Laos to establish bullion bank
The government of Laos, represented by the Ministry of Finance, has signed a shareholders’ agreement with PTL Holding Co., Ltd. to establish the Lao Bullion Bank as a reserve fund for the nation’s economic and financial system.
Finance Minister Santiphab Phomvihane (left) exchanges the signed shareholders agreement documents with Chairman of PTL Holding Co., Ltd. Dr Chanthone Sitthixay. Photo courtesy of www.vientianetimes.org.la.
As reported by Vientiane Times, the establishment of the bank reflects a shared commitment to the government’s vision of building gold reserves and enhancing the country’s financial stability. It is anticipated that the bullion bank will unlock financial potential, support monetary and fiscal policies, strengthen the Lao Kip, facilitate fundraising, and improve liquidity for effective national development.
The bank is set to launch its first phase in September and roll out its full range of services by November.
Laos is one of the leading countries in the world in terms of the mining and production of gold, ranking 3rd in ASEAN and 6th in Asia. Preliminary surveys estimate the presence of about 500 to 1,000 tons of unmined gold reserves. Once verified by international organizations specialized in mineral survey and exploration, these reserves could elevate the national reserve’s value to between $50 billion and $76 billion.
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