The Ministry of Finance of Laos, has signed an agreement with PTL  Holding Co., Ltd. on 7 August to establish the Lao Bullion Bank to build gold reserves, enhance financial stability, and strengthen the Lao Kip. 

The signing ceremony  Photo source: Vientiane Times 

According to Chanthone Sitthixay, the Chairman and Founder of PTL Holding Co., Ltd., the bullion bank will allow both individuals and legal entities to deposit their gold and use other financial services offered by the bank, enhancing its role as a central institution in the gold market.

The bank will also standardize gold trading and investment, attracting both domestic and international stakeholders. 

Expected to begin operations next month, the bank will contribute to the development of strategic projects and elevate Laos’s financial standing on the global stage, aligning with the government’s vision for economic independence and stability.

Minister of Finance, Santiphab Phomvihane emphasized the significance role of the goal play in affecting the economic system, saying that its value is for enhancing socio-economic development and being able to address current financial turbulence, facilitate fundraising, and improve liquidity.

In addition, building the Bullion Bank will preserve the existing source in the country, which will make Laos a self-sustained economy, along with being able to meet standardized regional and global markets. 

Next month, the bank is anticipated as a phase 1 to be open and in late November of this year, to operate in full service. 

Source:LaotianTimes