6.34 percent, medical care decreased by 2.65 percent from 4.31 percent and educations decreased by 0.86 percent from 2.42 percent (see table 4). The main causes driving inflation downfall were due to two factors, such as (I) the fall of oil price in the market, pushing CPI in transport constantly down. (II) the Kip gained strength against the US dollar and Baht, leading to decreasing import goods prices expressed in Kip and sufficient supply of goods to meet the market demand. In addition, foreign inflation rate was down; pushing low imported price.

16

­ÕÎñ¡¢º¤-ÁªÈì½-ϸ©¦ò­£É¾¢º¤©ñ©

§½­óì¾£¾°øɧö çû ó-£õ: ϸ©¦½®¼¤º¾¹¾­

ó­ÕÎñ¡ 40,88%, ϸ©£ö ´½­¾£ö´¢ö­¦‰¤

25,79%, ϸ©À£º¤Ã§ÉíÀ»õº­ 5,98%,

ϸ©¡¾­-²ñ¡°Èº­, ¡¾­-¦ô¡¦¾- Áì½ ¡¾­-²ò´

5,11%, ϸ©ÀÍí¾- Áì½ µ¾¦ø® 4,18%.

( À®…¤»øêó 7 )

The commodities enfluencing the change in CPI were: foodstuffs with a weight of 40.88 percent; communication and transports with 25.79 percent; household items with 5.98 percent; education, printing and recreation with 5.11 percent and beverage and tobacco with 4.18 percent (see figure 7).

- Á¹ìȤ¢Ó´ø­: ¡ö´¦½«òªò Source: Statistics Department

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

»ø®êó 6: ºñ©ª¾-À¤ò­-À³š Figure 6: Inflation

2.43%

1.64%

0.67%

-0.19%

-1.59%-1.84%

-1.51%

-2.26%

-1.76%

-0.11%

1.50%

3.92%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

ºñ©ª¾À¤ò­À³š (©ª©) Inflation (mom)

13.80%19.30%

87.43%

134.03%

26.95%

7.84% 10.55%15.56%

10.55%7.16% 6.81% 4.51%

7.63%

0.03%

0%

20%

40%

60%

80%

100%

120%

140%

160%

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

ºñ©ª¾À¤ò­À³š (¯ª¯) Inflation …

17

II. ¢½-ÁΤ¡¾­À¤ò­¢º¤ìñ© 1. 쾨»ñ®-¤ö®¯½´¾­

í¦ö¡ ó 2008/09 쾨»ñ®¤ö®¯½´¾­

츴êñ¤À¤ò­§È ¨À¹ìõºìɾêñ¤-Ïö© ¯½ªò®ñ©-Ä©É

8.173,60 ªœ-¡ó® ¡¸ -Àºö¾ 17,35% ¢º¤ GDP

-Íõ À²† -¢›­ 6,03% 꼮æȦö¡- ó 2007/08. -í-

­­, 쾨»ñ®²¾¨Ã­¯½ªò®ñ©Ä©É 7.030,43

ªœ¡ó®, ¡¸ -Àºö¾ 14,90% ¢º¤ GDP, -À²† -¢›­

9,18% ê¼®-æÈ-¦ö¡ ó 2007/2008 --Áì½

쾨»ñ®¥¾¡¡¾­§È ¨ À¹ìõºìɾ 1.143,17

ªœ¡ó®. -í-­­, ì¾ -»ñ®-¥¾¡-²¾¦ó-Œº¾¡º­

II. Public Finance

1. Revenues

In FY 2008/2009, budgetary revenues including foreign grants achieved 8,173.60 billion Kip, equal to 17.35 percent of GDP or up by 6.03 percent compared to 2007/2008. Of which, budgetary revenues collected from domestic source was 7,030.43 billion kip, equal to 14.90 percent of GDP and rising by 9.18 percent and foreign aid was 1,143.17 billion. Tax revenues achieved 6,207.58 billion Kip,

»ø®êó 7: ­ÕÎñ¡ÁªÈì½-ϸ©-¦ò­-£É¾-¢º¤©ñ©§½­ó -ì¾£¾-°øÉ-§ö -Ã§É Figure 7: Weight of Goods and Services CPI

40.88

4.183.583.365.98

2.53

25.79

5.114.22 4.39

1. ϸ©¦½®¼¤º¾¹¾­ 2. ϸ©À¹ìí¾ Áì½ µ¾¦ø®

3. ϸ©À£º¤­÷Ȥ¹‰ Áì½ À¡ó® 4. ϸ©ê†µøȺ¾Ã¦

5. ϸ©À£º¤Ã§ ÉíÀ»õº­ 6. ϸ©µ¾ ö ²½¨¾©

7. ϸ©£ö ´½­¾£ö Áì½ ¢ö­¦‰¤ 8. ϸ©¡¾­²ñ¡°Èº­, ¡¾­¦ô¡¦¾ Áì½ ¡¾­²ò

9. ϸ©»û¾­º¾¹¾­ 10. ϸ©À£º¤Ã§ ɦȸ­ªö¸

- Á¹ìȤ¢Ó´ø­: ¡ö´¦½«òªò Source: Statistics Department

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

18

¯½ªò®ñ©-Ä©É 6.207,58 ªœ¡ó®, ¡¸ -Àºö¾

13,10% ¢º¤ GDP Íõ- À²† -¢›­ 10,31% ê¼®-

æÈ-¦ö¡- ó 2007/2008 -Áì½ ¡¸ -Àºö¾ 75,95%

¢º¤-ì¾ -»ñ®-¤ö®¯½´¾­-êñ¤-Ïö©. ì¾ -»ñ®-²¾¦óŒ

º¾¡º­ ªí­ªð-Á È­-Ä©É-¥¾¡ -º¾¡º­-§ö -çÉ

23,07%, º¾¡º­-ªö -Àì¡-ê÷ì½-¡ò© 22,57%,

º¾¡º­-¡¿-Äì 20,98%, ²¾¦ó-¢¾-À¢í¾ 11,69%

¢º¤-ì¾ -»ñ®-²¾¦ó-º¾¡º­-êñ¤-Ïö© (À®…¤»ø®êó 8).

ì¾ -»ñ®-ê†-®Ò-Á È­-²¾¦ó-Œº¾¡º­ ¯½ªò®ñ©-Ä©É

822,85 ªœ¡ó® ¡¸ -Àºö¾ 1,7% ¢º¤ GDP ÍЩ-

ìö¤ 5,20% ê¼®-æÈ-¦ö¡- ó 2007/2008 -Áì½

¡¸ -Àºö¾ 11,70% ¢º¤-ì¾ -»ñ®-²¾ -í. -í-­š -

Ä©É-¥¾¡ -À¤ò­- ñ­-°ö­ 41,12% -Áì½ £È¾-®ò­-°È¾­

24,72%.

equal to 13.10 percent of GDP, rising by 10.31 percent compared to 2007/2008 and represented 75.95 percent of total domestic revenues. Tax revenues were mainly from exercise tax accounting for 23.07 percent, turnover tax by 22.57 percent, profit tax by 20.98 percent and import duties by 11.69 percent of total tax revenue as compared to 2007/2008 (see figure 8).

Non-tax revenues achieved 822.85 billion Kip, equal 1.7 to percent of GDP, dropped by 5.20 percent compared to 2007/2008 and accounting for 11.70 percent of total domestic revenues. Of which, dividends covered 41.12 percent and over-flight fees accounted for 24.72 percent.

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

14.1

3%

12.6

9%

13.3

0% 16.0

5%

16.7

5%

17.8

0%

17.3

1%

21.08%

15.82%

18.23%19.87% 19.87%

20.90% 20.67%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

쾨»ñ®ì¸´êñ¤À¤ò­§È¸¨ÀÍõºìɾªÒ GDP (Revenue and Grants /GDP)

츴쾨¥È¾¨ Áì½ ¡øɦ÷©êòªÒ GDP (Total Expenditure and Net lending/GDP)

Á¹-ìȤ¢Ó´ø­: ¡½-§¸¤-¡¾­-À¤ò­ Sources: Ministry of Finance

19

2. 쾨¥È¾ -¤ö®¯½´¾­ í¦ö¡ ó 2008/2009, 쾨¥È¾¨¤ö®

¯½´¾­ ¯½ªò®ñ©Ä©É 9.761,56 ªœ¡ó®, ¡¸´

Àºö¾ 20,70% ¢º¤ GDP -À²† -¢›­ 7,67%

ê¼®-æÈ-¦ö¡- ó 2007/2008 (À®…¤»ø® êó10).

í­š, 쾨¥È¾¨®ðìò¹¾­ê‰ į À²† ¢›­

18,68%, ¡¸ -Àºö¾ 65,94% ¢º¤ 츴¨º©

쾨¥È¾¨¤ö®¯½´¾­êñ¤Ïö©.

쾨¥È¾¨ìö¤êô­Ã¦È²œ­«¾­Â£¤ìȾ¤êñ¤

Ïö© -Á È­ 3.324,43 ªœ¡ó® ÍЩìö¤ 8,72% ê¼®

æȦö¡ ó 2007/2008 Áì½ ¡¸ -Àºö¾ 34,05%

¢º¤-츴¨º©-ì¾ -¥È¾ -¤ö®¯½´¾­-êñ¤-Ïö©(À®…¤

ª¾ª½ì¾¤êó 5). - í-­­©É -ÁÍȤêô­²¾¨Ã­

2. Expenditure

In FY 2008/2009, expenditure achieved 9,761.56 billion Kip, equal to 20.70 percent of GDP, up by 7.67 percent compared to FY 2007/2008 (See figure 10). Of which, current expenditure rose by 18.68 percent and accounted for 65.94 percent of total budgetary expenditure.

Total capital expenditure for infrastructure was amounted to 3,324.43 billion Kip, dropped by 8.72 percent compared to FY 2007/2008 and accounted for 34.05 percent of total budgetary expenditure (See table 5). Of which, capital investment stemmed from domestic source

»ø®-êó 9: ì¾ -»ñ®-¤ö®¯½´¾­ Figure 9: Revenues

1,92

7.54

2,32

8.87

2,80

3.11 3,

641.

12

4,72

0.66 5,

627.

09

6,20

7.58

417.22 493.59 584.34 624.87 620.3812.04 822.84

2,344.75

2,822.46

3,387.45

4,265.98

5,340.97

6,439.13

7,030.43

0.00

2,000.00

4,000.00

6,000.00

8,000.00

2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

ªœ¡ó® (Billion Kip)

쾨»ñ®²¾¦óº¾¡º­ -( Tax revenues )쾨»ñ®ê†®ÒÁ´ È­²¾¦óº¾¡º­ -( Non Tax revenues )쾨»ñ®²¾¨Ã­ -( Revenues )

Á¹-ìȤ¢Ó´ø­: ¡½-§¸¤-¡¾­-À¤ò­ Sources: Ministry of Finance

20

󥿭¸­ 1.137,83 ªœ-¡ó® ¡¸ -Àºö¾ 34,23%

¢º¤-ì¾ -¥È¾¨ìö¤êô­-êñ¤-Ïö© ¦È ­-ê†-À¹ìõº-Á È­

Á¹-ìȤêô­-¥¾¡-ªÈ¾¤¯½-Àê©.

3. ¡¾­-©÷ú­©È¼¤¤ö®¯½´¾­

í¦ö¡ ó 2008/2009 ¡¾­-¢¾©-©÷­-¤ö® ¯½´¾­ (®Ò-츴À¤ò­§È ¨À¹ìõº¹ìɾ-) ó¥¿ ­¸­ 2.731,13 ªœ¡ó®, ¡¸´Àºö¾ 5,8% ¢º¤ GDP (À®…¤»ø®êó 11). Á¹ìȤêô­©÷È­©È¼¤¤ö® ¯½´¾­ 󥿭¸­ 2.731,13 ªœ¡ó®. í­­, Ä©É ¾¥¾¡Á¹ìȤêô­§È ¨À¹ìõºìɾ 󥿭¸­ 1.143,17 ªœ¡ó®, Á¹ìȤêô­¡øɵõ ¥¾¡ªÈ¾¤¯½ Àê© ó¥¿­¸­ 1.186,98 ªœ¡ó® Áì½ Á¹ìȤêô­²¾¨Ã­ 󥿭¸­ 400,98 ªœ¡ó®. (--À®…¤ª¾ª½ì¾¤êó 5)

was 1,137.83 billion Kip, accounting for 34.23 percent of total expenditures and remainder was from external finance.

\

3. Financing

In FY 2008/2009, fiscal deficit (excluding grants) was amounted to 2,731.13 billion kip, accounting for 5.8 percent of GDP (See figure 11). The sources of deficit financing was amounted to 2,731.13 billion kip, in which the foreign grants and external borrowing were amounted to 1,143.17 billion Kip, and 1,186.98 billion Kip respectively , while domestic source of financing was amounted to 400.98 billion kip (See table 5).

»ø®-êó 10: ì¾ -¥È¾¨¤ö®¯½´¾­ Figure 10: Expenditures

2,52

5.80

2,04

2.90

2,88

7.50

3,63

4.90

4,24

2.80 5,

423.

62 6,43

7.13

1,64

7.00

1,77

7.00

2,43

5.50

2,94

4.60

3,38

8.70

3,64

2.03

3,32

4.43

4,172.803,819.90

5,323.00

6,579.50

7,631.50

9,065.659,761.56

0.00

2,000.00

4,000.00

6,000.00

8,000.00

10,000.00

12,000.00

2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

ªœ¡ó® (Billion Kip)

쾨¥È¾¨®ðìò¹¾­ê‰ į ( Current expenditures)쾨¥È¾¨ìö¤êô­ ( Capital expenditures)츴¨º©ì¾¨¥È¾¨ Áì½ Ã¹É¡øÉ õ´¦÷©êò ( Total Expenditures and Net Lending)

Á¹-ìȤ¢Ó´ø­: ¡½-§¸¤-¡¾­-À¤ò­ Sources: Ministry of Finance

21

III. ¢½-ÁΤ-À¤ò­ª¾ 1. ­½-¨®¾¨ºñ©ª¾-Áì¡ È¼­

ê¹ì ¦õ®ªÒ ½ªò®ñ©-­½-¨®¾ -ºñ©ª¾-Áì¡- ȼ­Ä -ª¾ -¡ö­-Ä¡-¢º¤-ª½Í¾© ê†- ó-¡¾­-£÷É -£º¤¢º¤-ìñ© Á­-æÈ-»ñ¡¦¾-¦½«¼­-ì½-²¾®--À¤ò­ª¾-Á¹È¤-§¾© ©É -¡¾­ªò©ª¾ -¡¾­-À£º­-Ĺ-¸¢º¤ª½¹ì¾©-À¤ò­ª¾-ªÈ¾¤¯½-Àê©-²¾ -í Áì½ ¦¾¡ö­µÈ¾¤-áɧò-©- À²º-À ñ­-²œ­«¾­Ã­-¡¾­-¡¿­ö©ºñ©ª¾-Áì¡ È¼­-ºÉ¾¤-ºó¤ ¡ó®/-©-ì¾-í-ÁªÈ-ì½-¸ñ­. - ²Éº -¡ñ­­­ ê¹ì ĩɦõ®ªÒ§÷¡ øÉ-ùÉ-ê½­¾£¾­-ê÷ì½-¡ò© §œ Œ ¢¾¨ -À¤ò­ª¾---í-ª½ ¹ì¾©- ì½¹¸È¾¤- ê½­¾£¾­Ã¹É; -¢›­, ¦õ®ªÒ-©ñ©¦ö´ª½¹ì¾©-À¤ò­ª¾-ªÈ¾¤¯½-Àê© À´º ó-£¸¾´ ¥¿-À ñ­ª¾-´²¾ì½-®ö©®¾©-À ñ­Á¹ìȤ¦÷©-êɾ --Á­-æÈ-¦½Îº¤-À¤ò­ª¾-ªÈ¾¤¯½-Àê©Ã¹É-²¼¤²ð-¡ñ®-£¸¾ -ªÉº¤¡¾­¢º¤-¦ñ¤£ö -© -²œ­«¾­.

III. Monetary Sector

1. Exchange Rate Policy

BOL has constantly conducted a managed floating exchange rate regime based on market- force in order to maintain the national monetary stability by keeping a close watch on domestic and international foreign exchange markets, aiming at using it as a basis for setting a daily reference rate for commercial banks and exchange bureaus. In addition, BOL also encouraged commercial banks to promote an active interbank market as well as carried out intervention in order to balance the supply and demand for foreign currencies in the foreign exchange market whenever necessary in accordance with

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

-1,935.56

-2,313.49-2,158.95

-2,626.51 -2,731.13

54.7

-252.79-531.33

-150.09

400.98

1,383.38 1,519.90 1,596.32 1,507.431,186.98

497.47

1,046.39 1,093.971,269.17 1,143.17

-3,000.00

-2,000.00

-1,000.00

0.00

1,000.00

2,000.00

2004/05 2005/06 2006/07 2007/08 2008/09

ªœ¡ó®

(Bill

ion

Kip

)

¢¾©©÷­¤ö®¯½´¾­®Ò츴À¤ò­§È¸¨ÀÍõºìɾ ( Overall cash Blance Excl Grants)©÷È­©È¼¤©É ¨ÁÍȤêô­²¾¨Ã­ (Domestic Financing)©÷È­©È¼¤©É ¨ÁÍȤêô­ªÈ¾¤¯½Àꩦ÷©êò (Foreign Financing)©÷È­©È¼¤©É ¨ÁÍȤêô­§È¸¨ÀÍõºìɾ ( Financing with Foreign Grants)

Á¹-ìȤ¢Ó´ø­: ¡½-§¸¤-¡¾­-À¤ò­ Sources: Ministry of Finance

22

°È¾­¡¾­-¯½ªò®ñ©-­½-¨®¾¨©„¤¡È¾¸, À¤ò­-¡ó® ó-¦½«¼­-ì½-²¾®µÈ¾¤-Îñ¡-ÁÎÉ­; -Á¢¤-£È¾ 2,71% ê¼®-¡ñ®-À¤ò-­-©-ì¾ --Áì½- Á¢¤-£È¾ 5,94% ê¼®¡ñ®-À¤ò­-®¾© ¦½-ÀìȨ ó 2009 ê¼®-¡ñ®-¯ó 2008; -¦ñ¤£ö - ó-£¸¾ -À§º-Ï­ªÒ-À¤ò­-¡ó®-­ñ®-

œ­ñ®-¦ø¤-¢›­. - ¦È ­ªÈ¾¤-ºñ©--ª¾Áì¡ È¼­-¢º¤ ê½­¾£¾­-ê÷ì½-¡ò©¡ñ®ª½Í¾©-¹ ñ®-À¢í¾-áÉ-¡ñ­£õ: 0,09% ¦¿ìñ®-¡ó®/©-ì¾ -Áì½ 0,01% ¦¿ìñ®-¡ó®/-®¾© -Áì½- £ñ¤-¦¿»º¤-À¤ò­ª¾-ªÈ¾¤¯½-Àꩦ¾´¾©-¡÷É ¡¾­-­¿-À¢í¾-Ä©É 5,37 À©õº­.

the role of acting as a lender of last resort, aiming to provide sufficient supply foreign exchange to meet the basic demand of the markets. Subject to the implementation of the above-mentioned measures, Kip dollar appreciated against the US dollar by 2.71 percent and Thai Baht by 5.04 percent in 2009 compared to 2008. The appreciation has increasingly raised public confidence in the Kip and economy as a whole. The spread of exchange rate between commercial banks and the parallel market has become narrow at 0.09 percent for Kip per US dollar and 0.01 percent for Kip per Thai Baht.

»ø®-êó 12: ºñ©ª¾--Áì-¡ ȼ­ Figure 12: Exchange Rates

8400

8600

8800

9000

9200

9400

9600

9800

8400

8600

8800

9000

9200

9400

9600

9800

10000

Jan-

07

Mar

-07

May

-07

Jul-0

7

Sep-

07

Nov

-07

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

¡ó®/Â©ì¾ (ª½Í¾©) LAK/USD (Market Rate)

¡ó®/Â©ì¾ (êê¡) LAK/USD (Bank Rate)(Market Rate) (Bank Rate)

210.00

220.00

230.00

240.00

250.00

260.00

270.00

280.00

290.00

230.00

240.00

250.00

260.00

270.00

280.00

290.00

(Bank Rate)(Market Rate) ¡ó®/®¾© (ª½Í¾©) LAK/USD (Market Rate)

¡ó®/®¾© (êê¡) LAK/USD (Bank Rate)

Á¹È줢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

23

2. ­½Â¨®¾¨À¤ò­ª¾

í-êȾ´¡¾¤- ¦½²¾®--À¦©«½¡ò©-Âì¡ -Áì½-²¾¡²œ­ ñ¤-®Ò-êñ­-³œ­ªö¸ -¥¾¡°ö­-¡½êö®-¥¾¡-¸ò-¡ò©-¡¾­-¡¾­-À¤ò­-¦¾¡ö­, ê¹ì Ä©É¥ñ©ª¤¯½ªò ®ñ©-­½-¨®¾ -À¤ò­ª¾ -À²º-Á­-æȻñ¡¦¾-¦½«¼­-ì½-²¾®-À¤ò­ª¾-Á¹È¤-§¾©, øÉ-Á»¤-¡¾­-²ñ©ê½­¾-À¦©«½¡ò©Œ¦ñ¤£ö - ùÉ-®ñ­ì÷-£¾©Ï¾ -ê†--¡¿­ö©-ĸû. ê¹ì Ä©É-©¿-À­ó­-­½-¨®¾ -À¤ò-­ª¾-Á®®-°Èº­£¾¨Â© -­¿-çÉ-À£º¤ õ-À¤ò­ª¾--ªí­ªð£õ: ¹ì÷©ºñ©ª¾-©º¡-À®É -À¤ò­-¡øÉ-Ä쨽¦­ ¦½¡÷­À¤ò­ ¡ó®ìö¤¥¾¡ 7% ´¾-À ñ­ 4%; -»ñ¡¦¾--ºñ©ª¾-À¤ò­-Á»-±¾¡-®ñ¤-£ñ®---ĸÉ-£õ-À¡‰¾-£õ : 5% ¦¿-ìñ®-À¤ò­-±¾¡-À ñ­-À¤ò­-¡ó® -Áì½ 10% ¦¿-ìñ®-À¤ò­-±¾¡-À ñ­-À¤ò­ª¾-ªÈ¾¤¯½-Àê©; ¦õ®ªÒ§÷¡ øÉùÉ-ª½Í¾©-À ó©-À£º­-Ÿ-µÈ¾¤--Á¢¤-Á»¤; -À²º-®Ò-ùÉ-¡½êö®-ªÒ-¯½ ìò ¾­-À¤ò­ -Áì½ ¢÷©-£í­-êȾ-Á»¤®‰ -§Éº­-©É¾­-ÁÍȤêô­²¾ -í-¯½-Àê©, ê¹ì -ĩɺº¡-²ñ­ê½ ®ñ© À²º-À ñ­-ÁÍȤêô­ Ⱥ -¡øÉ--ùÉÁ¡È-²œ­«¾­-£¤-ìȾ¤-ê†-À ñ­-®÷ìò´½¦ò©-¢º¤-ìñ©«½®¾­ -Áì½ -À ñ­-°½ìò©-ª½²ñ­-ùÉ-Á¡È-ª½Í¾©-À ó©.

2.1 ¯½ìò´¾­À¤ò­

¯½ìò´¾­-À¤ò­- (M2) êɾ¨ ó 2009 ó-¨º©-À¹ìõ-º 15.175,9 ªœ¡ó®, ê¼®-æÈ-êɾ - ó 2008 À²† -¢›­ 31,2% Áì½ ¡¸´Àºö¾ 32,43% ¢º¤ GDP. ¦¾À¹©ê†²¾Ã¹É ½ìò´¾­À¤ò­ À²† ¢›­ ɺ­¦ò­À§ºÃ¹É²¾¡¦È ­À¦©«½¡ò© À²† ¢›­ 90,1%, -í-­­ ¦ò­À§ºÃ¹Éìñ©¸ò¦¾ ¹½¡ò© ¡¸´Àºö¾ 22,9% Áì½ ¦ò­À§ºÃ¹É²¾¡ ¦È ­Àº¡½§ö­ ¡¸´Àºö¾ 77,1% ¢º¤¨º©¦ò­

2. Monetary Policy

In the wake of the global and regional economic environment has not been fully recovered from the global financial crisis, BOL has continually implemented a monetary policy with an aim to maintain the national monetary stability and to support the socio-economic development to meet the targeted growth rate. BOL pursued an accommodative monetary policy with the main instruments as follows : reduced BOL’s short-term interest rate for Kip from 7.0 percent to 4.0 percent; kept the reserve requirement ratio remain unchanged at 5.0 percent for Kip deposits and 10.0 percent for foreign currencies deposits; continued to promote Open-Market Operation (OMOs); issued BOL bonds to mobilize fund to infrastructure development projects as being the government priority and as the new products for OMO, policy measures were to minimize the adverse impact on money supply and to seek for potential source of financing.

2.1 Money Supply

As the end of 2009, money supply (M2) was amounted to 15,175.9 billion Kip, up by 31.2 percent and equal to 32.43 percent of GDP as compared to the same period of 2008. The main factors driving the rise in M2 were credit to economy up by 90.1 percent, in which credit provided to state-owned enterprises and to private

24

À§ºêñ¤Ïö©, ¦ò­À§º ¦¸È­Í¾¨ Ⱥ¨À¢í¾Ã­¢½ ÁΤ¡½¦ò¡¿, ¡¾­£É¾Œ®ðìò¡¾­, º÷©¦¾¹½¡¿Œ ¹ñ©«½¡¿ Áì½ ¢½-ÁΤ-¡Ò¦É¾¤.

£¤¯½¡º® ¢º¤ ¯½ìò ¾­À¤ò­ ó: (1) À¤ò­µøÈ­º¡ì½®ö®ê½­¾£¾­ ó º©-À¹ìõº 3.083,5 ªœ¡ó®, À²†´¢›­ 38,7%, (2) À¤ò­±¾¡ À ñ­À¤ò­¡ó® ó º©-À¹ìõº 5.101,2 ªœ¡ó®, À²† ¢›­ 45,1%, ¡¸´Àºö¾ 33,6% ¢º¤¯½ìò ´¾­À¤ò­ (M2) Áì½ (3) À¤ò­±¾¡À ñ­À¤ò­ª¾ ªÈ¾¤¯½Àê©ê¼®Àꉾ¡ó® 󨺩-À¹ìõº 6.992,2 ªœ¡ó®, À²† ¢›­ 20,1%, ¡¸´Àºö¾ 46,1% ¢º¤ M2. (-À®…¤-ª¾ª½ì¾¤ 8)

sector covered 22.9 percent and 77.1 percent of total credit respectively. Most of credits were provided to agriculture, commerce-service, industry-handicraft and construction sectors.

The components of narrow money (M1) included (1) currency in circulation amounting to 3,083.5 billion Kip, rose by 38.7 percent; (2) deposits in Kip was amounted to 5,101.2 billion Kip, rising by 45.1 percent and covered 33.6 percent of M2 and deposits in foreign currency equivalent to Kip was amounted to 6,992.2 billion Kip, up by 20.1 percent and covered 46.1 percent of M2 (See table 8).

»ø®-êó 13: ¯½ìò ¾­À¤ò­ (M2 )

Figure 13: Broad Money (M2 )

3,435.504,094.80

4,999.85 5,416.34

7,046.11

9,774.22

11,563.95

15,175.90

0.00

2,000.00

4,000.00

6,000.00

8,000.00

10,000.00

12,000.00

14,000.00

16,000.00

Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09

ªœ¡ó® (Billion Kip)

Á¹È줢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

25

2.2 «¾­À¤ò­ª¾

«¾­À¤ò­ª¾êɾ¨ ó 2009 ó º©ÀÍõº 6.427,6 ªœ¡ó®, 꼮æÈêɾ¨ ó 2008 À²† ¢›­ 34,6%. -£¤¯½¡º®¢º¤«¾­À¤ò­ª¾ì¸´ ó: (1) À¤ò­¦ö©ºº¡¦øÈ¢º©¥ðì½¥º­ ó º©--ÀÍõº 3.577,2 ªœ¡ó®, À²†´¢›­ 42,6%, (2) À¤ò­±¾¡ ¢º¤ ê½­¾£¾­ê÷콡ò© µøÈê½­¾£¾­¡¾¤

ó º©--ÀÍõº 2.849,8 ªœ¡ó®, À²†´¢›­ 25,7%. (-À®…¤-ª¾ª½ì¾¤ 7).

2.2 Money Base

At the end of 2009, money base was amounted to 6,427.6 billion Kip, up by 34.6 percent compared to 2008. The component of monetary base consists of (1) cash in circulation amounted to 3,577.2 billion Kip, up by 42.6 percent; (2) deposits of commercial banks held at BOL amounted to 2,849.8 billion Kip, rose by 25.7 percent (See table 7).

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

27.5

2%

35.6

7%

38.9

9%

41.6

9%

41.7

7%

45.5

3%

49.6

4%

53.9

3%

72.4

8%

64.3

3%

61.0

1%

58.3

1%

58.2

3%

54.4

7%

50.3

6%

46.0

7%

0%

20%

40%

60%

80%

100%

120%

2002 2003 2004 2005 2006 2007 2008 2009

À¤ò­¡ó® (Kip) À¤ò­ª¾ªÈ¾¤¯½Àê© (Foreign Currency)

Á¹È줢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

26

3. ¡¾­£÷É £º¤À¤ò­ª¾ªÈ¾¤¯½Àê©Áì½ ¡¾­¦‰¤ À¦ó ¡¾­­¿Ã§ÉÀ¤ò­¡ó®.

ê¹ì ¦õ®ªÒ¯½ªò®ñ©®ñ­©¾-´¾©-ª½¡¾­-£÷É -£º¤-À¤ò­ª¾-ªÈ¾¤¯½-Àê©-Áì½-¦‰¤-À¦ó -¡¾­-­¿-çÉ-À¤ò­-¡ó®µÈ¾¤-ªÒ-À­º¤ -Á­-æÈ-¯½¡º®¦È ­-»ñ¡ ¦¾-¦½«¼­-ì½-²¾®-Á¹È¤-§¾©-ùÉ- ó-£¸¾ -Ϙ­êȼ¤ ºñ©ª¾-Áì¡ È¼­- ó-£¸¾ -¦½¹¤ö®- À»ñ©-ùÉ-¯½§¾ §ö­- ó-£¸¾ -À§º-Ϙ­ ªÒ-£È¾ -À¤ò­-¡ó®­ñ® œ­ñ®¦ø¤ ¢œ­. ê¹ì Ä©É- ñ® ÷¤-®ñ­©¾-­òªò-¡¿-ê†-¡È¼¸¢Éº¤-¥¿-­¸­-·¤À ñ­-ªí­-Á È­: ì½®¼®¡¾­-§œŒ¢¾ -À¤ò­ ª¾-ªÈ¾¤¯½-Àê©; ºº¡-ì½®¼®¡È¼¸¡ñ®-¡¾­-ìö®-ìɾ¤-¡¾­-¢ðº½­÷¨¾©-º­-À¤ò­-À¢í¾Œºº¡-¢º¤ê½ ­¾£¾­-ê÷ì½-¡ò© µøÈ ê¹ì Áì½- Á¥É¤-ìö®-ìɾ¤-ì½®¼®¡¾­-§¿ì½-À¤ò­-í-¡¾­-©¿-À­ó­-ê÷ì½-¡ò©-

3. Foreign Currency Management and the Campaign to Promote the Use of Kip.

BOL continued to reinforce the measures associated with foreign currency management and the promotion of the use of Kip with a goal to contribute to the national monetary stability, the stable exchange rate and more public confidence in the use of Kip. BOL has improved the related regulatory framework issued regulation on foreign exchange, and regulation to cancel the fund transfer of commercial banks at BOL, a circular abolishing the payment regulation for wood

»ø®-êó 15: «¾­-À¤ò­ª¾ Figure 15: Monetary Base

26.2

3%

78.9

4%

82.0

0%

47.9

6%

52.4

8%

54.4

2%

21.5

2%

42.6

2%

32.2

7%

16.3

0%

-8.6

9%

-0.6

5%

23.1

0%

63.8

6%

18.7

4%

25.6

8%

31.20%26.87%

12.87%17.99%

37.23%

58.82%

20.19%

34.59%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09

¡¾­¢½¹¨¾¨ªö ¢º¤ À¤ò­­¦ö©µøÈ¢º©¥ðì½¥º­ (Growth of Currency in Circulation)

¡¾­¢½¹¨¾¨ªö ¢º¤ À¤ò­±¾¡ ê/£ ê÷콡ò© µøÈ ê¹ì (Growth of Deposits at BOL)

¡¾­¢½¹¨¾¨ªö ¢º¤ «¾­À¤ò­ª¾ (MB Growth )

Á¹È줢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

27

¦‰¤-ºº¡-Ä É; ¯½ªò®ñ©-­½-¨®¾¨ -Áì½ ì½®¼® ¡¾­ê†-ÀϾ½¦ö -Áì½- ó-Ÿ-²ò®; º½­÷ ¾©-Ã¹É ê½­¾£¾­-ê÷ì½-¡ò©­¿-À¤ò­ª¾-ªÈ¾¤¯½-Àê© -À¢í¾-Áì½- ºº¡ ¦¯¯ì¾¸ -Ã¹É ó-ìñ¡¦½­½-£Èº¤-ªö ¡¸È¾-À¡‰¾ -Áì½- ìö¤-ªò©ª¾´»É¾­-Áì¡ È¼­-À¤ò­ª¾- -Áì½-®ðìò¦ñ©-­¿-À¢í¾Œ¦‰¤-ºº¡-¸ñ©«÷- ó£È¾ -ùÉ-¯½ªò ®ñ©-ª¾ -ì½®¼®¡¾­¸¾¤-ºº¡. ¦¿ìñ®-¡¾­-¦‰¤-À¦ó -¡¾­-­¿-çÉ-À¤ò­-¡ó® ê¹ì Ä©É-ìö¤-ªò©ª¾´ ¡¾­-ªò©-ì¾£¾-¦ò­£É¾ -Áì½-£È¾ -®ðìò¡¾­-µøÈ-ª¾ -ª½ ¹ù¾©, ¹ö Îú ¨ê÷ì½-¡ò©-Áì½-í-¤¾­-¸¾¤¦½-Á©¤-¦ò­£É¾ -í-Ä쨽-Àꩦ½¡¾­-ªÈ¾¤Å. ²Éº -¡ñ­-­­, ¡Ò-À»ñ©-®ö©-®ñ­êô¡-¡È¾¸-Àªõº­- Áì½- Á¥É¤-Àªõº­®ñ­-©¾-¹É¾¤-»É¾­-ê†-ì½-À ó©, -Ä©É-À²† -ê½ ó-¡¾­-£¦½­¾-¹ù¾¨»ø®-¡¾­ © -°È¾­-꾤-¦-ªÈ¾¤Å Áì½- ñ® ÷¤-£÷­­½²¾-®-î-À¤ò­-ÃÏú Áì½- £¤-¯½¡º®-î-À¤ò­-ùÉ-ÀϾ½¦ö -í-ÁªÈì½-Äì ¨½-Áì½-§÷¡ øɦ‰¤-À¦ó -¡¾­-§¿ì½-°È¾­-ì½®ö®-ê½ ­¾£¾­-ùɹù¾¨¢›­.

4. À¤ò­±¾¡¢º¤-ê½­¾£¾­-ê÷ì½-¡ò©

»º©êɾ¨ ó 2009, -À¤ò­-±¾¡¢º¤-ê½­¾ £¾­-ê÷ì½-¡ò© ó º©À¹ìõ-ºêñ¤-Ïö© 12.087,19 ªœ¡ó® ¥¾¡ 10.073,43 ªœ¡ó® -í- ó 2008 Íõ À²† ¢›­ 19,99% -À´ºê¼®-æÈ-êɾ¨ ó 2008 -À§…¤ ¡¸´Àºö¾ 25,82% ¢º¤ GDP. -í-­­, À¤ò­±¾¡À ñ­À¤ò­¡ó® ó º©--ÀÍõº 4.217,58 ªœ¡ó®, À²† ¢›­ 17,00% Áì½ ¡¸´Àºö¾ 34,89% ¢º¤À¤ò­±¾¡êñ¤Ïö©; À¤ò­±¾¡À ñ­ À¤ò­ª¾-ªÈ¾¤¯½-Àê©ê¼® ÀꉾÀ¤ò­¡ó® ó º©-ÀÍõ-º 7.869,61 ªœ¡ó®, À²† ¢›­ 21,66% Áì½ ¡¸´Àºö¾ 65,11% ¢º¤À¤ò­±¾¡êñ¤Ïö©.

export, implemented appropriate and wise rules and policies, allow commercial banks to bring foreign currency in and out of Laos with more smooth manner and , monitored the exchange bureaus and the precious metals import and export companies to comply with the existing rules. For the promotion the use of Kip, BOL conducted a field visit to monitor the price quotation of goods and services in the markets, business units and the trade fairs or exhibitions. Besides that, BOL also took a minute of warning and warmed those that violate rules, reinforced means of advertizing or promotion via mass media nationwide improved the quality and types of banknote denomination from time to time and encouraged payment through banking system increasingly. 4. Deposits

As of December 2009, total deposits of commercial banks were amounted to 12,087.19 billion Kip, rising from 10,073.43 billion Kip in 2008 or up by 19.99 percent compared to the end of 2008, currently accounted for 25.82 percent of GDP. Kip deposits were accounted for 4,217.58 billion Kip, up by 17.00 percent and covered 34.89 percent of total deposits; foreign currency deposits equivalent to Kip was accounted for 7,869.61 billion Kip, up by 21.66 percent and covered 65.11 percent of total deposits.

28

£¤¯½¡º®¯½À²©À¤ò­±¾¡ ó: À¤ò­±¾¡ ¡½Á¦ì¾¨¸ñ­ ó º©-À¹ìõº 3.377,36 ªœ¡ó®, À²† ¢›­ 6,64%; À¤ò­±¾¡¯½ ñ© 󨺩Íõº 4.401,37 ªœ¡ó®, À²† ¢›­ 26,17%; À¤ò­±¾¡ ¯½¥¿ 󨺩 À¹ìõ-º 4.312,95 ªœ¡ó®, À²† ¢›­ 60,94% Áì½ À¤ò­±¾¡¯½À²©º­Å ó º©-À¹ìõº 1.271,64 ªœ¡ó® -À²† -¢›­ 73,59%. (-À®…¤-ª¾ª½ì¾¤ 10).

5. ¦ò­À§º¢º¤-ê½­¾£¾­-ê÷ì½-¡ò©

¦ò­À§º¢º¤-ê½­¾£¾­-ê÷ì½-¡ò©Ã¹ÉÁ¡È

²¾¡¦È ­À¦©«½¡ò© »º©êɾ¨ ó 2009

ó º©ÀÍõº 8.740,42 ªœ¡ó®, À²† ¢›­ 40,65%

Áì½ ¡¸´Àºö¾ 18,68% ¢º¤ GDP. í­š

¢½ÁΤ¡½¦ò¡¿ À²† ¢›­ 54,17% Áì½

Components of deposits include demand deposits amounting to 3,377.36 billion Kip, up by 6.64 percent; saving deposit amounting to 4,401.37 billion Kip, up by 26.17 percent; time deposit amounting to 4,312.95 billion Kip, up by 60.94 percent; other deposits amounting to 1,271.64 billion Kip and up by 73.59 percent. (see table 10).

5. Credit

As of December 2009, the total of loan provided by the entire banking sector to the economy was 8,740.42 billion Kip, up by 40.65 percent or equal to 18.68 percent of GDP. Of which, credit provided to agricultural sector was up by 54.17 percent, accounting for 13.50 percent of

»ø®-êó 16: À¤ò­ -±¾¡¢º¤-ê½­¾£¾­-ê÷ì½-¡ò© Figure 16: Commercial Banks’ Deposits

17.45%

4.77%

17.22%

52.62%

34.61%

17.00%

20.78%

4.14%

24.05%

29.26%

5.63% 21.66%

12.95%

4.32%

22.11%

35.58%

14.45%19.99%

0%

20%

40%

60%

80%

100%

120%

140%

2004 2005 2006 2007 2008 2009

À¤ò­±¾¡ (¡ó®) (Deposits in LAK)À¤ò­±¾¡ (¤ªª) (Deposits in Forex)À¤ò­±¾¡ (츴À ñ­¡ó®) (Total Deposits Equivalent to Lak)

1,51

5.59

3,80

1.17 5,

316.

76

1,75

4.61

4,73

7.54 6,

492.

15

2,67

7.90

6,12

3.85

8,80

1.84

3,60

4.77

6,46

8.54

10,0

73.4

3

4,21

7.58

7,86

9.61

12,0

87.1

9

0.00

2,000.00

4,000.00

6,000.00

8,000.00

10,000.00

12,000.00

14,000.00

À¤ò­±¾¡ (¡ó®) (Deposits in LAK)

À¤ò­±¾¡ (¤ªª) (Deposits in Forex)

À¤ò­±¾¡ (츴À ñ­¡ó®) (Total Deposits

Equivalent to Lak)

ªœ¡ó® (Billion Kip)

2005 2006 2007 2008 2009

Á¹ìȤ¢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

29

¡¸´Àºö¾ 13,50% ¢º¤¨º©¦ò­À§ºêñ¤Ïö©,

¢½-ÁΤ¢ö­-¦‰¤ -À²†--´¢›­ 50,35% ¡¸ -Àºö¾

2,80%, ¢½ÁΤ¡Ò¦É¾¤ À²† ¢›­ 48,65% Áì½

¡¸´Àºö¾ 4,00%, ¢½ÁΤ¡¾­£É¾ À²† ¢›­

33,95% Áì½ ¡¸´Àºö¾ 23,50%, ¢½ÁΤ

º÷©¦¾¹½¡¿Œ¹ñ©«½¡¿ À²† ¢›­ 42,32%

Áì½ ¡¸´Àºö¾ 18,50% Áì½ ¢½ÁΤ¡¾­

º­Å À²† ¢›­ 44,49% Áì½ ¡¸´Àºö¾

21,72%. (-À®…¤-ª¾ª½ì¾¤ 11)

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

í ó 2009 ê½­¾£¾­ê÷콡ò©Ä©É ñ® ºñ©ª¾©º¡À®É¨À¤ò­±¾¡ -ùÉ-Áê©-ÀϾ½¡ñ®-¦½ ²¾®-¡¾­ªö -¥ò¤²¾ -í-¯½-Àê©- Áì½ -¦¾¡ö­. ºñ©ª¾©º¡À®É¨À¤ò­±¾¡ ó¡¿­ö© 12 À©õº­

total loans; transportation sector up by 50.35 percent, covered 2.80 percent of total loans; construction up by 48.65 percent and covered 4 percent of total loans; commerce up by 33.95 percent, accounted for 23.50 percent of total loans; industry and handicraft rose by 42.32 percent, covered 18.50 percent of total loans; other sector up by 44.49 percent, accounted to 21.72 percent of total loans. (see table 11).

6. Interest rates

In 2009, the interest rates on the

deposit of commercial banks had adjusted

in line with the domestic and global

economic conditions. On average, interest

10.50%

24.40%

-5.91%

23.68%

63.65%

40.65%

9.87%12.53%

8.53% 9.47%13.63%

18.68%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

2004 2005 2006 2007 2008 2009

ºñ©ª¾¦È ­¡¾­¢½¹¨¾¨¢º¤¦ò­À§ ˆº ( Credits Growth)

ºñ©ª¾¦È ­¦ò­À§ºªÒ GDP ( Credits inŒPercent of GDP)

Á¹ìȤ¢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

»ø®-êó 17: ¦ò­-À§º-¢º¤-ê½­¾£¾­-ê÷ì½-¡ò© Figure 17: Commercial Banks’ Credits

30

¦½-ÀìÈ ê‰ -ì½®ö®ê½­¾£¾­-ê÷ì½-¡ò© ê¼®Ã¦È êɾ¨ ó 2008 £õ -: ¦¿ìñ®À¤ò­¡ó®Á È­ ¹ì÷©ìö¤ ¥¾¡ 10,28% ´¾À ñ­ 9,53%-, ¦¿ìñ®À¤ò­ Â©ì¾ ¦½¹½ìñ© -Á È­-À²† -¢›­¥¾¡ 2,52% ´¾À ñ­ 2,99%, -Áì½ À¤ò­®¾© Á È­ À²† -¢›­¥¾¡ 2,04% ´¾À ñ­ 2,82% .

ê½­¾£¾­ê÷콡ò© Ä©É ñ®ºñ©ª¾©º¡ À®É À¤ò­¡øɪ¾ -¦½²¾®-À¦©«½¡ò©- -Áì½- £¸¾ -ªÉº¤¡¾­-¡øɵõ -À¤ò­ -¢º¤ ì½®ö®-À¦©«½¡ò©. ©º¡-À®û -À¤ò­-¡øÉ-Ä쨽 1 ó ¦½ÀìÈ¨ê‰ ì½®ö® ê½­¾£¾­ê÷콡ò© ó 2009 ê¼®Ã¦È ó 2008

ó£õ: ¦¿ìñ®À¤ò­¡ó®-Á È­¹ì÷©-ìö¤-¥¾¡ 17,55% ´¾-À ñ­ 15,25%; À¤ò­Â©ì¾¦½¹½ìñ© ¹ì÷©ìö¤ ¥¾¡ 9,89% ´¾ À ñ­ 8,99% Áì½ ¦½¡÷­À¤ò­ ®¾© Á È­ ¹ùЩ¥¾¡ 11,34% ´¾À ñ­ 9,55%.

rates on 12 months deposit for Kip dropped

from 10.28 percent in 2008 to 9.53 percent;

while US dollar and Baht accounts rose

from 2.52 percent to 2.99 percent and from

2.04 percent to 2.82 percent respectively.

Similarly, interest rates on loans had adjusted in line with the domestic condition and demand for loans of the economy. In 2009, the 12 months interest rates of loans for Kip, US dollar and Baht, on average, were down from 17.55 percent in 2008 to 15.25 percent, from 9.89 percent to 8.99 percent and from 11.34 percent to 9.55 percent respectively.

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

Figure 18: Average 12 Months Deposit Rates

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

Â©ì¾ (USD) ®¾© (THB) ¡ó® (KIP)

Á¹ìȤ¢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

31

7. ¡¾­-£÷É -£º¤-ê½­¾£¾­-ê÷ì½-¡ò© -Áì½ ¦½-«¾-®ñ­-¡¾­-À¤ò­.

À²º--»ñ®¯½¡ñ­Ã¹É-®ñ­©¾--ê½­¾£¾­ê÷ì½-¡ò© Áì½ ¦½-«¾-®ñ­-¡¾­-À¤ò­ê† -À£º­-Ÿ-í ¦¯¯ ì¾-¸ ó-£¸¾ -Ï­£ö¤, ¯º©-IJ, õ­- ö¤ Áì½ ¡É¾¸-¦øÈ ¾©ª½«¾­-¦¾¡ö­, ê¹ì ĩɦõ®ªÒ-¦É¾¤-- Áì½ ñ®- ÷¤®ñ­©¾-­òªò-¡¿-ªÈ¾¤Å- -À²º-­¿-çÉ-À ñ­À£º¤ õ£÷É´£º¤¡¾­-À£º­-Ÿ-¢º¤ê½­¾ £¾­-ê÷ì½-¡ò© -Áì½ ¦½-«¾-®ñ­-¡¾­-À¤ò­À ñ­ªí­-Á È­-¡¾­À²† êô­¥ö©ê½®¼­ Áì½ À¤ò­ìö¤êô­ ªÔ¦÷©¢º¤ê½­¾£¾­ê÷콡ò©, ¦¿Àìñ©»È¾¤©¿ ìñ©¥ñ©ª¤¯½ªò®ñ©¡ö©Ï¾¨ê½­¾£¾­ê÷콡ò©, ¢Óªö¡ìö¤¸È¾-©É -ªö -Áê­-º­-À¤ò­ -ì½¹¸È¾¤ ¯½-Àê©, ¢Ó-ªö¡ìö¤-¸È¾-©É -´¾©-ª½¡¾­-ªÒ-¡¾­ì½-À ó©-¢º¤-ê½­¾£¾­-ê÷ì½-¡ò©, ñ® ÷¤ £¿-Á­½­¿-

7. Banks and Financial Institutions

Supervision.

To ensure that banks and financial institutions operating in Laos are financially sound, viable and move toward the international standard, BOL continued to create and improve regulatory framework as major instruments for the banks and financial institutions supervision. In particular, BOL has received approval of the decree associated with fund increase for the commercial banks’ registered capital and minimum capital, completed the draft implementing decree on commercial bank law, agreement on the international money

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

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%Â©ì¾ (USD) ®¾© (THB) ¡ó® (KIP)

Á¹ìȤ¢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

32

¡È¼¸ -¡ñ®-¡¾­¥ñ©ª¤¯½ªò®ñ©-¢Ó-ªö¡ìö¤-£¸¾ -²¼¤²ð-¢º¤-êô­ Áì½ £¿-Á­½­¿¡¾­ ¥ñ©ª¤¯½ªò®ñ©-¡¾­-»ñ¡¦¾-콩ñ®-À¤ò­ª¾-ªÈ¾¤¯½-Àê©, £í­£¸É¾ -Áì½ ñ® ÷¤ì½®¼®-¡È¼¸ -¡ñ®-¡¾­-­¿-çÉ-êô­-¥ö©-ê½-®¼­ Áì½ -À¤ò­-ìö¤êô­ -¢º¤-ê½­¾£¾­-ê÷ì½-¡ò©Œ¦¾¢¾-ê½­¾£¾­-ê÷ì½-¡ò©-ªÈ¾¤¯½-Àê©, -£í­ £¸É¾ -ì½®¼®-¡È¼¸ -¡ñ®-¡¾­-¦É¾¤ª¤ê½­¾£¾­-ê÷ì½-¡ò©- Áì½ ¦¾¢¾-ê½­¾£¾­-ê÷ì½-¡ò©-ªÈ¾¤¯½-Àê© -Áì½ -Àº¡½¦¾­-Á®®-³º´¦½-ÀÎó-¢ð-¦É¾¤ª¤, £í­ £¸É¾ ñ® ÷¤¢Ó-¡¿­ö©-¡È¼¸ -¡ñ®-¡¾­¥ñ©-§­Îš, ñ®

÷¤-Á®®-ì¾ -¤¾­-¢º¤-ê½­¾£¾­-ê÷ì½-¡ò©-ùÉ-¡½ êñ©-»ñ© -Áì½ ó-£¸¾ -§ñ©-À¥­. £í­£¸É¾ -¦É¾¤-Á°­-¥ñ©ª¤¯½ªò®ñ©-Á°­- ÷©-ê½-¦¾©-¡¾­-²ñ©ê½­¾-ì½®ö®-¦½-«¾-®ñ­-¡¾­-À¤ò­Œ -À¤ò­ª¾ ¢º¤ ¦¯¯ 쾸. ²Éº -­š, ¡ð-úÄ©É-ªò©ª¾ -¡¾­¥ñ©ª¤¯½ªò®ñ©-®ñ­©¾-­òªò-¡¿--ªÈ¾¤Å -¢º¤-ê½­¾£¾­-ê÷ì½-¡ò© -Áì½ ¦½-«¾-®ñ­-¡¾­À¤ò­-µÈ¾¤-À¢-˜ ¤¸©.

´¾-»º©-êɾ -- ó 2009 £¤-¦É¾¤-¢º¤-ì½®ö®-ê½­¾£¾­-¯½¡º®-©É -ê½­¾£¾­¢º¤-ìñ© 4 Á¹È¤, ê½­¾£¾­-ìñ©-»È¸ -êô­ 2 - Á¹È¤, ê½­¾£¾­-Àº¡½-§ö­-²¾ -í Áì½ ªÈ¾¤¯½Àê© 7 Á¹È¤, ¦¾¢¾-ªÈ¾¤¯½-Àê© 10- Á¹È¤. - ¦½-«¾-®ñ­-¡¾­-À¤ò­ê†µøÈ -²¾ -êÉ-¡¾­-£÷É -£º-¤¢º¤ ê¹ì ¯½¡º®- ó: ¦½-«¾-®ñ­--À¤ò­-±¾¡-¯½µñ©-į¦½­ó-쾸 1 -Á¹È¤, »¤-§¸©-¥¿ 22 -Á¹È¤, ¦½-«¾-®ñ­-¡¾­-À¤ò­-¥÷ì½²¾¡ê†-»ñ®-±¾¡-À¤ò­ 5 -Á¹È¤, ¦½-«¾-®ñ­-¡¾­-À¤ò­-¥÷-ì½-²¾¡ê†-®Ò-»ñ®--À¤ò­-±¾¡ 8 -Á¹È¤, ¦½¹½¡º­-¦ò­-À§º -Áì½ -À¤ò­-±¾¡-¯½µñ© 13 -Á¹È¤ Áì½ ¡º¤-êô­ 2 -Á¹È¤ §‡¤-êñ¤-Ïö©-­š-Ä©É-¥ö©-ê½®¼­-­¿ ê¹ì. ­º¡-­­ ñ¤- ó-¡º¤-êô­-²ñ©ê½ ­¾-®É¾­ -Áì½ ¡º¤-êô­-Á¡É-Ä¢-£¸¾´ê÷¡-¨¾¡ §‡¤-

transfer agents, agreement on the taking measures for violated commercial banks, improved the guidelines on the implementation of capital adequacy and guidelines on foreign currency exposure, improved regulation on the use of commercial banks’ registered capital and foreign branches’ invested capital, studied regulation on commercial banks and foreign branches establishment and related application forms, improved regulation on loan classification, modified reporting format of commercial banks to be precise and short, prepared action plan for financial sector strategy of Lao PDR. In addition, BOL also monitored strictly the implementation of various regulations associated with commercial banks and financial institutions. As of December 2009, the structure of banking system are consisted of 4 state owned commercial banks, 2 joint venture banks, 7 domestic and foreign private banks, 10 branches of foreign banks. Financial institutions under supervision of the BOL are consisted of 1 Lao postal saving institution, 22 pawnshops, five deposit taking micro institutions, 8 non -deposit taking institutions, 13 credit cooperatives and saving deposit institutions and 2 saving funds, all of which are registered at the BOL. Besides that there

33

Á È­-ºö¤¡¾­-¥ñ©ª¤´½¹¾§ö­, ¡¾­-»È¸ -êô­-¢º¤-§¾¸®É¾­ -Áì½ ¡¾­-»È¸´êô­-¢º¤-ºö¤¡¾­-®Ò-¦ñ¤¡ñ©-ìñ©«½®¾­ -¦É¾¤ª¤¢›­ ê†-®Ò-Ä©É-µøÈí-¡¾­ -£÷É -£º¤-© -¡ö¤-¢º¤ ê¹ì.

£¼¤-£øÈ -¡ñ®-¡¾­-¦É¾¤ -Áì½ ñ® ÷¤-¢Ó-¡¿­ö©-

¡ö©-ì½®¼® -Áì½ ¡¾­-º½­÷ ñ©-¦É¾¤-ê½­¾£¾­-ê÷ì½-¡ò©, ê¹ì Ä©É«õ-¦¿£ñ­-¸¼¡-¤¾­-¡¸©¡¾-¡ñ®-ê†-À ñ­-¯½¥¿- Áì½ ¡¸©¡¾-꾤-Àº¡½¦¾­ À²º-¡¸©¡¾-¡¾­-¯½ªò®ñ©-ì½®¼®-¡¾­-¡È¼¸ -¡ñ®-¡¾­-»ñ¡¦¾-£¸¾ -Ï­£ö¤- ¢º¤ ê½­¾£¾­-ê÷ì½-¡ò© -Áì½ ¦½-«¾-®ñ­-¡¾­-À¤ò­; -Á­½­¿-ªñ¡-Àªõº­-¡ðì½ ­ó-ê†- ó-¡¾­ì½-À ó©-ì½®¼®-¡¾­; ¥ñ©-±ô¡-ºö®»ö -ùÉ-À¢ö¾-À¥í¾-í-¡¾­-¯½ªò®ñ©-ì½®¼®-¡¾­, -Á®®-ì¾ -¤¾­ Áì½ ²ñ©ê½­¾ì½®ö® IT ¢º¤-ªö­ À²º-»ñ®-çÉ-Á¡È-¡¾­-®ðìò¹¾­-ê÷ì½-¡ò© -Áì½ ¯½ªò ®ñ©ì½®º®-ì¾ -¤¾­-ªÒ ê¹ì.

¥¾¡-¡¾­¥ñ©ª¤¯½ªò®ñ©-©„¤¡È¾¸ -´¾¢É¾¤-

Àêò¤¦¾´¾©-ªó-ì¾£¾-Ä©É-¸È¾ ì½®ö®-ê½­¾£¾­-ê÷ ì½-¡ò© -Áì½ ¦½-«¾-®ñ­-¡¾­-À¤ò­-¢º¤-¯½-Àê©-Ä©É-

ó-£¸¾ -Àªó®-ù È, -À¢´-Á¢¤ -Áì½ Ï­£ö¤, ê‰ -ì½®ö®-ê½­¾£¾­ (®Ò-츴꽭¾£¾­-­½-¨ ®¾¨) ó§ñ®-¦ò­-À²† -¢›­¥¿­¸­ 3.595,6 ªœ¡ó® Íõ 25,98% ê¼®-¡ñ®-- ó 2008, ºñ©ª¾-¦È ­-£¸¾ -²¼¤²ð- ¢º¤- êô­-© -¦½-Àì„ --Àꉾ-¡ñ® 13,44%, ºñ©ª¾-¦È ­Îš®Ò-À¡ó©-©º¡-ºº¡-°ö­ê¼®-¡ñ®¨º©-¦ò­-À§º-êñ¤-Ïö©Àꉾ-¡ñ® 2,99% -Áì½ ¦¾´¾©-»ñ¡¦¾-¦½²¾®-£Èº¤ -꾤-¡¾­-À¤ò­ª¾-´´¾©ª½ «¾­ Ä©É-¡¿­ö©.

are village development funds and poverty reduction fund, established by the mass organizations and local society organizations, with the participation of villagers and financial assistance provided by the non-government organizations which are not directly under the supervision of BOL. In parallel with the introduction and revisions of regulations associated with commercial banks establishment , BOL attached an importance on onsite and offsite examinations in order to monitor the compliance with prudential regulations, gave advice and warning those who violate the regulations, organized training to commercial banks associated with the implementation of the regulations, reporting requirements and IT system development for the purpose of their business as well as comply with the report regimes set by BOL. Upon the conduct of various measures mentioned above, the financial system has steadily expanded, financially secured with the total asset of entire banking system (excluding Nayoby Bank) rose to 3,595.6 billion Kip or up by 25.98 percent as compared to 2008, capital adequate ratio achieved 13.44 percent on average, NPLs to total net credit were only 2.99 percent and able to maintain the financial liquidity in line with the standard set.

34

8. ¡¾­-¡½¡¼ -¦É¾¤ª¤ª½Í¾©-Íñ¡-§ñ®. ê¹ì Ä©É-¦õ®ªÒ-¡½¡¼ -À¤º­-Ä¢-ªÈ¾¤Å í-

¡¾­-¦É¾¤ª¤ª½Í¾©-Íñ¡-§ñ® §‡¤-£¾-©¸È¾-¥½-À ó©-

¢œ­-í-êɾ - ó 2010 £õ: ĩɦ¿-Àìñ©-¡¾­-»È¾¤-

©¿ìñ©-¸È¾-©É ¨Íñ¡-§ñ® -Áì½ -ª½Í¾©Íñ¡§ñ®; -¦¿-

Àìñ©-¡¾­--ÁªÈ¤ª¤£½­½-¡¿´½¡¾­-£÷É -£º¤-Íñ¡-

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

£º¤-¹ùñ¡§ñ® -Áì-½ ª½Í¾©-Íñ¡-§ñ®; ¦¿--Àìñ©-¡¾­-

»È¾¤-¢Ó-ªö¡ìö¤-¸È¾-©É -¡¾­¥ñ©ª¤ -Áì½ ¡¾­-

À£º­-Ÿ-¢º¤¦¿­ñ¡¤¾­£÷É -£º¤-Íñ¡-§ñ®- Áì½

ª½Í¾©-Íñ¡-§ñ® (£ìª) -Áì½ ¢Ó-ªö¡ìö¤-¸È¾-©É -

²¾ì½-®ö©®¾©-¢º¤-£½­½-¯½¦¾­-¤¾­-í-¡¾­-

¦É¾¤ª¤ª½Í¾©-Íñ¡-§ñ®; ¦¿-Àìñ©-¢­²œ­«¾­-»È¾¤-

©¿ìñ©-¸È¾-©É -¡¾­-¹ñ­- ìñ©-¸ò-¦¾-¹½¡ò©-À ñ­-»÷É­-

¦È ­; Ä©É-£í­£¸É¾ -Á콻Ⱦ¤-ì½®¼®-¸È¾-©É -¡¾­-

ºº¡-¦½-ÀÎó-¢¾ -Íñ¡-§ñ®-£¤ê¿-ºò©, »È¾¤-Îñ¤¦õ-

§¸­-§œÍñ¡-§ñ®, ì½®¼®-¸È¾-©É -¡¾­-£÷É -£º¤-®ðìò

¦ñ©-Íñ¡-§ñ®, ì½®¼®-¸È¾-©É -¡¾­-£÷É -£º¤-ª½

;©-Íñ¡-§ñ®- Áì½ º­Å; ¦¿-Àìñ©-¡¾­-¡½¡¼ -

®ñ­©¾ì½®¼®-¡¾­--À®œº¤ªí­ ¦¿ìñ®-¡¾­-À£º­-

Ÿ- ¢º¤- ª½Í¾©-Íñ¡-§ñ®-쾸 -À ñ­ªí­-Á È­:

»È¾¤-¡ö©-ì½®¼®-¸È¾-©É -®ðìò¦ñ©-»È¸ -êô­, ¡ö©-ì½

®¼®-¸È¾-©É -¡¾­-§œŒ¢¾ -Íñ¡-§ñ® -Áì½ ²ñ­ê½

®ñ©, ¡ö©-ì½®¼®-¸È¾-©É -¡¾­-§¿ì½-¦½-¦¾¤, ¡ö©-

ì½®¼®-¸È¾-©É -¡¾­-À ó©-À°ó -¢Ó- ø­, ¡ö©-ì½®¼®-

¸È¾-©É -¦½´¾§ò¡-ª½Í¾©, ¡ö©-ì½®¼®-¸È¾-©É -

¡¾­-ªò©ª¾ -¡¾­-À£º­-Ÿ-§œŒ¢¾ -Íñ¡-§ñ®Áì½

8. Preparation of Stock Exchange Establishment.

BOL continued to create favorable conditions for stock exchange establishment with a goal to be kicked off some times by the end of 2010 as follows: completed decree on the securities and the stock exchange; complete the appointment on securities and stock exchange commission, securities and stock exchange office; completed the draft agreement on the securities and stock market office’s organizational structure; agreement on the roles and functions of stock exchange coordination committee, completed preminarily first draft degree on the joint venture agreement of state-owned enterprises , studied and prepared a draft regulation on the initial public offering, prepared a draft letter of securities investment invitations, regulation on the securities companies and the stock market management , so forth ; completed a preparatory process for the operation of Lao Stock Exchange such as: draft regulation on the joint venture companies, regulation on securities trading and bonds, regulation on securities settlement, regulation on information disclosure, regulation on stock exchange memberships, regulation on securities trading monitoring and regulation on securities exchange listing. On the

35

¡ö©-ì½®¼®-¸È¾-©É - ¡¾­-¥ö©-ê½®¼­-í-ª½Í¾©-

Íñ¡§ñ®. 꾤-©É¾­-²œ­«¾­-£¤-ìȾ¤¡úð-Ä©É-¦¿-Àìñ©-

¡¾­-ºº¡-Á®®-ªô¡-º¾£¾­-ª½Í¾©-Íñ¡-§ñ®-쾸 -

Á콦¿-Àìñ©-¡¾­-¡Ò¦É¾¤-ªô¡-º¾£¾­ -©„¤¡È¾¸ -¯½

´¾­ 15%; -Ä©É-¦¿-Àìñ©-¡¾-­¡¿­ö©-ì½®ö® IT

¦¿ìñ®-¡¾­-À£º­-Ÿ-§œ Œ ¢¾¨¢º¤-ª½Í¾©-Íñ¡-

§ñ®-쾸 Áì½- Àì† ªí­²ñ©ê½­¾-§º®-Á¸.

©É¾­-¡¾­-¡½¡¼ -¸ò-¦¾-¹½¡ò©-À²º-¥ö©-ê½®¼­-í-

ª½Í¾©-Íñ¡-§ñ®-Á콡¾­¦É¾¤ª¤®ðìò¦ñ©-Íñ¡-§ñ®, -

Ä©É-¦ö êö®-¡ñ®-¹Éº¤¡¾­- ñ®- ÷¤ê÷ì½-¡ò©-Á¹È¤§¾©-

í-¡¾­£í­£¸É¾ -£ñ©-¥Éº­-®ñ­©¾-¸ò-¦¾-¹½¡ò©-ê†- ó-

À¤º­-Ä¢ ²Éº -êñ¤-Ä©É-À°ó -Á°È-ùÉ-®ñ­©¾-¸ò-¦¾-¹½

¡ò©-À í¾Ï¾ - Áì½ ®ðìò¦ñ©-Àº¡½-§ö­-Ä©É-»ñ®-»øÉ

Áì½ -À¢í¾-Ã¥-®ñ­-©¾-À¤º­-Ä¢-ªÈ¾¤Å À²º-¡½¡¼ -

ùÉ-Á¡È-¡¾­¦½-ÀÎó-ºº¡-Íñ¡-§ñ® -Áì½ ¥ö©-ê½®¼­-

í-ª½Í¾©-Íñ¡-§ñ®; £í­£¸É¾ -¡¾­¦½-ÀÎó-¢ð-¦É¾¤ª¤

®ðìò-¦ñ©-Íñ¡-§ñ®-¢º¤-²¾¡¦È¸­-ªÈ¾¤Å. Ä©ÉÀ§ñ­-¦ñ­

¨¾»È -êô­-í-À©õº­ 7/2009 -¡ñ®-ª½Í¾©-Íñ¡-

§ñ®-À¡ö¾Íó í-¡¾­-»È¸ -êô­-¡ñ­-¦É¾¤ ª¤ª½Í¾©-

Íñ®-§ñ®-쾸, -ĩɻȸ-´ õ-¡ñ®ª½Í¾©-Íñ¡-§ñ®-¹¸¼©

­¾´, ª½Í¾©-Íñ¡-§ñ®-Á¹È¤-¯½-Àê©-Äê Áì½ ºö¤

¡¾­¥ñ©ª¤¦¾¡ö­-ªÈ¾¤Å À²º§È¸ -²ñ©ê½­¾-꾤-

©É¾­-®÷¡£½ì¾-¡º­ Áì½ ¡½¡¼ -À¤º­-Ä¢

ªÈ¾¤Å-ùÉ-Á¡È-¡¾­-À ó©-ª½Í¾©-Íñ¡-§ñ®-. £¼¤-£øÈ -¡ñ­

­š, ¡úð-Ä©É-À°ó -Á°È-°È¾­-¦-ªÈ¾¤Å Áì½ ¥ñ©-¦¿-´½-­¾-

ùÉ-¦ñ¤£ö -Ä©É- ó-£¸¾ -»øÉ-£¸¾ -À¢í¾-Ã¥-¡È¼¸ -¡ñ®-ª½

;©-Íñ¡-§ñ®-Áì½ ®ñ­©¾-ì½®¼®-¡¾­-ê†-¡È¼¸¢Éº¤.

infrastructure fronts, the Lao Stock Exchange building has been designed and the construction of the building was about 15 percent completed, completed the IT system setting for securities trading and initialized software development. On preparation of making a short list of potential enterprises to be listed and the establishment of securities companies, coordination with business restructuring office was made for the purpose of screening qualified enterprises as well as dissemination of information on the criteria was made for targeted enterprises private sector to create awareness and understanding in order to be prepared for public offering and listed in the securities exchange; analyzed the applications submitted by candidates for the creation of securities companies. In July 2009, completed the joint venture agreement was signed with the Stock Exchange of Korea for the establishment of Lao Securities Exchange, cooperated with Vietnam Stock Exchange and the Stock Exchange of Thailand for assisting with human resource development and prepared necessary conditions for the kick off ceremony of LSX. In parallel, dissemination was made via mass medias and a series of seminar were held to promote a good understanding on the stock exchange and related regulations.

36

IV. ©÷­ -¡¾­-§¿ì½-¡ñ®-ªÈ¾¤¯½-Àê©

¦½-²¾®ì¸´¢º¤-©÷­-¡¾­-§¿ì½-¡ñ®-ªÈ¾¤

¯½-Àꩯ½¥¿- ó 2009 ຂາດ©÷­ 3,72 ìɾ­

Â©ì¾ ¥¾¡¡¾­À¡ó­©÷­ 100,51 ìɾ­Â©ì¾

í ó 2008 -¦‰¤-°ö­Ã¹É-£ñ¤-¦¿»º¤-À¤ò­ª¾-ªÈ¾¤

¯½-Àê© ÍЩ-ìö¤- 0,58% ¥¾¡ì½©ñ® 636,09

ìɾ­-©-ì¾ -í- ó 2008 ´¾-À ñ­ 632,37 ìɾ­-

©-ì¾- §‡¤¦¾´¾©-¡÷É ¡¾­-­¿-À¢í¾¦ò­£ÉາÄ©É

5,37 À©õº­.

©÷­--®ñ­§ó§¿ì½- ö¡¡½ªò í ó 2009

ຂາດ©÷­ 132,15 ìɾ­Â©ì¾ §‡¤¡¸´Àºö¾

2,36% ¢º¤ GDP. ¦¾À¹© ¢º¤¡¾­¢¾©©÷­

£õ©„¤¡È¾¸Á È­ ɺ­©÷­¡¾­£É¾¢¾©©÷­ 408,25

ìɾ­Â©ì¾ Áì½ ©÷­ì¾¨»ñ®¦÷©êò¢¾©©÷­

47,02 ìɾ­ ©ì¾; í¢½­½ê†©÷­®ðìò¡¾­

¦÷©êòÀ¡ó­©÷­ 190 ,24 ìɾ­Â©ì¾ Áì½ ©÷­À¤ò­

º­§È ¨ÀÍõº À¡ó­ ©÷­ 132,88 ìɾ­Â©ì¾.

©÷­®ñ­§óêô­ Áì½ ¡¾­-À¤ò­À¡ó­©÷­

616,4 ìɾ­Â©ì¾ À²† ¢›­ 46,9% ê¼®Ã¦È ó

2008 Áì½ ¡¸´Àºö¾ 11% ¢º¤ GDP í­š:

¡¾­ìö¤êô­Â©¨¡ö¤¥¾¡ªÈ¾¤¯½Àê© ó 318,6

ìɾ­Â©ì¾ À²† ¢›­ 39,9% ê¼®Ã¦È ó 2008

Áì½ ¡¾­ìö¤êô­º­Å ó 297,8 ìɾ­Â©ì¾

À²†´¢›­ 55,3% ê¼®Ã¦È ó 2008. (-À®…¤-

ª¾ª½ì¾¤ 12 )

IV. Balance of Payments

In 2009 the Lao P.D.R’s balance of payment position was in deficit of US$ 3.72 million, while in 2008 BOP position was in surplus US$ 100.51 million. As a result, this makes foreign reserve dropped by 0.58 percent from US$ 636.09 million in 2008 to US$ 632.37 million, which can cover 5.37 months of imports. Current account balance was in the deficit of US$ 132.15 million, accounted for 2.36 percent of GDP. The deficit was driven by the continued deficit in trade balance amounted for US$ 408.25 million, net factor income deficit was US$ 47.02 million, while net service and current transfer accounts continued to have surplus for US$ 190.24 million and US$132.88 million respectively. Capital and financial accounts is valued at US$ 616.4 million, up by 46.9 percent compared to 2008 and accounted for 11 percent of GDP. Of which, US$ 318.6 million was from foreign direct investments, up by 39.9 percent compared to 2008, and other investment was amounted to US$ 297.8 million, up by 55.3 percent. (see table 12).

37

1. ¡¾­£É¾ªÈ¾¤¯½Àê©

ø­£È¾¡¾­£É¾¡ñ®ªÈ¾¤¯½Àê©¢º¤ ¦¯¯

쾸 ( ø­£È¾¦‰¤ºº¡ Áì½­¿À¢í¾) -Ä©ÉÍЩ-ìö¤

¥¾¡ 2.495,1 ìɾ­-©-ì¾ -í- ó 2008 ´¾-À ñ­

2.418,8 ìɾ­Â©ì¾ í ó 2009 -Áì½ -ÍЩ-ìö¤

3,06% ê¼®Ã¦È ó 2008 Áì½ ¡¸´ Àºö¾ 43%

¢º¤ GDP. (-À®…¤-ª¾ª½ì¾¤ 13)

1. Foreign Trade

Total volume of trade (export and import) dropped by 3.06 percent, from US$ 2,495.1 million in 2008 to US$ 2,418.8 million in 2009 and equal to 43 percent of GDP (See Table 13).

»ø®-êó 20: ©÷­-¡¾­-§¿ì½-¡ñ®-ªÈ¾¤¯½-Àê© Figure 20: Balance of Payments

-227.17 -226.74

-16.63

60.9014.10

-229.70

94.08154.44

229.92

396.00 419.50

616.40

11.99 10.90

97.32

199.90

100.50

-3.70

-400.00

-200.00

0.00

200.00

400.00

600.00

800.00

2004 2005 2006 2007 2008 2009

Million of USD ®Ò츴À¤ò­Âº­¢º¤²¾¡ìñ©«½®¾­ (Excluding Official Transfers)©÷­®ñ­§ óêô­ Áì½ ¡¾­À¤ò­ (Capital and financial Account)À¡ó­©÷­¡¾­§¿ì½À¤ò­¡ó®ªÈ¾¤¯½Àê© (Overall Balance)©÷­¡¾­§¿ì½À¤ò­ ö¡¡½ªò (Current Account Balance)

Á¹ìȤ¢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

38

ø­£È¾¡¾­¦‰¤ºº¡ ó 1.005,3 ìɾ­

Â©ì¾ ຫດລງ 7,9% ê¼®Ã¦È ó 2008 Áì½

¡¸´Àºö¾ 18% ¢º¤ GDP. ¦ò­£É¾¦‰¤ºº¡

ªí­ªðÁ È­®Ò-Á»È ó ø­-£È¾ 455 ìɾ­-©-ì¾,

ªñ©¹ ò® - ó ø­-£È¾ 127,7 ìɾ­-©-ì¾, -ij³É¾

ó ø­-£È¾ 100,2 ìɾ­-©-ì¾ -Áì½ °½ìò©-ª½²ñ­-

Ä É - ó ø­-£È¾ 49,2 ìɾ­-©-ì¾ ø­£È¾¡¾­

­¿À¢í¾ ó 1.413,5 ìɾ­ À²†´¢›­ 0,7% ê¼®--æÈ-

ó 2008 Àꉾ¡ñ® 25,3% ¢º¤ GDP, §‡¤¦ò­£É¾-

­¿-À¢í¾-ªí­ªð-Á È­ -¦ò­£É¾ -§ö -Ã§É ó- ø­-£È¾ 309,2

ìɾ­-©-ì¾, ¦ò­£É¾-À²º-¡¾­-ìö¤êô­ ó - ø­-£È¾

984 ìɾ­-©-ì¾ -Áì½ ¦ò­£É¾ --¸ñ©«÷-©ò®-­¿--çÉ-À²º-

ªñ©¹ ò® ó- ø­-£È¾ 66,7 ìɾ­-©-ì¾.

Of which, the value of total export was amounted to US$ 1,005.3 million, accounted for 18.0 percent of GDP and down by 7.9 percent compared to 2008. The major export sector were mining, garments, electricity and wood products with total value of US$ 455 million, US$ 127.7 million, US$ 100.2 million and US$ 49.2 million respectively. While total value of imports was amounted to US$ 1,413.5 million, equal to 25.3 percent of GDP and up by 0.7 percent compared to 2008. The major imports of goods and service were attributed to consumer goods, investment goods and raw material goods for garment industry which were valued at US$ 309.2 million, US$ 984 million and US$ 66.7 million respectively.

»ø®-êó 21: ¡¾­¢½¹¨¾¨ªö ¢º¤-¡¾­-¦‰¤-ºº¡Œ­¿-À¢í¾

Figure 21: Growth of Exports and Imports

59.47%

4.61%

18.30%

-7.90%

20.21%

0.42%

31.80%

0.70%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

2006 2007 2008 2009

¡¾­¢½¹¨¾¨ªö ¡¾­¦‰¤ºº¡ (Exports)¡¾­¢½¹¨¾¨ªö ¡¾­­¿À¢í¾ (Imports)

Á¹È줢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

39

©÷­¡¾­£É¾¦õ®ªÒ¢¾©©÷­ À²† ¢›­ ¥¾¡

311,3 ìɾ­-©-ì¾ --í- ó 2008 À ñ­ 408,2

ìɾ­-©ì¾- í- ó 2009 Áì½ ¡¸´Àºö¾ -7,3%

¢º¤ GDP. ¦¾-À¹©-¢º¤-¡¾­-¢¾©-©÷­-¡¾­-£É¾

ɺ­-¡¾­-À²† -¢›­-¢º¤-¡¾­-­¿-À¢í¾-¦ò­£É¾ -¯½-

À²©-êô­ 73,4%, -ij³É¾ 28,6% -Áì½ ­Õ ñ­-

À§œº--ij 6,5%, -í-¢½­½-ê†-¡¾­-¦‰¤-ºº¡---

À£º¤­÷Ȥ-»‰ -ÍЩ-ìö¤ 50,1%, °½ìò©-ª½²ñ­-Ä´É

25,1% -Áì½ ®Ò-Á»È (£¿- -Áì½ êº¤-Á©¤) 19%.

2. ©÷­-®ðìò¡¾­

©÷­-®ðìò¡¾­-¦÷©êò-À¡ó­-©÷­ 190,2 ìɾ­-

©-ì¾ -ÁªÈ-ÍЩ-ìö¤ 37,8% ê¼®-æÈ- ó 2008 -Áì½

¡¸ --Àºö¾ 3,4% ¢º¤ GDP -À§…¤¡¾­-À¡ó­©÷­-

ÍЩ-ìö¤ ©„¤¡È¾¸ -Á È­- ɺ­-ì¾ -»ñ®-¥¾¡-¡¾­êȺ¤

Trade balance has shown growing deficit from US$ 311.3 million in 2008 to 408.2 US$ million in 2009 and equal to 7.3 percent of GDP. The main driving sector of the deficit were the capital goods, up by 73.4 percent, electricity by 28.6 percent and oil by 6.5 percent, while the value of export goods such as clothing dropped by 50.1 percent, wood by 25.1 percent and mining (gold and copper) by 19 percent.

2. Service

Net service account continued to record a surplus of $US 190.2 million, down by 37.8 percent compared to 2008 and equal to 3.4 percent of GDP. The decrease in service account was from

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

-328.89

-178.16 -141.49

-313.30-408.20

553.08

882.00 922.69

1091.901,005.30

881.97

1,060.19 1,064.63

1,403.17 1,413.50

-500.00

0.00

500.00

1000.00

1500.00

2000.00

2005 2006 2007 2008 2009

Million of USD

©÷­¡¾­£É¾ (Trade Balance) ´ø­£È¾¦ò­£É¾¦‰¤ºº¡ (Exports)´ø­£È¾¦ò­£É¾­¿À¢í¾ (Imports)

Á¹È줢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

40

êȼ¸ -ÍЩ-ìö¤ 26% -Áì½ ì¾ -»ñ®-¥¾¡-¢½-ÁΤ-

£ö ´½­¾£ö-´ ÍЩ-ìö¤ 35,7% ê¼®-æÈ- ó 2008.

- í- ó 2009 ¥¿­¸­-­ñ¡-êȺ¤-êȼ¸ -ê†-À¢í¾-

´¾ ¦¯¯ 쾸 ó-¥¿­¸­ 1,99 ìɾ­-£ö­ -À²† -

¢›­ 14,4% ê¼®-æÈ- ó 2008 -Áì½ ì¾ -»ñ®-

¥¾¡-¡¾­êȺ¤êȼ¸ - ó-¥¿­¸­ 203,5 ìɾ­-©-

ì¾ -Áì½ ¡¸ -Àºö¾ 3,6% ¢º¤ GDP ÍЩ-ìö¤

26% ê¼®-¡ñ®- ó 2008. -À­º¤-¥¾¡-­ñ¡-êȺ¤-êȼ -

¥¾¡-¡÷È -¯½-Àê©-º¾-§¼­ -À²† -¢›­ 23% -À§…¤

¡¸ -Àºö¾-ºñ©ª¾-¦ø¤-À«ò¤ 80% ¢º¤-­ñ¡-êȺ¤-êȼ -

êñ¤-Ïö©, ¡÷È -¯½-Àê©-꽸󮺾§ó Œ¯¾§ó-³ò¡ ( ö¡-

À¸­¡÷È -¯½-Àê©-º¾-§¼­) -À²†-´¢›­ 15% -À§…¤

¡¸ -Àºö¾ 11% ¢º¤-­ñ¡-êȺ¤-êȼ¸ -êñ¤-Ïö©, ¡÷È -

¯½-Àê©-Àºóëö® ÍЩ-ìö¤ 29% -À§…¤¡¸ -Àºö¾ 6%

¢º¤-­ñ¡-êȺ¤-êȼ¸ -êñ¤-Ïö©, ¡÷È -¯½-Àê©-꽸󮺾-

À -ìò-¡¾ ÍЩ-ìö¤ 36% -À§…¤¡¸ -Àºö¾ 2% ¢º¤-

­ñ¡-êȺ¤-êȼ¸ -êñ¤-Ïö©. ¦¾-À¹©-ê†-­ñ¡-êȺ¤-êȼ -

¥¾¡-¡÷È -¯½-Àê©-º¾-§¼­ -À²† -¢›­ -Á È­- ɺ­-í-

ó 2009 ­š 쾸 -Ä©É-À ñ­-À¥í¾²¾®-í-¡¾­-¥ñ©-

¤¾­-´½¹½¡¿-¡ò쾧ó-À¡-´£¤êó 25 ê†-­½£º­

͸¤-¸¼¤-¥ñ­ (-À®…¤-ª¾ª½ì¾¤ 18)

tourism and communication service which dropped by 26.0 percent and 35.7 percent compared to 2008.

In 2009, total number of tourist arrivals to Lao PDR reached to 1.99 million, which grew by 14.4 percent compared to 2008 and generated revenue of US$203.5 million, down by 26.0 percent compared to 2008 and accounted for 3.6 percent of GDP. Of which, tourists from ASEAN countries rose by 23.0 percent and covered 80.0 percent of total number of tourists; Asia and Pacific countries (excluding ASEAN countries) up by 15.0 percent and covered 11.0 percent of total number of tourists, while European countries dropped by 29.0percent and covered 6.0 percent of total number of tourists; American continent dropped by 36.0 percent and covered 2.0 percent of total number of tourists. The increased number of tourists from Asean countries was due to the Lao PDR hosted the 25th Sea Games held in Vientiane in 2009 (See table 18).

41

3. ©÷-­ì¾ -Ä©É- Áì½- À¤ò­-º­-§È -ÀÍõ -º

- í ó 2009 ©÷­-ì¾ -Ä©É-¦õ®-ªÒ-¢¾©-

©÷­¥¿­¸­ 47 ìɾ­-©-ì¾ ---§‡¤¦¾-À¹©ªí­ª-ð-Á È­-

ɺ­- ó-¡¾­-º­-À¤ò­-ê†-Ä©É-»ñ®¥¾¡-¡¾­-©¿-À­ó­-

ê÷ì½-¡ò© -¢º¤- ­ñ¡-ìö¤êô­-ªÈ¾¤¯½-Àê©-µøÈ ¦¯¯

쾸 -Ä -ªÈ¾¤¯½-Àê© ¥¿­¸­ 89 ìɾ­-©-ì¾, -

í-¢½­½-ê† ì¾ -»ñ®- ó-²¼¤-ÁªÈ 41 ìɾ­-©-ì¾.

¦È ­-À¤ò­-º­-§È -ÀÍõº- ó-¥¿­¸­ 132,9 ìɾ­-

©-ì¾- ¹ì÷©ìö¤ 8 ìɾ­Â©ì¾ ê¼®-æÈ- ó 2008,

í-­­À¤ò­-º­ §È -ÀÍõº-¥¾¡-ªÈ¾¤¯½-Àê©-¢º¤

ìñ©«½®¾­- ó- ø­-£È¾ 97,5 ìɾ­-©-ì¾.

4. Κ¦ò­ªÒªÈ¾¤¯½Àê©

¨º©Îš¦ò­ªÒªÈ¾¤¯½Àê© »º©êɾ¨¯ó

2009 󥿭¸­ 2.679 ìɾ­Â©ì¾ -À²† -¢›­

3. Factor income and current transfers

In 2009, factor income (net) has constantly in deficit of US$ 47 million which were mainly driven by the income repartition of foreign investors of US$ 89 million, whereas income receipt was amounted to US$ 41 million. Current transfers valued at US$ 132.9 million, dropped by 8.0 percent compared to 2008, of which the official grants were US$ 97.5 million.

4. External Debts

As the end of 2008, total outstanding of foreign debts of Lao PDR was amounted to US$ 2,679 million, up by 4.5 percent

»ø®-êó 23: ªö¸ -Àì¡-­ñ¡-êȺ¤-êȼ -ê†-À¢í¾´¾ ¦¯¯ 쾸 Figure 24: Number of Tourist Arrivals to Lao PDR

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

0

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000

300,000,00019

9319

9419

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

09

(U.S Dollars) 쾨ĩɥ¾¡¡¾­êȺ¤êȼ¸ (Revenues from Tourism)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

ªö Àì¡­ñ¡êȺ¤êȼ¸ (Number of Tourist Arrivals)

42

4,5% 꼮æÈêɾ¨ ó 2008 Áì½ ¡¸´Àºö¾

47,9% ¢º¤ GDP. Κ¦ò­¥¿­¸­©„¤¡È¾¸­š

À ñ­ÎšÄ쨽¨¾¸êñ¤Ïö©, í­š 65,9% -Á È­-Κ-

¦ò­-Á®®-; -±È¾ - ¥¾¡-ºö¤¡¾­-¥ñ©-ª¤-¦¾¡ö­-Ä©É-

»ñ®-¥¾¡ ê½­¾£¾­²ñ©ê½­¾º¾§ó (ADB) ¡¸ -

Àºö¾ 34,6% -¢º¤-Κ-¦ò­-êñ¤-Ïö©Áì½ê½­¾£¾­

Âì¡ (WB) ¡¸´Àºö¾ 23,4%, -Áì½ 34,1% -

Á È­-Κ-¦ò­-Á®®-¦º¤-±È¾¨. (-À®…¤-ª¾ª½ì¾¤ 14)

5. ¡¾­-ìö¤êô­-¥¾¡-ªÈ¾¤¯½-Àê©

í- ó 2009 ¡¾­-ìö¤êô­-¢º¤-ªÈ¾¤¯½-Àê©-

ê†-Ä©É-»ñ®-º½­÷ ñ©-êñ¤-Ïö©- ó 208 £¤¡¾­ À ñ­

¥¿­¸­À¤ò­ 4.312,88 ìɾ­Â©ì¾, À²† ¢›­

254,81% ê¼®Ã¦È ó 2008 Íõ ¡¸´Àºö¾ 77%

compared to the same period of 2008 and accounted for 47.9 percent of GDP. Of which, 65.9 percent was concessional long-term debts in the forms of multilateral debts from international financial institutions, namely Asian Development Bank which covered 34.6 percent and the World Bank covered 23.4 percent total debts. The rest of 34.1 percent was bilateral debts. (See table 14)

5. Foreign Direct Investments (FDI)

In 2009, 208 FDI projects were

approved with the amount of US$ 4,312.88

million, up by 254.81 percent compared to

2008 and equal to 77.0 percent of GDP. Of

which, mining rose by 2,13 percent from

»ø®êó 24: Κ¦ò­-ªÈ¾¤¯½-À-ê© Figure 24: External Debts

11.85%15.46%

-10.10%

4.47%

71.21%

57.70%

48.50% 47.90%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

2006 2007 2008 2009

¡¾­¢½¹¨¾¨ªö Κ¦ò­ªÒªÈ¾¤¯½Àê©êñ¤Ïö© ( Rate of Growth of Total Debt Stock)

Îɦò­ªÒªÈ¾¤¯½Àê©êñ¤Ïö©ê¼®Ã¦È GDP (Total Debt Stock /GDP)

Á¹È줢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

43

¢º¤ GDP. ¢½ÁΤ¡¾­ìö¤êô­ê†²í­À©„­

í ó 2009 Á È­®ÒÁ»È À²†´¢›­ 2,134% ¥¾¡

102,07 ìɾ­Â©ì¾ ´¾À ñ­ 2.280,46

ìɾ­Â©ì¾, ®ðìò¡¾­ À²†´¢›­ 4,373% ¥¾¡

23.6 ìɾ­Â©ì¾ ´¾À ñ­ 1.055,06 ìɾ­Â©

ì¾, ¡½¦ò¡¿ À²†´¢›­ 269% ¥¾¡ 78,49 ìɾ­

Â©ì¾ ´¾À ñ­ 289,83 ìɾ­Â©ì¾ Áì½ ¡¾­

ê½­¾£¾­ À²† ¢›­ 79% ¥¾¡ 43,0 ìɾ­

Â©ì¾ ´¾À ñ­ 77,0 ìɾ­Â©ì¾. (-À®…¤-ª¾ª½

쾤 17) ¦¿ìñ®--À¤ò­ìö¤-êô­¥¾¡ªÈ¾¤¯½Àê©

ê †Á¥É¤°È¾­-ì½®ö®ê½­¾£¾­ ó- ø­-£È¾ 318,6

ìɾ­-©-ì¾ À²† ¢›­ 40% ê¼®--æȪö Àì¡ ó

2008 Áì½ ¡¸ -Àºö¾ 5,7% ¢º¤ GDP. -

US$ 102.07 million to US$ 2,280.46

million, service up by 4.37 percent from

US$ 23,6 million to US$ 1,055.06 million,

agriculture up by 269 percent from US$

78.49 million to US$ 289.83 million and

banking rose by 79 percent from US$ 43

million to US$ 77 million (See table 17).

Actual FDI funds transferred via banking

system was valued at US$ 318.6 million,

increased by 40 percent and accounted for

5.7 percent of GDP.

Á¹ìú¤¢Ó-´ø­: ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

»ø®êó 25: ø­£È¾ìö¤êô­Â©¨¡ö¤¥¾¡ªÈ¾¤¯½Àê© Figure 25: Total Value Foreign Direct Investments

533.15

1,245.31

2,699.69

1,136.91 1,215.54

4,312.89

161

143

171

191

152

208

0

50

100

150

200

250

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

4,000.00

4,500.00

5,000.00

2004 2005 2006 2007 2008 2009

´ø­£È¾º½­÷´ñ©¡¾­ìö¤êô­ (Approved Amount of FDI)¥¿­¸­Â£¤¡¾­ (Number of Projects)

Mill

ion

of U

SD

Num

ber

of P

roje

cts

20.59 16.9227.74

187.40

323.51

227.76

318.55

0

50

100

150

200

250

300

350

2003 2004 2005 2006 2007 2008 2009

Mill

ion

of U

SD

´ø­£È¾¡¾­µ˜¤µõ­­¿êô­À¢í¾ªö¸¥ò¤ ©¨°È¾­ ê¹ì (Actual Amount of FDI by BOL)

44

V. êò©-꾤-츴꾤-©É¾­-´½¹¾-²¾¡-À¤ò­ª¾ ¢º¤ ¦¯¯ 쾸 ó 2010.

ºó¤-æÈ-£¾©Ï¾ -¦øÉ-§ö­ªí­ªð--íÁ°­-²ñ© ê½­¾-À¦©«½¡ò-©Œ¦ñ¤£ö -Á¹È¤-§¾© ¦ö¡ ó 2009Œ 2010 츴¨º©-°½ìò©-ª½²ñ­-²¾ -í ( GDP) ¢º¤ ¦¯¯ 쾸 £¾©-¸È¾-¥½-¦õ®ªÒ ¢½¹¨¾¨ªö -í-콩ñ® 8%, ºñ©ª¾-À¤ò­-À³š-µøÈ-í-콩ñ® ®Ò-À¡ó­ 3%, ºñ©ª¾-Áì¡ È¼­ ó-£¸¾ -¦½¹¤ö®- ö¡¡½ªò Áì½-£ñ¤-¦¿»º¤-À¤ò­ª¾-ªÈ¾¤¯½-Àê©-¦õ®ªÒ-À²† -¢›­- Áì½- ¦¾´¾©-¡÷É -¡¾­-­¿-À¢í¾-Ä©É-¹ù¾¨¡¸È¾ 6 À©õº­.

®ö­-²œ­«¾­ £¾©Ï¾¨ 츴©„¤-¡È¾¸, ê¹ì -Ä©É¡¿­ö©£¾©Ï¾¨¦øɧö­¦½-À²¾½-í- ó 2010 £õ : -»ñ¡¦¾-¦½«¼­ì½-²¾®-À¤ò­ª¾--Á¹È¤-§¾©Ã¹É- ó-£¸¾´Ï­êȼ¤¨¾¸ -­¾­, ºñ©ª¾-Áì¡ È¼­ ó-£¸¾ -¦½¹¤ö®- ö¡¡½ªò, »ñ®¯½¡ñ­ £ñ¤¦¿»º¤À¤ò­ª¾ªÈ¾¤¯½Àê© Ã¹É¦¾´¾©¡÷É ¡¾­­¿À¢í¾¦ò­£É¾ ĩɹù¾¨ ¡¸È¾ 6 À©õº­; ì½ ©ö À¤ò­±¾¡Ã¹ÉÀ²†´¢›­ 23,7% ¹ìõ -Àꉾ¡ñ® 28,4% ¢º¤ GDP Áì½ À»ñ©Ã¹Éºñ©ª¾¦È ­ À¤ò­±¾¡ê†À ñ­À¤ò­¡ó®ªÒÀ¤ò­±¾¡êñ¤Ïö© -À²† -¢›­ 48% Áì½ ¢½¹¨¾¨¦ò­-À§º-ùÉÀ²† ¢›­ 28,8 % ¹ùõ -Àꉾ-¡ñ® 27,2% ¢º¤ GDP; ¦õ®ªÒ ñ® ÷¤-ê½­¾£¾­ Áì½ ¦½-«¾-®ñ­-¡¾­-À¤ò­Ã¹É óÏ­£ö¤¨¾¸­¾­ -Áì½ -²ñ©ê½­¾ ¡É¾¸-¦øÈ-£¸¾´À ñ­êñ­¦½ÄÏ Áì½ ¦÷ -æÈ-¡½ ¡¼´®ñ­©¾-À¤º­-Ä¢-ªÈ¾¤Å À²º-ùÉ-¦¾´¾©-¦É¾¤ª¤ª½¹ù¾©-¹ùñ¡-§ñ®²¾ -í-êɾ¨ ó 2010.

V. Lao Monetary Outlook for 2010

Upon the economic target set in Socio-Economic Development Plan of the government for FY 2009/2010, Lao economy (GDP) is expected to expand by 8.0 percent, average inflation rate is to maintain below 3.0 percent, exchange rate is to be constantly stable, and international reserve is to be covered above 6 months of import of goods.

On the basis of broad targets, BOL has set its specific target for 2010 as follows: maintain long-term monetary stability, stable exchange rate, ensure foreign reserves to be covered more than 6 months of imports, deposit mobilization target to be 23.7 percent or equal to 28.4 percent of GDP, Kip deposit ratio of total deposits is to be increased by 48 percent and credit expansion is to rise by 28.8 percent or equal to 27.2 percent of GDP. BOL will continue to strengthen the banking system and financial institutions to be robust in long run and develop domestic financial sector to become modern and sophisticated and more efforts will be made to create conditions conductive to establishment of the stock market by the end of 2010.

45

-

£¤-¯½¡º®-£½­½-­¿ ¢º¤ ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 Management Structure of the Bank of the Lao PDR

¦½²¾-®ðìò¹¾­ Board of Governor

¯½ê¾­¦½²¾Œ Chairman êȾ­ ¦ö ¦½¹¸¾© À설¦½¹ ñ© »º¤-­¾ ö¡ìñ©«½´ö­ªó, °øÉ ½¥¿¡¾­ìñ©«½®¾­ Mr. Somsavat Lengsavad, Standing Deputy Prime Minister.

»º¤¯½ê¾­- -Vice chairman êȾ­ ²øÀ²ñ© £¿²ø­¸ö¤ °øÉ -¸È¾¡¾­-ê½­¾£¾­ Á¹È¤ ¦¯¯ì¾¸ Mr. Phouphet Khamphounvong, Governor of The Bank of Lao PDR

»º¤¯½ê¾­- -Vice chairman êȾ­ ¦ö -©ó ©¸¤-©ó ìñ©«½ ö­ªó -¸È¾¡¾­-¡½§¸¤-¡¾­-À¤ò­ Mr. Somdy Duangdy, Minister of Finance

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

¡¿´½¡¾­ Œ Member êȾ­ ¦¼¸¦½¹¸¾© ¦½Á¹¸¤¦ô¡¦¾, ìñ©«½´ö­ªó -§È ¨ Ⱦ¡¾­-¡½§¸¤ -º÷©¦¾¹½¡¿---

Áì½ ¡¾­-£É¾ Mr. Siaosavath Savengsuksa, Deputy Minister of Commerce and Industry

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

¡¿´½¡¾­ Œ Member êȾ­ ¦ö ²¾¸ ij¦ò© »º¤-°øÉ- Ⱦ¡¾­-ê½­¾£¾­-Á¹È¤ ¦¯¯ì¾¸ Mr. Somphao Phaysith, Deputy Governor of The Bank of Lao PDR

46

£½­½-°øÉ-¸È¾¡¾­ ê½­¾£¾­ -Á¹È¤ ¦¯¯ 쾸

Governor and Deputy Governors

êȾ­ ²øÀ²ñ© £¿²ø­¸ö¤ °øÉ -¸È¾¡¾­-ê½­¾£¾­ Á¹È¤ ¦¯¯ì¾¸ Mr. Phouphet Khamphounvong , Governor

êȾ­ ®÷­-¦ö¤ ¦ö -´¾ì¾-¸ö¤ »º¤-°øÉ-¸È¾¡¾­-ê½­¾£¾­- -Á¹È¤ ¦¯¯ 쾸 Mr. Bounsong Sommalavong, Deputy Governor

êȾ­ ¦ö -²¾¸ -ij¦ò© »º¤-°øÉ-¸È¾¡¾­-ê½­¾£¾­- -Á¹È¤ ¦¯¯ 쾸 Mr. Somphao Phaysith, Deputy Governor

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

êȾ­ ºÓ ¸òì½-²ñ­ ¹ö Îɾ -¹Éº¤¡¾­ ê½­¾£¾­ -Á¹È¤ ¦¯¯ 쾸 Mr. Or Vilaphan Director General, Administration Department

êȾ­ £¿-¸ö¤ êò®-²½¸ö¤ ¹ö¸Îɾ-¡ö -¥ñ©ª¤ -Áì½ ²½­ñ¡¤¾­ Mr. Khamvong Thipphavong Director General, Organization and Personnel Department

êȾ­ -À©©-²ø-¸ñ¤ øìëñª­Ì ¹ö¸Îɾ¦¿­ñ¡¤¾­--£½­½-¡¿´½¡¾­£÷É -£º¤Íñ¡-§ñ®- Áì½ ª½Í¾-©Íñ¡-§ñ®. Mr. Dethphouvang Moularat President of the Securities Market Establishment Committee

êȾ­ ®÷­-꽸ó -Á¡-ê½ìö¤ ¹ö¸Îɾ-¡ö -¡¸©¡¾-²¾ -í Mr. Bounthavy KEATHALONG Director General, Internal Audit Department

47

êȾ­ ­¾¤ ©¾-ìó ²ö­-À¦­¾ ¹ö Îɾ -¡ö -­½-¨®¾ -À¤ò­-ª¾ Mrs. Daly PHOLSENA Director General, Monetary Policy Department

êȾ­ ²÷©ê½-ħ ¦ó ò -Äì ¹ö Îɾ -¡ö -£÷É -£º¤-ê½­¾£¾­ -Áì½ ¦½«¾®ñ­-¡¾­-À¤ò­ Mr. Phouthaxay SIVILAY Director General, Bank and Financial

Institution Supervision Department

êȾ­ ­ðì½-©ó ¦ó-ìñ©ª½­½ ¹ö¸Îɾ -¡ö -®ðìò¡¾­-ê½­¾£¾­ Mr. Norady SYRATTANA Director General, Banking Operation Department

êȾ­ ­¾¤ ²¾¦ó ²ö -´½¡º­ ¹ö Îɾ -¡ö -²ö ²ñ­-¦¾¡ö­ Mrs. Phasy PHOMMAKONE Director General, International Relations Department

êȾ­ ­½ ¥ñ­-ª½ìò -¸ö¤ ¹ö¸Îɾ-¡ö -®ñ­§ó -Œ¡¾­-À¤ò­ Mr. Nah CHANTALIVONG Director General, Accounting Department

êȾ­ ¦÷-²ñ© -£©-Â¨ê¾ ¹ö Îɾ -¡ö -À¤ò­ª¾Œ£ñ¤-¦¾¤ Mr. Souphat KHOTNHOTHA Director General, Currency Issue Department

êȾ­ ­¾¤ £¿-²¾ ¯¾­-´½-Äì-꺤 ¹ö Îɾ -¦½-«¾-®ñ­-ê½­¾£¾­ Mrs. Khampha PANEMALAYTHONG Director General, Banking Institute

êȾ­ -Á¦¤-À©õº­ ñ­¨¾-¦ò© ¹ö Îɾ -¦ø­-À¡ñ®Œ§œÎš Mr. Sengdeuane Pannhasith Director General, Asset Management Center

48

êȾ­ -À캭 ¸ö¤-²½­½-£º­, ¹ö¸Îɾ-Îȸ -¤¾­-ªÉ¾­-¡¾­-³º¡-À¤ò­ Mr Leune Vongphranakhorn Director of Money Laundering

Intelligence

êȾ­ -Ä¢È-Á¡É ͸¤-¦ó ò-Äì, ¹ö Îɾ -¦ø­--Àªñ¡-­-Âì-§ó -Áì½- ¡¾­-¦¦¾­-¢Ó- ø­ Mr Khaikeo Luangsivilay, Director Information and Communication

Technology Center

êȾ­ £¿-Ï­ ²ñ­ê½-ì¾ ¹ö¸Îɾ -¦¾¢¾-²¾¡-ÃªÉ Mr. Khammanh Phanthala, Director General, Southern Branch, Champasack Province

êȾ­ ¸ñ­-£¿ ©¸¤-´½­ó -¥ñ­ ¹ö¸Îɾ-¦¾¢¾ ͸¤-²½-®¾¤ Mr. Vanhkham Daungmanichanh Director General, Luangprabang Branch

êȾ­ ®÷­-Äê ¦÷ -²ñ©-꺭 »ñ¡¦¾¡¾­-¹ö Îɾ ¦¾¢¾º÷©ö - -ħ Mr. Boonthai Souphadthone Acting Director General, Northern Branch, Udomxay Province

49

¦½²¾-®ðìò¹¾­

°øÉ- Ⱦ¡¾­

¹Éº¤¡¾­-ê½­¾£¾­ -Á¹È¤ ¦¯¯ 쾸

¡ö -¥ñ©ª¤ -Áì½

²½­ñ¡¤¾­

¡ö -­½-¨®¾ -À¤ò­ª¾ ¡ö -£÷É -´£º¤ -ê½­¾£¾­ê÷ ì½ -¡ò© -Áì½ ¦½ -«¾-®ñ­-¡¾­-À¤ò­

¡ö ®ñ­§óŒ¡¾­-À¤ò­ ¡ö -¡¸©¡¾ -²¾ -í

¡ö -®ðìò¡¾­-ê½­¾£¾­ ¡ö -À¤ò­ª¾Œ£ñ¤-¦¾¤ ¦½-«¾-®ñ­-¡¾­-ê½­¾£¾­ ¦ø­-®ðìò¡¾­-À¡ñ®§œÎš -Áì½ »ñ®-±¾¡-À¡ñ®-Κ

¦ø­-Àªñ¡ -­-Âì-§ó -Áì½ ¡¾­-¦¦¾­-¢Ó-´ø­-ê½­¾£¾­

¡ö -²ö¸²ñ­-¦¾¡ö­

»º¤°øÉ - Ⱦ¡¾­ »º¤°øÉ - Ⱦ¡¾­

Î È ¤¾­-¢Ó-´ø­-ªÉ¾­-¡¾­-³º¡-À¤ò­

ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸

²¾¡-ÀÎõº ê†Á¢¸¤-º÷©ö -ħ ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 ²¾¡-

ÀÎõº ê†Á¢¸¤Í¸¤-²½-®¾¤

ê½­¾£¾­-Á¹È¤ ¦¯¯ 쾸 ²¾¡-ÃªÉ ê†Á¢¸¤-¥¿¯¾-¦ñ¡

¦¿­ñ¡¤¾­-£½­½ -¡¿´½¡¾­-£÷É -

£º¤ -Íñ¡-§ñ®-Á콪½¹ù¾©-¹ùñ¡-§ñ®

--»¤²ò -ê½­½-®ñ©

ê½­¾£¾­ -Á¹Èñ¤ ¦¯¯ 쾸

Á°­ -¸¾© -êó1: -£¤-»È¾¤-¡¾­¥ñ©ª˜¤ ê½­¾£¾­ -Á¹È¤ ¦¯¯ 쾸

50

Board of Governor

Governor

Administration Department

Organization & Personnel Department

Monetary Policy Department

Bank & Financial Institution Supervision

Department

Accounting Department

Internal Audit Department

Banking Operations Department

Issuing Department Banking Institute Asset Management Center

Information Communication Technology

of the Bank

International Relations Department

Deputy Governor

Deputy Governor

Money Laundering Intelligence Unit

Bank of the Lao PDR Northern Branch at Oudomxay province

Bank of the Lao PDR Northern Branch at

Luangphabang province

Bank of the Lao PDR Southern Branch at

Champasack province

Securities Commission and Stock Market Office

Printing House

Chart 1: Organizational chart of the Bank Lao PDR

51

Á°­-¸¾©-êó 2: -£¤-»È¾¤-¡¾­¥ñ©ª¤ ¢º¤-ì½®ö®-ê½­¾£¾­-í ¦¯¯ 쾸

ê½­¾£¾­-¡¾­-£É¾-¦¾¡-ö­

ê½­¾£¾­-ê÷ì½-¡ò©

¦¾¢¾-ê½­¾£¾­-ê÷ì½-¡ò©

ê½­¾£¾­ -Á¹È¤ ¦¯¯ 쾸

ê½­¾£¾­-²ö¤-¦½¹¸ñ­

ê½­¾£¾­-Àº§ó-ìó-©¾

ê½­¾£¾­ ºò­©ø-¥ó­

ê½­¾£¾­ ANZ ¸¼¤ -¥ñ­-

²¾­ò©

ê½­¾£¾-­-Àºñ©-êó

ê½­¾£¾­-®øµº¤

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ê½­¾£¾­-»È ´ -²ñ©ê½­¾

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52

Chart 2: Organizational chart of Lao Banking System

CIB International Commercial bank

Commercial Banks

Commercial Banks Branch

BANK OF THE LAO PDR

Phongsavanh Bank

ACleda bank

Indochina Bank

ANZV Bank

ST Bank

Booyong Lao Bank

BangKok Bank

Public Bank

Siam Commercial Bank

Ayudhya Bank

Krung Thai

Thai Military Bank

Sacombank

State Owned Commercial Banks

Joint venture Banks

Foreign Branches

Private Bank

Representative Office

Luangnamtha Branch

Oudomxay Branch

Luangphabang Branch

Khammouane branch

Savannakhet Branch

Champasack Branch

Vientiane capital Branch

DongDok Branch

Bokeo Branch

Xiengkhuang Branch

Borikhamxay Branch

Vang vieng Branch

Attapeu Branch

Banque pour le Commerce Extrieur Lao

Nayoby Bank

Joint Development Bank

Lao Development Bank

Agricultural Promotion Bank

Standard Chartered Bank

Luangnamtha Branch

Khammouane branch

Savannakhet Branch

Pakse Branch

Salavan Branch

Sekong Branch

Somnau Branch

Xiengkhuang Branch

Phonhong Branch

Paksan Branch

Laksao Branch

Attapeu Branch

Phongsaly Branch

Oudomxay Branch

Houixay Branch

Luangnamtha Branch

Xayabury Branch

Vientiane capital Branch

Xaysomboon Branch

Oudomxay Branch

Bokeo Branch

Luangnamtha Branch

Huaphanh Branch

Xiengkhuang Branch

Luangphabag Branch

Xayabury Branch

Phongsaly Branch

Savannakhet Branch

Vientiane capital Branch

Borikhamxay Branch

Salavan Branch

Champasack

Branch

Sekong Branch

Attapeu Branch

Khammouane branch

Oudomxay Branch

Luangphabang Branch

Xiengkhuang Branch

Champasack Branch

Savannakhet Branch

Lao-Viet Bank

Hanoi Branch

Hochiminh Branch

Champasack Branch

Savanhnakhet Branch

53

ì¾ -¡¾­ 2006/2007 2007/2008 2008/2009 Items

츴¨º©°½ìò©ª½²ñ­²¾¨Ã­ (GDP) ì¾£¾Ã­ ó 39,081.07 44,211.90 46,492.28 GDP at Market Prices

2007 2008 2009

츴¨º©-°½-ìò©-ª½-²ñ-­²¾ -íª¾´ì¾£¾ -í- ó 40,112.73

45,578.30 46,796.94 GDP at Market Price, Calendar Year

츴¨º©-°½-ìò©-ª½-²ñ-­²¾¨Ã­ª¾´ì¾£¾£ö¤-ê† ó 2002 24,909.77 26,785.22 28,833.41 GDP at Constant 2002 Price, Calendar Year

츴¨º©-°½-ìò©-ª½-²ñ-­²¾¨ ªÒ¹ö £ö­ (US$) 719.1 888.2 916.6 GDP Per capita (US$)

ºñ©ª¾¡¾­¢½¹¨¾¨ªö À¦©«½¡ò© 6.8 7.5 7.6 GDP Rate of Growth

¡½¦ò¡¿ 8,467.49 8,782.59 9,055.50

¡¾­ ø¡±ñ¤, ìɼ¤¦ñ© Áì½ È¾Ä É

Agriculture, Forestry and Fishing

7,545.62 7,836.94 8,072.02 Agriculture lives tock and Forestry

¡¾­ ø¡±ñ¤ Áì½ ìɼ¤¦ñ© 6,381.37 6,620.67 6,953.10 Agriculture and lives tock

ú¾Ä É 1,164.25 1,216.27 1,118.92 Forestry

¡¾­¯½ ö¤ 921.88 945.65 983.48 Fishing

5,304.62 º÷©¦¾¹½¡¿ 5,932.54 6,872.58 Industry

®ÒÁ»È Áì½ ¡¾­£÷©£í­ 1,112.47 1,341.45 1,960.59 Mining and Quarrying

º÷©¦¾¹½¡¿¡¾­ ÷¤ÁªÈ¤ 2,378.01 2,600.75 2,851.43 Manufacturing

¯½À²©º¾¹¾­ Áì½ À£º¤©´ 591.87 627.58 662.10 Food and beverage

º­Å 1,786.15 1,973.17 2,189.33 Others

º÷©¦¾¹½¡¿Ä³³É¾ Áì½­Õ¯½¯¾ 792.82 841.94 791.36 Electricity and Water

¡¾­¡Ò¦É¾¤ 1,021.32 1,148.40 1,269.21 Construction

¡¾­®ðìò¡¾­ 9,410.89 10,188.52 10,929.12

¡¾­£É¾ ¢¾¨ ö¡ ¢¾¨ Ⱥ¨ Áì½ ¦Éº´Á¯¤

Service

4,959.28 5,320.26 5,708.52 Wholesale and Retail Trade, Repairs

»¤Á»´ Áì½ »É¾­º¾¹¾­ 176.79 187.88 198.83 Hotels and Restaurants

¡¾­¢ö­¦‰¤, ¦¾¤, į¦½­ó Áì½ Âêì½£ö ´½­¾£ö 1,232.45 1,332.76 1,416.97 Transport and Communication

¡¾­®ðìò¡¾­©É¾­¡¾­À¤ó­ 739.86 906.52 1,038.05 Financial Intermediation

¡¾­À§‰¾§œ Áì½ ¡¾­®ðìò¡¾­ê÷콡ò© 864.43 887.24 910.13 Real Estate and Business Services

¡¾­£º®£º¤­¿Ã§ÉꆵøȺ¾Ã¦ 571.48 575.75 590.14 Food and beverage

º­Å 292.95 311.49 319.99 Others

¡¾­®ðìò¡¾­´¸­§ö­,¹ ¦ñ¤£ö´ Áì½ ¦È¸­®÷¡£ö­ 440.92 468.44 497.60 Community, Social and Personal Services

¡¾­ Ⱦ¥É¾¤²¾¨Ã­£ö¸À»õº­ 176.13 194.58 214.97 Private Households with Employed Persons

¡¾­®ðìò¡¾­¢º¤²¾¡ìñ© 1,481.87 1,863.62 2,113.77 Producers of Government Services

¦úõ¡¾¤¡¾­®ðìò¡¾­©É¾­¡¾­À¤ó­ ( ñ©Áê¡ê¾¤ºÉº´) -660.85 -972.79 -1,169.72 Financial Intermediation Services Indirectly Measured

츴¨º© ø­£È¾À²óú êñ¤Ïö©ê÷¡¢½ÁΤ¡¾­ 23,183.00 24,903.65 26,857.20 All Industries at Basic Prices

º¾¡º­°½ìò©ª½²ñ­ Áì½ ²¾¦ó¢¾À¢í¾, ¦÷©êò 1,726.77 1,881.57 1,976.20 Taxes on Products and Import Duties, Net

Á¹-ìȤ¢Ó-´ø­: ¡ö´ -¦½«òªò , ¡½§¸¤-Á°­¡¾­ -Áì½ ¡¾­-ìö¤êô­ Source: Statistics Department Ministry of Planing and Investment

Ͼ -À¹©: ºó¤ -æÈ-«¾­- ó 2002 Used 2002 on base year

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

54

ª¾-ª½-쾤êó 3: ©ñ©§½­óì¾£¾°øɧö Ã§É (íÀ©õº­ 12 ó 2005 Àꉾ¡ñ® 100) Table 3: Consumer Price Index (December 2005=100)

쾨¡¾­ ©ñ© -§½-­óì¾£¾ -°øɧö´Ã§É Items

Consumer Price Index

Dec-05 Dec-06 Dec-07 Dec-08 Dec-09

©ñ©¦½­óì¾£¾°øɧö Ã§É 182.30 104.70 110.56 114.06 118.53 Consumer Price Index (CPI)

©ñ©¦½­óì¾£¾ÁªÈì½Ï¸©¦ò­£É¾ CPI Components

1. ϸ©¦½®¼¤º¾¹¾­ 182.00 109.40 115.92 127.56 131.07 1. Foods

2. ϸ©-À¹ìí¾ Áì½ µ¾¦ø® 145.70 107.60 113.55 118.88 123.09 2. Alcoholic Beverages and Tobacco.

3. ϸ©À£º¤­÷Ȥ¹‰ Áì½ À¡ó® 174.60 101.80 105.02 108.13 112.73 3. Clothing and Foot wear.

4. ϸ©ê†µøȺ¾ -Ħ 422.40 101.40 107.79 120.25 123.74 4. Housing Index.

5. ϸ©À£º¤Ã§ÉíÀ»õº­ 173.40 102.70 104.52 108.13 110.94 5. Household Goods

6. ϸ©µ¾ ö ²½¨¾© 139.50 100.50 104.35 108.06 109.69 6. Medical Care

7. ϸ©£ö ´½­¾£ö Áì½ ¢ö­¦‰¤ 164.30 98.00 104.10 91.86 97.60 7. Transport and Communications

8. ϸ©¡¾­²ñ¡°Èº­, ¡¾­¦ô¡¦¾ Áì½ ¡¾­²ò

168.30 102.90 105.69 107.76 106.96 8. Recreation, Education and Printing

9. ϸ©»û¾­º¾¹¾­ - 107.80 114.74 132.09 137.09 9. Restaurants

10. ϸ©À£º¤Ã§É¦È ­ªö 180.80 107.50 115.86 115.83 132.42 10. Personal Care and Effects

Á¹-ìȤ¢Ó-´ø­: ¡ö´ -¦½«òªò Source: Statistics Department

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

55

ª¾-ª½-쾤êó 4: ºñ©ª¾-À¤ò­-À³š (íÀ©õº­ 12 ó 2005 Àꉾ¡ñ® 100) Table 4: Inflation (December 2005=100)

쾨¡¾­ ºñ©ª¾ -À¤ò­-À³š Items

Inflation

Dec-05 Dec-06 Dec-07 Dec-08 Dec-09

ºñ©ª¾À¤ò­À³š 8.78 4.73 5.57 3.17 3.92 Inflation rate ( end of period)

ºñ©ª¾-À¤ò­-À³š-© -¦½-ÀìÈ 7.16 6.81 4.51 7.63 0.03 Inflation rate (Annual average)

ºñ©ª¾À¤ò­À³šÁªÈì½Ï¸©¦ò­£É¾ Components

1. ϸ©¦½®¼¤º¾¹¾­ 11.97 9.38 5.98 10.04 2.75 1. Foods

2. ϸ©-À¹ìí¾ Áì½ µ¾¦ø® 3.11 7.60 5.53 4.69 3.54 2. Alcoholic Beverages and tobacco.

3. ϸ©À£º­ ÷Ȥ¹‰ Áì½ À¡ó® 8.98 1.75 3.21 2.96 4.26 3. Clothing and Foot wear.

4. ϸ©ê†µøȺ¾ -Ħ 2.99 1.36 6.34 11.56 2.90 4. Housing Index.

5. ϸ©À£º¤Ã§ÉíÀ»õº­ 9.13 2.67 1.80 3.45 2.60 5. Household Goods

6. ϸ©µ¾ ö ²½¨¾© 0.67 0.49 3.84 3.56 1.51 6. Medical Care

7. ϸ©£ö ´½­¾£ö Áì½ ¢ö­¦‰¤ 8.45 -1.97 6.19 -11.76 6.24 7. Transport and Communications

8. ϸ©¡¾­²ñ¡°Èº­, ¡¾­¦ô¡¦¾ Áì½ ¡¾­²ò

2.57 2.92 2.69 1.96 -0.74 8. Recreation, Education and Printing

9. ϸ©»û¾­º¾¹¾­ 7.83 6.41 15.12 3.79 9. Restaurants

10. ϸ©À£º¤Ã§É¦È ­ªö 8.05 7.49 7.79 -0.03 14.33 10. Personal Care and Effects

Á¹-ìȤ¢Ó-´ø­: ¡ö´ -¦½«òªò Source: Statistics Department

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

56

ª¾-ª½-쾤êó 5: «¾-­½-¡¾­ -À¤ò­ -¢º¤-ìñ© (ªœ¡ó®) Table 5: Status of Government Budget (Billion Kip)

ì¾ -¡¾­ 2005/06 2006/07 2007/08 2008/09 Items

ì¾ -»ñ®ì¸ -êñ¤-À¤ò -­§È -À¹ìõº-ìɾ 5,312.37 6,434.94 7,708.31 8,173.60 Revenues and Grants

ì¾ -»ñ®-²¾ -í 4,265.98 5,340.97 6,439.13 7,030.43 Revenues

ì¾ -»ñ®-²¾-¦-ó-º¾-¡º­ 3,641.12 4,720.66 5,627.09 6,207.58 Tax Revenues

ì¾ -»ñ®-®Ò-Á È­²¾ -¦ó-º¾-¡º­ 624.87 620.31 812.04 822.85 Non-tax Revenues

-À¤ò -­§È -À¹ìõºìɾ 1,046.39 1,093.97 1,269.17 1,143.17 Grants

À¤ò­§È ¨À¹ìõºìɾ£¤¡¾­ 651.39 491.97 614.43 632.26 Project Grants

À¤ò­§È ¨À¹ìõºìɾ®ÒÁ ȭ£¤¡¾­ 395.00 518.00 574.60 75.00 Non-Project Grants

-À¤ò­ -§È -À¹ìõº-ìɾ-£¤¡¾­ (©ñ©-Á¡É-´½¹¾-²¾¡) 0.00 84.00 80.14 435.91 Program Grants

츴¨º©ì¾ -¥È¾ - Áì½Ã¹É¡øÉ-µõ -¦÷©-êò 6,579.47 7,631.52 9,065.65 9,761.56 Total Expenditures and Net Lending

ì¾ -¥È¾ -®ð-ìò-¹¾­ -ê‰ -į 3,634.90 4,242.84 5,423.62 6,437.13 Current Expenditures

À¤ò -­À©õº­ - Áì½ -À¤ò­ -º÷©-Îø­-ªÈ¾¤Å 1,341.20 1,589.26 2,082.17 2,772.20 Wages & Salaries

ñ©-«÷ -Áì½-º÷-¯½-¡º­ 567.29 694.33 903.92 1,035.05 Materials & Supplies

ì¾ -¥È¾ -¦¿ìñ®- ¦/¡ Œ- ¦/£ 595.36 721.88 932.92 - Eco and Social Transfers

ì¾ -¥¾ú ®ðìò¹¾­-º­-Åê‰ -į 854.35 909.06 1,143.22 - est Other Current Expenditures

쾨¥È¾¨§¿ì½Îš 348.41 586.21 500.00 500.00 Debt Payment

©º¡-À®û À¤ò -­¡øÉ 276.70 197.82 361.37 263.77 Interest Payment

ªÈ¾¤-¯½-Àê© 244.27 161.16 291.37 205.47 External

²¾ -í-¯½-Àê© 32.43 36.65 70.00 58.30 Domestic

À¤ò -­Á»Ä ÉÀ²ºì¾¨¥È¾¨®ñ¤Àºó­ - - - - Unallocated Budget

ì¾ -¥È¾ -ìö¤êô­ 2,944.58 3,388.67 3,642.03 3,324.43 Capital Expenditure

Á¹ìȤêô­-²¾ -í 402.63 542.22 688.00 1,137.83 Local Finances

Á¹ìȤ -êô -­ªÈ¾¤-¯½-Àê© 2,541.95 2,846.46 2,954.03 2,186.60 Foreign Finance

À¤ò -­¡øÉ -µõ -£¤-¡¾­ 1,540.56 1,836.49 1,765.00 1,554.34 Project Loan*

À¤ò -­§È -À¹ìõºÂ£¤-¡¾­ 651.39 491.97 614.43 632.26 Project Grant

-À¤ò­ -§È -¹ìõ-ºìɾ-®Ò--Á È­-£¤¡¾­ 350.00 518.00 574.60 - Non-Project Grant

©÷­©È¼¤ 631.09 1,228.97 1,015.51 593.30 Current Cash Balance

©÷È-­©È¼¤-À¤ò­¦ö©ì¸´ (1,267.11) (1,064.99) (1,357.34) (1,587.96) Overall Cash Balance

®Ò-ì¸ -êô -­§È -À¹ìõºìɾ (2,313.49) (2,158.95) (2,626.51) (2,731.13) Excluding Grants

ì¾ -»ñ®-À²º-©÷È -­©È¼¤ 1,137.54 1,064.99 1,357.34 1,587.96 Financing

¥¾¡Á¹ìȤêô -­²¾ -í, í­š: (252.79) (531.33) (150.09) 400.98 Domestic Financing

¥¾¡ì½®ö®ê½­¾£¾­ (212.04) (464.96) (786.00) 402.20 Bank Financing

¦ò­À§º (179.88) (492.00) (582.00) - Bank financing (credit)

-ºº¡²ñ­ê½®ñ© 20.00 143.00 50.00 80.00 Treasury Bills Issued

57

Ä«È«º­²ñ­ê½®ñ© (52.16) (115.99) (254.00) (212.27) Treasury Bills Repayment

¥¾¡ì½®ö®ê†®Ò -Á È-­ê½-­¾ -£¾­ (40.75) (66.34) 635.90 (1.22) Non-Bank Financing

-ºº¡²ñ­ê½®ñ© - 0 0 - Treasury Bills Issued

Ä«È«º­²ñ­ê½®ñ© - 0 0 - Treasury Bills Repayment

¢¾¨§ñ®¦ò­ Áì½ »ñ®£õ­-ªí­-êô­ -¥ñ¡¦ø®­Õ 15.74 7.07 34.27 48.75 Assets Sales + Pump Amortization

-ºº¡²ñ­ê½®ñ©ìɾ¤Îš£É¾¤¥È¾¨ - 0 0 - Arrears Clearance Bonds

­º¡-Á°­-¤ö®¯½´¾­ (73.38) 0 - Off Budget

¥È¾ -ìÈ ¤-Îɾ - (68.05) 0 - Advance Payment in Treasury

¨º©--À¹ìõº°È¾­-´¾ 236.37 642.12 647.20 Previous Year Balance Sheet

°ò©©È¼¤ (56.49) (168.34) (40.49) (697.165) Differences

Á¹ìȤêô -­ªÈ¾¤-¯½-Àê©-¦÷©-êò 1,519.90 1,596.32 1,507.43 1,186.98 Foreign Financing (Net)

À¤ò -­¡øÉ -µõ -©ñ©-Á¡É-´½-¹¾-²¾¡ 162.00 0 0 - Program Loans

À¤ò -­¡øÉ -µõ -£¤-¡¾­ 1,540.56 1,836.49 1,765.00 1,554.34 Project Loans

ì¾ -¥È¾ -§¿-ì½-ªí-­êô -­À¤ò -­¡øÉ -µõ (312.23) (352.26) (401.62) (510.21) Amortization (Repayment)

ùɡøÉ-µõ -ªÒ¦÷©-êò (129.56) (112.08) 144.06 142.84 On-Lending Net

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

58

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

쾨¡¾­

2004/05

2005/06 2006/07

2007/08

2008/09

Items

¡. ì¾ -»ñ®-²¾¦óŒ-º¾-¡º­ 2,803.11 3,641.12 4,720.66 5,627.09 6,207.58 A. Tax Revenues

º¾-¡º-­¡¿ -Äì 307.20 458.87 918.63 1,321.60 1,302.96 Profits Tax

º¾-¡º-­ì¾ -Ä©É 214.89 234.24 251.84 333.06 424.68 Income Tax

º¾-¡º-­ê†-©ò­ 27.62 30.13 46.57 77.95 63.908 Land Tax

£-Ⱦ-ê¿-­¼ -º¾-¡º­ 2.21 6.10 1.46 2.52 3.67 Business Licenses

º¾-¡º-­ªÔ -¦÷© 12.79 22.17 19.27 21.50 29.243 Minimum Tax

º¾-¡º-­ªö -Àì¡-ê÷-ì½-¡ò© 673.47 887.13 1,045.99 1,228.52 1,401.04 Turnover Tax

º¾-¡º-­§ö -Ã§É 522.83 800.33 998.70 1,190.01 1,432.487 Excise Tax

²¾-¦ó-¢¾-À¢í¾ 428.64 514.55 572.61 674.18 726.22 Import Duties

²¾-¦ó-¢¾-ºº¡ 43.45 53.13 25.86 22.26 48.84 Export Duties

£È¾-ê¿-­¼ -ìö¤ -ê½-®¼­- 17.58 24.69 49.00 13.93 26.69 Registration Fees

º¾-¡º-­§ñ®-¦ò­ 94.80 217.55 273.81 316.52 219.48 Natural Resources Taxes

£È¾-²¾¡-¹ì¸¤-Ä É 189.37 172.46 212.28 105.19 78.05 Timber Royalty Receipts

£È¾-²¾¡-¹ì¸¤-ij-³É¾ 57.11 57.16 43.04 56.40 77.66 Hydropower Royalties

£È¾-ê¿-­¼ -º­Å 211.17 162.60 261.62 263.41 372.64 Other Fees

¢. ì¾ -»ñ®-ê†-®Ò-Á È­ -²¾-¦ó-Œº¾¡-º­ 584.34 624.87 620.31 812.04 822.85 B. Non-Tax Revenues

£È¾-À§‰¾ 44.23 36.11 29.92 27.22 41.08 Leasing Fees

£È¾-¦¿-¯½-ê¾­ 8.08 7.36 8.66 17.92 30.66 Concessions

£È¾- ñ®-ÄÏ 15.27 23.82 33.06 31.40 25.251 Penalties(Fine)

£È¾-ê¿-­¼ -®ð-ìò-¹¾­ 69.22 89.18 94.87 100.87 76.03 Administration Fees

-À¤ò -­ ñ -­°ö­ -Áì½-£È¾ -¹ì÷ɨ¹¼û­ 177.82 174.78 156.67 293.34 338.35 Depreciation and Dividends

-©º¡-À®É 47.95 65.05 65.90 105.28 94.66 Interest

£È¾-®ò­-°È¾­ 221.76 228.57 231.23 235.43 203.42 Over-Flight Revenues

º­Å - - - 0.545 Others

ì¾ -»ñ®-²¾-¦ó-Œº¾-¡º­ -Áì½- ®Ò-Á È-­²¾ -¦ó-Œº¾-¡º­

3,387.45 4,265.98 5,340.97 6,439.13 7,030.43 Total Tax and Non-Tax Revenues

¢-¾ -§ñ®-¦ò­ 12.07 15.41 6.91 34.26 48.57 Assets Sales

»ñ®-§¿-ì½-£õ­-ªí­-êô­ 129.70 129.56 112.08 144.06 142.84 Amortization (Capital Return)

»ñ®§¿ì½ªí­-êô­-¥ñ¡-§ø®-­Õ 0.19 0.32 0.16 0.011 176 Pump Amortization

ì¾ -»ñ®êñ¤Ïö©ì¸´¡ñ® »ñ®§¿ì½ªí­êô­£õ­

3,529.41 4,411.28 5,460.12 6,617.47 7,222.02 Total Revenue with Capital Return

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

59

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

ì¾ -¡¾­ Dec-06 Dec-07 Dec-08 Dec-09 Items

§ñ®¦ò­ªÈ¾¤¯½Àꩦ÷©êò 2,984.29 4,802.53 5,230.23

4,561.29 Net Foreign Assets

§ñ®¦ò­ªÈ¾¤¯½Àê© 3,257.61 5,049.71 5,416.99 5,373.45 Foreign Assets

Κ¦ò­ªÈ¾¤¯½Àê© (273.32) (247.18) (186.76) (812.16) Foreign Liabilities

§ñ®¦ò­²¾¨Ã­¦÷©êò (482.53) (828.98) (454.08)

1,866.36 Net Domestic Assets

¦ò­À§º²¾¨Ã­ 106.70 (103.57) 164.96 2,654.36 Domestic Credits

¦ò­À§ºÃ¹Éìñ©«½®¾­¦÷©êò (282.35) (455.53) (1,057.20) (789.80) Net Claims on Govt.

¦ò­À§ºÃ¹Éìñ©«½®¾­ 619.93 907.00 972.85 950.54 Claims on Govt.

À¤ò­±¾¡ìñ©«½®¾­ (902.28) (1,362.53) (2,030.05) (1,740.34) Deposits of Govt.

¦ò­À§ºÃ¹É²¾¡¦È ­À¦©«½¡ò© 246.50 160.73 685.07 2,281.19 Credits to the Economy

¦ò­À§ºÃ¹Éìñ© ò¦¾¹½¡ò© 176.11 160.73 685.07 2,281.19 Credits to State Enterprises

¦ò­À§ºÃ¹É²¾¡Àº¡½§ö­ 70.39 - - - Credits to Private Sector

¦ò­À§ºÃ¹É¦½«¾®ñ­¡¾­À¤ò­ 142.55 191.23 537.09 1,162.97 Credits to Banks

²ñ­ê½®ñ©ê½­¾£¾­¡¾¤ - - (222.52) (660.18) BOL Securities

쾨¡¾­º­Å¦÷©êò (589.23) (725.41) (396.52) (127.82) Other Items (Net)

«¾­À¤ò­ª¾ 2,501.97 3,973.61 4,775.73 6,427.63 Monetary Base

À¤ò­¦ö©µøÈ¢º©¥ðì½¥º­ 1,336.59 2,063.99 2,508.26 3,577.28 Currency in Circulation

À¤ò­±¾¡ 1,165.38 1,909.62 2,267.47 2,849.75 Deposits

À¤ò­±¾¡§¿ì½¦½¦¾¤ 488.73 1,062.88 1,279.93 1,697.73 Clearing Deposits

À¤ò­Á»±¾¡®ñ¤£ñ® 524.71 680.33 618.71 792.96 Required Reserve

êô­¥ö©-ê½-®¼­¢º¤- êê¡ 151.94 166.41 368.83 359.06 Capital Deposits

À¤ò -­±¾¡-¢º¤-²¾¡-¦È ­ -º­Å - - Priv and Mix. Enterprises

Á¹ìȤ¢Ó´ø­: ê½­¾£¾­Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

60

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

쾨¡¾­ Dec-06 Dec-07 Dec-08 Dec-09 Items

§ñ®¦ò­ªÈ¾¤¯½Àꩦ÷©êò 4,912.17 7,778.94 7,368.11 5,505.81 Net Foreign Assets

§ñ®¦ò­ªÈ¾¤¯½Àê© 6,471.67 9,444.89 9,437.97 8,145.08 Foreign Assets

Κ¦ò­ªÈ¾¤¯½Àê© (1,559.50) (1,665.95) (2,069.86) (2,639.27) Foreign Liabilities

§ñ®¦ò­²¾¨Ã­¦÷©êò 2,133.74 1,995.21 4,195.91 9,670.07 Net Domestic Assets

¦ò­À§º²¾¨Ã­ 2,527.72 2,891.16 5,201.09 10,460.61 Domestic Credits

¦ò­À§ºÃ¹Éìñ©«½®¾­¦÷©êò (89.15) (275.26) (643.47) (651.56) Net Claims on Govt.

¦ò­À§ºÃ¹Éìñ©«½®¾­ 1,169.07 1,704.19 1,654.11 1,642.87 Claims on Govt.

À¤ò­±¾¡ìñ©«½®¾­ (1,258.22) (1,979.45) (2,297.58) (2,294.43) Deposits of Govt.

¦ò­À§ºÃ¹É²¾¡¦È ­À¦©«½¡ò© 2,616.87 3,166.42 5,844.56 11,112.17 Credits to the Economy

¦ò­À§ºÃ¹Éìñ© ò¦¾¹½¡ò© 556.26 512.88 1,290.74 2,547.53 Credits to State Enterprises

¦ò­À§ºÃ¹É²¾¡Àº¡½§ö­ 2,060.61 2,653.54 4,553.82 8,564.64 Credits to Private Sector

쾨¡¾­º­Å¦÷©êò (393.98) (895.95) (1,005.18) (790.54) Other Items (Net)

êô­ê†ê½­¾£¾­¡øÉ¥¾¡ìñ©«½®¾­ (276.32) (261.28) (183.13) (162.20) Government Lending Fund

À¤ò­±¾¡¥¿¡ñ© (31.21) (36.39) (51.98) (8.71) Restricted Deposits

®ñ­§óêô­ (572.89) (1,364.83) (1,870.93) (2,733.54) Capital Account

º­Å 486.44 766.55 1,100.86 2,113.91 Others

¯½ìò ¾­À¤ò­ª¾´£¸¾´Ï¾¨¡ ɾ¤ 7,046.11 9,774.22 11,563.95 15,175.87 Broad Money

¯½ìò ¾­À¤ò­£¸¾´Ï¾¨Á£® 1,998.32 3,064.72 3,715.33 4,788.20 Money

À¤ò­µøÈ­º¡ì½®ö®ê½­¾£¾­ 1,230.59 1,837.92 2,223.23 3,083.48 Currency Outside Banks

À¤ò­±¾¡¡½Á¦ì¾¨ ñ­ 767.73 1,226.80 1,492.10 1,704.72 Demand Deposits

¯½ìò ¾­À¤ò­¯½À²©º­Å 5,047.79 6,709.50 7,848.62 10,387.67 Quasi Money

À¤ò­±¾¡¯½µñ© Áì½±¾¡ ó¡¿­ö© 944.72 1,385.41 2,025.05 3,395.49 Time and Saving Deposits

À¤ò­±¾¡À ñ­À¤ò­ª¾ªÈ¾¤¯½Àê© 4,103.07 5,324.09 5,823.57 6,992.18 Foreign Currency Deposits

Á¹ìȤ¢Ó´ø­: ê½­¾£¾­Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

61

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

쾨¡¾­ Dec-07* Dec-08* Dec-09 Items

I. ê½­¾£¾­Á¹È¤ ¦¯¯ 쾸 I. Bank of The Lao PDR

©º¡À®É¨À¤ò­¡øÉ 20.00

7.00

4.00

- Bank Rate

-²ñ­ê½®ñ©ê½­¾£¾­¡¾¤ (1 ó) ¡ó® ©-ì¾

-

5.50-7.00

2.50 - 3.50

6.00-7.00 3.00 - 3.50

- BOL Securities

II.ê½­¾£¾­ê÷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 Current Account Deposits

À¤ò -­±¾¡-¯½-µñ© 3.00-6.00 3.00-5.00

2.50-3.00

Saving Deposits

À¤ò -­±¾¡-´ó-¡¿­ö© Time Deposits

3 À©õº­ 5.00-10.00 4.00-8.00

3.00-6.00

3 Months

6 À©õº­ 7.00-12.00 5.00-11.00 4.00-8.00 6 Months

12 À©õº­ 8.00-14.00 7.00-12.00 5.00-10.00 12 Months

¹ì¾¨¡ Ⱦ 12 À©õº­ 10.00-16.00 8.00-14.00 8.00-12.00 Time Deposits > 12Month

®ñ-­§ó-À¤ò -­®¾© Thai baht Account

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

À¤ò -­±¾¡-¯½-µñ© 0.25-1.50 0.50-1.00 0.25-1.00 Saving Deposits

À¤ò -­±¾¡-¯½-¥¿ Time Deposits

3 À©õº­ 0.75-2.00 0.75-1.60 0.75-1.75 3 Months

6 À©õº­ 0.75-2.75 0.75-2.35 0.75-2.25 6 Months

12 À©õº­ 0.75-3.50 0.75-2.60 0.75-3.00 12 Months

¹ì¾¨¡ Ⱦ 12 À©õº­ 2.50-4.00 2.25-4.00 2.70-4.00 Time Deposits > 12 Month

®ñ-­§ó-À¤ò -­Â©-ì¾ US Dollar Account

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

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

À¤ò -­±¾¡-¯½-¥¿ Time Deposits

3 À©õº­ 0.75-1.75 0.75-2.00 0.50-2.00 3 Months

6 À©õº­ 1.25-2.50 1.25-2.60 0.75-2.50 6 Months

12 À©õº­ 1.50-3.00 1.50-3.60 1.00-3.50 12 Months

¹ì¾¨¡ Ⱦ 12 À©õº­ 2.00-4.00 2.25-4.80 1.25-3.90 Time Deposits > 12 Months

62

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¡-£É¾ A ( -Ä쨽 1 ó) 13.00-24.00 11.00-24.00 9.00-12.00 Type of customer A ( 1 year)

¯½-À²©-ìø¡-£É¾ B ( -Ä쨽 1 ó) 13.00-14.00 13.00-15.00 10.00-13.00 Type of customer B ( 1 year)

¯½-À²©-ìø¡-£É¾ C ( -Ä쨽 1 ó) 14.00-15.00 14.00-16.00 11.00-15.00 Type of customer C ( 1 year)

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

¯½-À²©-ìø¡-£É¾ A ( -Ä쨽 1 ó) 10.75-18,00 7.00-18.00 6.00-7.00 Type of customer A ( 1 year)

¯½-À²©-ìø¡-£É¾ B ( -Ä쨽 1 ó) 7.00-7.50 7.50-9.50 6.50-6.50 Type of customer B ( 1 year)

¯½-À²©-ìø¡-£É¾ C ( -Ä쨽 1 ó) 8.00-8.50 8.50-10.00 7.25-10.00 Type of customer C ( 1 year)

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

¯½-À²©-ìø¡-£É¾ A ( -Ä쨽 1 ó) 8.40-14.00 5.00-14.00 6.00-7.00 Type of customer A ( 1 year)

¯½-À²©-ìø¡-£É¾ B ( -Ä쨽 1 ó) 7.00-7.50 7.50-9.00 7.50-8.00 Type of customer B ( 1 year)

¯½-À²©-ìø¡-£É¾ C ( -Ä쨽 1 ó) 8.00-8.50 8.50-10.00 7.75-10.00 Type of customer C ( 1 year)

-À¤ò­À®ó¡-À¡ó­®ñ -­§ó Overdraft

-¡ó® 20.00-24.00 15.00-24.00 9.75-13.00 In Kip

®¾© 10.00-20.00 7.00-18.00 7.00-11.00 In Baht

©-ì¾ 10.00-15.00 7.00-14.00 6.00-7.32 In US Dollar

*2006 -2007 BOL Securities were not introduced **since 2004 interest rate was set based on types of customer rather than economic sector.

Á¹ìȤ¢Ó´ø­: ê½­¾£¾­ Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

63

ª¾-ª½-쾤êó 10: À¤ò­±¾¡¢º¤-ê½­¾£¾­-ê÷ì½-¡ò© (ªœ¡ó®) Table 10: Commercial banks’ Deposits (Billion Kip)

쾨¡¾­ 2006 2007 2008 2009

쾨¡¾­/ Descriptions ¡ó® Kip

¤ªª ê¼®¡ó® FOREX in Kip

츴 Total

¡ó® Kip

¤ªªê¼®¡ó® FOREX inKip

츴 Total

¡ó® Kip

¤ªª ê¼®¡ó® FOREX in Kip

츴 Total

¡ó® Kip

¤ªª ê¼®¡ó® FOREX in Kip

츴 Total

À¤ò-­±¾¡ì¸´/ Total Deposits 1,754.61 4,737.54 6,492.15 2,677.90 6,123.85 8,801.84 3,604.77 6,468.54 10,073.43 4,217.58 7,869.61 12,087.19

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

763.50 1,195.77 1,959.27 1,218.97 1,542.80 2,761.77 1,484.26 1,688.17 3,172.43 1,704.01 1,673.35 3,377.36

À¤ò­±¾¡-¯½-µñ©/ Savings 381.69 2,016.25 2,397.94 556.97 2,665.24 3,222.21 750.23 2,738.27 3,488.50 1,135.06 3,266.31 4,401.37

À¤ò­±¾¡-¯½-¥¿/ Term Deposits 563.03 895.20 1,458.23 828.44 1,124.90 1,953.34 1,274.83 1,405.00 2,679.83 2,260.43 2,052.52 4,312.95

-Œ 3 À©õº­/ 3 Months 96.85 142.66 239.51 115.42 320.49 435.91 114.13 278.01 392.14 700.73 636.28 1,337.01

-Œ 6 À©õº­/ 6 Months 172.83 156.66 329.49 194.15 272.45 466.60 280.89 337.33 618.22 474.69 431.03 905.72

-Œ 12 À©õº­/ 12 Months 232.01 323.87 555.88 307.14 421.88 729.02 421.36 446.72 868.08 791.15 718.38 1,509.53

À¤ò­±¾¡-¯½-¥¿ >12; <24 À©õº­ Term Deposits >12; <24 Months

61.34 272.01 333.35 211.73 110.08 321.81 458.45 342.94 801.39 293.86 266.83 560.69

À¤ò­±¾¡-¢º¤-°øÉ-ê†-®Ò-ª¤-µøÈ-쾸 NonŒResident Deposits

36.65 608.85 645.50 60.27 770.18 830.45 82.76 599.79 682.55 391.51 871.42 1,262.93

À¤ò­±¾¡-º­Å/ Others Deposits 9.74 21.47 31.21 13.34 20.73 34.07 12.69 37.31 50.00 2.70 6.01 8.71

Á¹ìȤ¢Ó´ø­: ê½­¾£¾­ Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

64

ª¾-ª½-쾤êó 11: ¦ò­À§º¢º¤ê½­¾£¾­-ê÷ì½-¡ò© (ªœ¡ó®) Table 11: Commercial banks’Credits (Billion Kip)

Á¹ìȤ¢Ó´ø­: ê½­¾£¾­ Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

¨º©-¦ò­ -À§º (ªœ¡ó®)

2006

2007

2008

2009

Credit Outstanding (in LAK billion)

£È¾-À§º´ -291.887 -182.297 -100.287 -92.492 Provisions

¢½ÁΤ º÷©¦¾¹½¡¿ Áì½ ¹ñ©«½¡¿ 840.49 795.893 1,136.15 1,616.98 Credits for Industry and Handicraft

¢½ÁΤ¡Ò¦É¾¤ 103.69 148.193 235.188 349.617 Credits for Constructions

¢½ÁΤ¦½Îº¤ ñ©«÷ Áì½ Àªñ¡­ò¡ 171.939 283.14 499.373 677.066 Credits for Materials and Technical Supplies

¢½ÁΤ¡½¦ò¡¿ 262.83 291.419 765.363 1,179.96 Credits for Agricultures

¢½ÁΤ¡¾­£É¾ 828.238 1,050.49 1,533.40 2,054.00 Credits for Commerce

¢½ÁΤ¢ö­¦öú¤ 25.665 32.321 162.773 244.732 Credits for Transportations

¢½-ÁΤ-®ð-ìò -¡¾­ 159.771 278.264 568.106 719.792 Credits for Services

¢½ÁΤºõú­Å 677.638 917.431 1,313.77 1,898.28 Credits for Other Activities

츴¦ò­ -À§ˆºêñ¤Ïö© 3,070.26 3,797.15 6,214.13 8,740.42 Total Credits

ºñ©ª¾¢½¹¨¾¨ªö ¢º¤¦ò­À§º (%) 2006 2007 2008 2009 Credits Growth (Percent)

£È¾-À§º´ -45.31% -37.55% -44.99% -7.77% Provisions

¢½ÁΤ º÷©¦¾¹½¡¿ Áì½ ¹ñ©«½¡¿ -28.79% -5.31% 42.75% 42.32% Credits for Industry and Handicraft

¢½ÁΤ¡Ò¦É¾¤ -52.93% 42.92% 58.70% 48.65% Credits for Constructions

¢½ÁΤ¦½Îº¤ ñ©«÷ Áì½ Àªñ¡­ò¡ 511.45% 64.67% 76.37% 35.58% Credits for Materials and Technical Supplies

¢½ÁΤ¡½¦ò¡¿ -17.53% 10.88% 162.63% 54.17% Credits for Agricultures

¢½ÁΤ¡¾­£É¾ 8.79% 26.83% 45.97% 33.95% Credits for Commerce

¢½ÁΤ¢ö­¦öú¤ 32.70% 25.93% 403.61% 50.35% Credits for Transportations

¢½-ÁΤ-®ð-ìò -¡¾­ 27.22% 74.16% 104.16% 26.70% Credits for Services

¢½ÁΤºõú­Å 11.17% 35.39% 43.20% 44.49% Credits for Other Activities

츴¦ò -­À§ˆºêñ¤Ïö© (%) -5.91% 23.68% 63.65% 40.65% Total Credits

¨º©¦ò­À§ºì¸´ê¼®Ã¦È GDP (%) 8.53% 9.47% 13.63% 18.68% Total Credits in Percent of GDP

65

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

Á¹ìȤ¢Ó´ø­: ê½­¾£¾­ Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

쾨¡¾­ 2007 2008 2009 Items

©÷-­¡¾­§¿ì½À¤ò -­ ö¡¡½ªò 107.2 91.2 -132.2 Current Account Balance

(®Ò츴À¤ò­Âº­¢º¤²¾¡ìñ©«½®¾­) 60.9 14.1 -229.7 (Excluding Official Transfers)

©÷­¡¾­£É¾ -141.94 -311.3 -408.2 Trade Balance

´ø­£È¾¦ò­£É¾¦‰¤ºº¡ 922.69 1,091.9 1,005.3 Exports (f.o.b.)

´ø­£È¾¦ò­£É¾­¿À¢í¾ -1,064.63 -1,403.2 -1,413.5 Imports (c.i.f.)

¡¾­®ðìò¡¾­¦÷©êò 202.1 306.2 190.2 Services (net)

쾨»ñ® 278.1 414.3 333.1 Services Receipts

쾨¥È¾¨ -76.1 -108.1 -142.8 Services Payments

쾨»ñ®¦÷©êò -50.32 -44.6 -47 Factor Income (net)

쾨»ñ® 43.65 32.1 41.7 Income Receipts

쾨¥È¾¨ 94 76 89 Income Payments

À¤ò­§È ¨ÀÍõº¦÷©êò 97.36 140.9 132.9 Transfers (Net)

²¾¡Àº¡½§ö­ 51.07 63.8 35.4 Private

²¾¡ìñ©«½®¾­ 46.29 77.1 97.5 Official

©÷­®ñ­§óêô­ Á콡¾­À¤ò­ 396 419.5 616.4 Capital and Financial Account

®ñ­§ó¡¾­À¤ò­ 396 419.5 616.4 Financial Account

¡¾­ìö¤êô­Â©¨¡ö¤ 323.52 227.8 318.6 Foreign Direct Investment

¡¾­ìö¤êô­º­Å 72.5 191.8 297.8 Other Investment

£¸¾´°ò©²¾© Á콡¾­£¾©À£º­ -303.3 -410.3 -488 Errors and Omissions

©÷­¡¾­§¿ì½À¤ò­ì¸´ 199.9 100.5 -3.7 Overall Balance

Ͼ¨À¹©:

©÷-­¡¾­§¿ì½À¤ò -­ ö¡¡½ªò츴êñ¤ À¤ò­§È ¨ÀÍõº¢º¤ìñ© (% ¢º¤ GDP)

Memorandum Items:

2.5 1.7 -2.4 Current Account (Percent of GDP)

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

1.4 0.3 -4.1 Excluding Official Transfers (Percent of GDP)

©÷­¡¾­£É¾ê¼®¡ñ® GDP (%) -3.44 -5.9 -7.3 Trade Balance (Percent of GDP)

£ñ¤¦¿»º¤ªÈ¾¤¯½Àê© (ìɾ­Â©ì¾¦½¹½ìñ©) 535.6 636.1 632.4 Official Gross Reserves (Millions of US Dollars)

£ñ¤¦¿»º¤ªÈ¾¤¯½Àê©ê¼®¡ñ®¡¾­­¿À¢í¾ªÒÀ©õº­ 6 5.44 5.37 Official Gross Reserves (in Months of Imports)

츴¨º©°½ìò©ª½²ñ­²¾ -í (ìɾ­Â©ì¾) 4,230.10 5,286.50 5,596.1 Gross Domestic Product in Millions of US$

66

ª¾-ª½-쾤êó 13: ¡¾-­£É¾ -ªÈ¾¤-¯½-Àê© (ìɾ­Â©ì¾¦½¹½ìñ©) Table 13: Foreign Trade (Million US$)

ì¾ -¡¾­ 2006 2007 2008 2009 Items

©÷-­¡¾ -­£É¾ -178.16 -141.94 -311.3 -408.2 Trade Balance

¦‰¤ -ºº¡ 882.00 922.69 1,091.9 -1,005.3 Exports (f.o.b.)

(ºñ©ª¾¡¾--­ ȼ -­Á¯¤ -) 59.47% 4.61% 18.3% -7.9% (Annual Change)

°½-ìò©-ª-½-²ñ­Ä´É 97.80 89.57 65.70 49.2 Wood Products

¡¾-À³ 9.80 28.90 18.50 22.6 Coffee

À£º¤ -¡½-¦ò¡¿/À£º¤ - Ⱦ 22.20 16.58 52.70 91.0 Agricultural/Forest Products

ªñ©-¹ ò® 127.50 126.29 256.0 127.7 Garments

ij-³É¾ 101.20 84.24 108.0 100.2 Electricity

®ÒÁ»ú: 498.75 553.09 561.7 455.0 Mining

£¿ 110.00 92.9 80.6 93.3 Gold

꺤Á©¤ 370.40 441.85 446.0 336.9 Copper

º­Å 18.33 18.39 35.0 24.9 Others

­¿ -À¢í¾ 1,060.19 1,064.63 1,403.17 1,413.5 Imports (c.i.f.)

(ºñ©ª¾¡¾--­ ȼ -­Á¯¤ -ŒÀ óÀ§ñ­) 20.21% 0.42% 31.8% 0.7% (Percent Change)

¦ò-­£É¾ -À²ˆº¡¾­ìö¤ -êô­ 495.60 592.9 567.6 984.0 Investment Goods

¦ò­£É¾§ö´Ã§É 440.20 361.27 611.4 309.2 Consumption Goods

ññ©-«÷-©ò®-¦¿-ìñ®-º÷©-¦¾-¹-½-¡¿- 98.70 80.35 175.2 66.7 Materials for Garments

£¿ Áì½ À¤ò­ 10.50 10.1 20.2 17.0 Gold and Silver

ij-³É¾ 13.00 17.7 26.9 34.6 Electricity

º­Å 2.20 2.2 1.9 2.0 Others

Á¹ìȤ¢Ó´ø­: ê½­¾£¾­ Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

67

ª¾-ª½-쾤êó 14: Κ -¦ò-­ªÒªÈ¾¤-¯½-Àê©¢º¤-ìñ© (ìɾ­Â©ì¾¦½¹½ìñ©) Table 14: External Debts (Million US$)

쾨¡¾­

2006

2007

2008

2009

Items

1. ¨º©À¹ìõºÎš¦ò­ªÒªÈ¾¤¯½Àê©êñ¤Ïö© 2,470.62 2,852.52 2,564.30 2,679.00 1. Total Debt Stock

Á®®¦º¤±È¾¨ 630.90 809.82 815.30 912.30 Bilateral

Á®®¹ì¾¨±È¾¨ 1,839.70 2,042.69 1,749.00 1766.7 Multilateral

2. ¡¾-­§¿ -ì½-Κ 49.06 51.20 69.60 87.3 2. Debt Services

(À óÀ§ñ­¡¾­ ȼ­Á¯¤) -12.19 4.30 36.10 25.40 (in Percentage Change)

§¿-ì½-ªí-­êô­ 32.09 35.80 49.00 63.10 Amortization

Á®®¦º¤±È¾¨ 3.50 2.10 6.60 11.5 Bilateral

Á®®Í¾¨±È¾¨ 28.60 33.70 42.40 51.60 Multilateral

§¿ì½©º¡À®É¨ 16.97 15.3 20.60 24.20 Interest Payments

Á®®¦º¤±È¾¨ 5.00 1.30 3.20 6.80 Bilateral

Á®®¹ì¾¨±È¾¨ 11.90 14.1 17.50 17.40 Multilateral

Κ-¦ò­ªÈ¾¤ -¯½-Àê©-ê¼®Ã¦È GDP (À ó -À§ñ­) 71.21 57.7 48.50 47.90 Total Debt Stock to GDP (%)

ºñ©-ª¾-¦È -­£¸¾´ -¦-¾-´¾©-Ã-­¡¾­ -§¿-ì½-Κ 4.47 4.30 4.60 6.50 Debt Service Ratio

Á¹ìȤ¢Ó´ø­: ê½­¾£¾­ -Á¹È¤ ¦¯¯ 쾸 Áì½ ¡½-§¸¤-¡¾­-À¤ò­

Sources: Bank of the Lao PDR and Ministry of Finance

68

ª¾-ª½-쾤êó 15: ºñ©-ª¾-Áì¡- ȼ -­ê½-­¾-£¾-­ Áì½- ª½¹ì¾© Table 15: Official and Parallel Exchange Rates

À©õº­/ ó ¡ó®/©-ì¾( Kip/US$) ¡ó®/®¾© (Kip/Baht) Month/Year

ºñ©-ª¾-Áì¡- ȼ­-ª½-¹ì¾©- ºñ©-ª¾-Áì¡- ȼ -­ êê¡ ºñ©-ª¾-Áì¡- ȼ -­ª½-¹ì¾©- ºñ©-ª¾-Áì¡- ȼ­- 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¤¡º­Œ07 9,700.86 9,787.52 9,671.19 9,764.60 271.53 273.16 270.67 273.52 Jan-07

¡÷´²¾Œ07 9,668.41 9,741.41 9,654.45 9,720.69 271.82 273.22 270.25 272.86 Feb-07

´ó­¾Œ07 9,600.00 9,673.05 9,622.35 9,676.30 274.89 276.46 273.64 275.91 Mar-07

À´¦¾Œ07 9,596.80 9,658.02 9,606.61 9,645.97 275.01 276.81 273.41 275.76 Apr-07

²ô©¦½²¾Œ07 9,573.96 9,621.70 9,571.70 9,626.76 277.30 278.70 276.64 278.63 May-07

´ò«÷­¾Œ07 9,585.00 9,625.57 9,569.95 9,625.41 278.31 279.56 277.26 279.26 Jun-07

¡ð콡ö©Œ07 9,542.94 9,600.36 9,540.23 9,592.19 283.49 285.32 281.36 283.33 Jul-07

¦ò¤¹¾Œ07 9,588.63 9,634.97 9,556.34 9,601.33 282.37 283.91 280.41 281.66 Aug-07

¡ñ­¨¾Œ07 9,611.22 9,652.84 9,605.74 9,636.16 281.79 282.90 281.29 282.45 Sep-07

ª÷쾌07 9,606.40 9,647.38 9,601.46 9,630.95 281.86 282.96 281.76 282.88 Oct-07

²½¥ò¡Œ07 9,544.27 9,580.18 9,527.22 9,555.63 282.24 283.47 281.79 282.86 Nov-07

êñ­¸¾Œ07 9,423.33 9,466.99 9,382.13 9,411.33 280.94 282.32 280.33 281.30 Dec-07

´ñ¤¡º­Œ08 9,276.10 9,327.75 9,259.11 9,287.64 280.21 281.65 279.09 280.45 Jan-08

¡÷´²¾Œ08 9,129.13 9,184.67 9,112.63 9,141.35 280.54 281.91 279.18 280.51 Feb-08

´ó­¾Œ08 8,773.42 8,828.31 8,770.68 8,800.55 280.65 281.81 279.21 280.43 Mar-08

À´¦¾Œ08 8,708.86 8,752.72 8,716.96 8,798.04 277.69 279.01 276.73 277.83 Apr-08

²ô©¦½²¾Œ08 8,717.52 8,759.77 8,715.00 8,742.14 273.47 274.81 272.66 273.81 May-08

´ò«÷­¾Œ08 8,703.70 8,750.82 8,691.18 8,720.60 264.08 265.40 263.15 264.22 Jun-08

¡ð콡ö©Œ08 8,632.85 8,675.10 8,627.09 8,654.34 258.39 259.79 257.90 259.21 Jul-08

¦ò¤¹¾Œ08 8,624.51 8,663.63 8,619.36 8,658.90 256.07 257.41 255.23 256.55 Aug-08

¡ñ­¨¾Œ08 8,618.63 8,661.76 8,618.82 8,650.04 252.36 253.63 242.67 252.87 Sep-08

ª÷쾌08 8,546.95 8,598.41 8,546.27 8,584.57 249.62 250.90 249.08 250.26 Oct-08

²½¥ò¡Œ08 8,545.31 8,595.17 8,545.34 8,582.77 244.48 245.87 244.36 245.41 Nov-08

êñ­¸¾Œ08 8,501.03 8,549.51 8,499.65 8,536.55 243.19 244.50 243.35 244.45 Dec-08

´ñ¤¡º­Œ09 8476.97 8529.30 8478.36 8505.70 243.10 244.57 243.12 244.17 Jan-09 ¡÷´²¾Œ09 8499.59 8543.43 8490.80 8525.24 241.78 243.20 241.57 242.55 Feb-09

´ó­¾Œ09 8555.49 8602.65 8548.37 8581.38 239.87 241.25 240.05 241.10 Mar-09 À´¦¾Œ09 8547.18 8586.92 8542.98 8577.11 241.46 242.77 241.31 242.37 Apr-09

²ô©¦½²¾Œ09 8525.51 8563.17 8523.42 8557.97 246.43 247.73 246.26 247.40 May-09 ´ò«÷­¾Œ09 8513.97 8552.67 8509.17 8541.30 249.87 251.05 249.49 250.65 Jun-09

¡ð콡ö©Œ09 8509.51 8544.12 8504.05 8533.42 250.74 251.73 250.02 251.18 Jul-09 ¦ò¤¹¾Œ09 8505.87 8533.53 8499.17 8526.99 250.70 251.57 250.16 251.29 Aug-09 ¡ñ­¨¾Œ09 8496.00 8528.92 8495.16 8521.36 251.58 252.66 251.17 252.14 Sep-09 ª÷쾌09 8,546.95 8,598.41 8479.05 8505.39 254.51 255.66 253.84 254.77 Oct-09

²½¥ò¡Œ09 8,545.31 8,595.17 8,469.28 8,496.03 255.13 256.20 254.51 255.84 Nov-09 êñ­¸¾Œ09 8,501.03 8,549.51 8,473.08 8,499.56 255.52 256.61 255.26 256.47 Dec-09

Á¹ìȤ¢Ó´ø­: ê½­¾£¾­ Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

69

ª¾-ª½-쾤êó 16: À¤ò­Âº­À¢í¾-´¾ìö¤êô­Â© -¡ö¤-¢º¤ªÈ¾¤¯½ÀꩰȾ­ì½®ö®ê½­¾£¾­ (ìɾ­Â©ì¾)

Table 16: FDI Funds Transferred Through Banking System (Million US$)

¯½Àê© 2006 2007 2008 2009 Country

µ† ÷È­ 0.4 18.19 9.88 13.47 Japan

º¾À´ìò¡¾ÀÎõº 1.25 0.94 0.36 0.07 North America

Àºóìö® 159.83 21.31 17.01 11.86 Europe

¦½¹½²ñ­Àºóìö® 158.17 14.59 9.94 10.93 European Union:

Àºóìö®º­Å 1.66 6.72 7.07 0.93 Other Europe

º¾§ó 5.3 1.68 42.97 39.14 ASIA

ANIES 3.44 35.41 47.23 5.92 ANIES

À¡ö¾¹ìóÃªÉ 1.2 14.58 46.93 5.92 South Korea(ROK)

»ö¤¡ö¤ 0.01 0.14 - - Hong Kong

êɹ ñ­ 2.22 20.69 0.30 - Taiwan(ROC)

º¾§¼­ 10.56 100.41 47.67 57.33 ASEAN

´¾ÀìÀ§¨ - - 0.38 0.45 Malaysia

¦ò¤¡½Â¯ - 10.15 0.29 15.97 Singapore

Äê 7.75 85.99 34.29 17.20 Thailand

¹¸¼©­¾´ 2.81 4.05 12.50 23.70 Vietnam

ºö¦Àªëìó-À§¨ 0.54 2.37 6.26 0.01 AUSTRALIASIA

ºö¦ÀªëÀì¨ 0.54 2.37 6.26 0.01 Australia

­ó¸§óÁì­ 0 - - - New Zealand

¯½-Àê©»È ´ìö¤ -êô­ 6.08 142.74 55.48 187.23 JOINTVENTURE COUNTRIES

† ÷È­ Áì½ ±ì„¤ - - 2.48 - Japan & France

º¾À´ìò¡¾ Áì½ ¥ó­ - - - - USA & China

¥ó­+ºö¦ÀªëÀì¨ - 0.20 1.30 - China+Australia

† ÷È­+Äê+À¡ö¾¹ìóÃªÉ - - - - Japan+Thailand+Korea

±ù„¤+Äê - - 11.76 14.20 France+Thailand

Äê+¥ó­ - - 4.00 5.92 Thailand+China

† ÷È­+Äê - 0.75 0.07 0.19 Thailand+Japan

ºò­À©¨+Äê+ºò­Â© - 10.00 - - India+Thai+Indo

ºö¦ÀªëÀì¨+Äê+ºö¤¡¾­¦¾¡ö­ - 10.85 - - Australia+Thai+Inten.org

º­Å - 120.94 35.87 166.92 Other

츴êñ¤Ïö© 187.40 323.51 227.76 318.55 Total

Á¹ìȤ¢Ó´ø­: ê½­¾£¾­ Á¹È¤ ¦¯¯ 쾸 Source: Bank of the Lao PDR

70

ª¾-ª½-쾤êó 17: 츴¡¾­ìö¤êô­¥¾¡ªÈ¾¤¯½Àê© Á®È¤ª¾´¢½ÁΤ¡¾­, 2005-Œ2009 Table 17: Approved Foreign Direct Investment by Sectors 2005-2009

ó

2005

2006

2007

2008

2009

Years

¥¿­¸­Â£¤¡¾­ 143 171 191 152 208 Number of Projects

´ø­£È¾¡¾­ìö¤êô­êñ¤Ïö© (ìɾ­Â©ì¾)

1,245.31

2,699.69

1,136.91

1,215.54

4,312.89

Total (Million of US Dollar )

´ø­£È¾¡¾­ìö¤êô­Ã­¢½ÁΤ¡¾­ (ìɾ­Â©ì¾¦½¹½ìñ©)

Sectors (Million of US Dollar )

ij³É¾ 1,065.25 1,776.70 360.54 640.00 218.26 Electricity Generation

¡½¦ò¡¿ 17.35 458.52 183.84 78.49 289.83 Agriculture

®ÒÁ»È 93.54 73.81 115.27 102.07 2,280.46 Mining

º÷©¦¾¹½¡¿Œ¹ñ©«½¡¿ 14.60 122.99 134.19 156.89 198.72 Industry & Handicraft

¡¾­£É¾ 7.86 86.05 13.93 12.89 16.64 Trading

¡Ò¦É¾¤ 1.55 130.60 66.60 27.19 Construction

®ðìò¡¾­ 20.87 12.10 181.19 23.60 1,055.06 Services

»¤Á»´ Áì½ »É¾­º¾¹¾­ 13.11 32.22 58.15 29.43 44.22 Hotels & Restaurants

Âêì½£ö 32.45 83.77 Telecoms

º÷©¦¾¹½¡¿Ä´É 5.69 1.01 56.96 20.99 13.63 Wood Industry

ê½­¾£¾­ 5.00 25.00 43.00 77.00 Banking

ªñ©¹ ò® 0.30 3.89 5.52 5.11 1.20 Garment

ê† ô¡¦¾ 0.20 1.80 2.32 4.04 6.89 Consultancies

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

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

71

ª¾-ª½-쾤êó 18: ªö -Àì¡-­ñ¡-êȺ¤-êú¼¸ -Áì½ ì¾ -Ä©É-¥¾¡-¡¾­êȺ¤êȼ¸ ¢º¤ì¾¸ÁªÈ - ó 1993-Œ2009.

Table 18: Tourist Arrivals to Laos PDR and Revenue from Tourism, 1993-2009

ó ªö -Àì¡-­ñ¡ -êȺ¤ -êȼ¸ ì¾ -Ä©É-¥¾¡-¡¾­êȺ¤êȼ¸ Years Number of Tourist

Arrivals Revenue from

Tourism (U.S Dollars)

1993 102.946 6,280.000 1994 146.155 7,557.600 1995 346.460 24,738.480 1996 403.000 43,592.263 1997 463.200 73,276.904 1998 500.200 79,960.145 1999 614.278 97,265.324 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 1,095.315 146,770.074

2006 R 1,215.108 173,250.624 2007 R 1,623.943 233,304.695 2008 1,736.787 275,515.724

2009 P 1,986,298 203,488.350

-Á¹-ìȤ¢Ó´ø­: ºö¤¡¾­êȺ¤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