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Prices Still High in Laos Despite Drop In Foreign Currency Values
Foreign currency values, particularly the US dollar and the Thai baht, peaked in June before gradually declining beginning in early July.
In June, the Bank of Laos PDR announced limitations on daily foreign exchange transactions with commercial banks.
Individuals must now indicate their reason for exchanging foreign currency, while commercial banks must also give priority to organizations wishing to purchase foreign currency to purchase certain prioritized goods.
Low-wage workers are struggling to afford the cost of living in Laos as goods and commodity prices reach their highest point yet this year.
The new minimum wage adjustment began on 1 August at LAK 1,200,000. That rate will continue until 30 April 2023. On 1 May 2023, the second minimum wage adjustment will commence at LAK 1,300,000.
The Domestic Trade Department told Vientiane Times on Monday that the department would carry out inspections and collect information from some major importers and entrepreneurs in collaboration with relevant government organizations at the central and local levels.
The traders reported that they have been unable to reduce the prices of food items, particularly imported goods, because they were purchased at a time when the value of foreign currencies was high.
The Ministry of Industry and Commerce has announced the update prices of food in major districts including Sisattanak, Saysettha, Sikhottabong and Chanthabuly districts.
The price of sticky rice is now LAK 13,334 per kilogram, with white rice at LAK 14,166. Beef costs the most at LAK 85,000 per kilogram.
Source: https://laotiantimes.com/2022/08/03/prices-still-high-in-laos-despite-drop-in-foreign-currency-values/