(From left) Dr Atsaphangthong Siphandone, Dr Chanthone Sitthixay, Dr Santiphab Phomvihane, Ms Vattana Dalaloy and  Mr Thongphat Inthavong press buttons to unveil the new bank sign.

Lao Bullion Bank opens to bolster gold reserves

The newly-opened Lao Bullion Bank will be an important step in the acquisition and management of gold reserves to ensure financial stability and stabilise the kip, leading to greater and sustainable economic growth.
Speaking at the soft opening of the bank in Vientiane on Friday, the Acting Governor of the Bank of the Lao PDR, Ms Vattana Dalaloy, said the provision of the new financial service indicated the Bank of the Lao PDR’s strong commitment to contributing to Laos’ socio-economic development and aligned with the guidelines and policies of the government on the development of financial institutions and ensuring the strength and stability of the national currency.

Dr Chanthone Sitthixay.

Ms Vattana Dalaloy.

Also present at the soft opening were Minister of Finance Mr Santiphab Phomvihane; the Vientiane Mayor, Dr Atsaphangthong Siphandone; Deputy Minister of Energy and Mines Mr Thongphat Inthavong; the Chairman and founder of PTL Holding Co., Ltd., Dr Chanthone Sitthixay; members of relevant government and international organisations, and business partners.

The bullion bank will enable Laos to be more successful in terms of international integration and support robust economic growth, Ms Vattana said.

The Lao Bullion Bank will function as an arm of the Bank of the Lao PDR. All parties involved in its development have demonstrated a high level of diligence in cooperating with the relevant government agencies, notably the Ministry of Finance and the central bank, together with international partners.
The bullion bank will operate under strong management and deliver effective services through the use of powerful and high-quality tools and equipment in line with internationally accepted standards, Dr Chanthone said.
“So far, we have completed initial installation of the systems needed for core banking, security protection, gold quality inspection and safes and gold storage cabinets, along with an automatic gold supply cabinet,” he added.
Full preparations have been made to support the provision of products and services for the general public in opening gold deposit accounts, the sale of gold bars through automatic vending machines, gold loans, issuing of gold certificates for use as collateral, storage of gold, high quality safes, gold purityinspection, international gold trading services, and the evaluation of unexplored gold ore and gold reserves for the government, Dr Chanthone said.

Lao Bullion Bank staff explain the security protection, gold quality checks and safe gold storage in place at the bank during a visit by government leaders.

The bank’s first services will include the provision of gold savings accounts and a gold vending machine.
Customers may now open a gold deposit account at the bank, but given that the bank is in the initial stages of operation, it will open a maximum of 50 gold deposit accounts per day.
The bank plans to open a full range of services in November and will complete gold refinery in the 1st quarter of 2025, Dr Chanthone said.
The opening of the bullion bank will serve to spur economic growth by becoming a backup source for accumulating gold and gold ore reserves, developing the gold industry chain and the Lao gold market to high standards, and moving Laos closer to being at the centre of the regional and international gold trade and investment market.
In addition, it will help Laos unlock its potential and strengthen the security and stability of the economy, financial institutions and the kip currency, so that the country can grow and prosper, Dr Chanthone said.

Senior government officials and the Lao Bullion Bank management team gather for the soft opening of the bank in Vientiane.

ByAdvertorial Desk
 (Latest Update September 30, 2024)