VIENTIANE (Xinhua): Laos plans to establish the Lao Bullion Bank to build gold reserves, enhance financial stability, and strengthen the Lao Kip.
The establishment of the bullion bank will contribute to the implementation of the vision of the Party and government in terms of maintaining and creating financial and economic stability that will unlock the potential of the national finance system and the treasury, strengthen the value of the Lao kip, and boost fundraising and national liquidity.
Laos Ministry of Finance, has also signed an agreement with PTL Holding Co Ltd to establish the Lao Bullion Bank to build gold reserves, enhance financial stability, and strengthen the Lao Kip.
This will help to address economic and financial disruption so that the current economic challenges can be overcome, Lao national TV reported on Saturday.
The 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.
The bank is expected to begin Phase 1 of operation in September and a full operation of services in November 2024. - Xinhua
