By: Ferbi Ananda
President Prabowo Subianto’s administration continues to drive innovation in the financial and industrial sectors by launching strategic policies, one of which is the Gold Bank. The establishment of the Gold Bank marks a significant step in strengthening the national industrial chain ecosystem while providing tangible benefits to the wider community. This program not only serves as a storage facility for valuable assets but also opens up vast opportunities to drive an economy based on Indonesia’s abundant natural resources.
As a country with significant gold reserves, Indonesia has great potential to manage and utilize this commodity for national economic interests. The Gold Bank acts as an institution that integrates the mining, manufacturing, and financial sectors into a sustainable ecosystem. With the Gold Bank, domestically mined gold can be optimized for local industry needs, reducing dependence on imports and increasing the added value of domestic products.
The Acting Head of the Literacy, Financial Inclusion, and Communication Department of the Financial Services Authority (OJK), M. Ismail Riyadi, stated that granting bullion business licenses to PT Pegadaian and Bank Syariah Indonesia is expected to be the starting point for developing an integrated bullion ecosystem in Indonesia. This ecosystem is anticipated to provide broad benefits, not only for the industry but also for society as a whole.
Indonesia holds enormous potential for gold commodity utilization. In 2023, Indonesia ranked as the world’s 8th largest gold producer, with annual production reaching between 110 and 160 tons. It also held the 6th largest gold reserves globally.
Ismail noted that with such substantial reserves and steady gold production, Indonesia has a great opportunity to further optimize gold monetization to boost the national economy through the establishment of the bullion business.
The Gold Bank also provides a solution for individuals looking to preserve the value of their assets in the long term. Given that inflation remains a persistent economic challenge, gold has proven to be an effective hedging instrument. People can not only store physical gold but also convert it into liquidity when needed, thanks to credit facilities with gold collateral provided by the Gold Bank.
The Gold Bank initiative under President Prabowo’s administration has a significant impact on maintaining national economic stability. By increasing the country’s gold reserves, the government can strengthen economic fundamentals, particularly in facing global economic pressures. Strong gold reserves will provide stability for the rupiah exchange rate and reduce external risks that could affect Indonesia’s economic stability.
Furthermore, the existence of the Gold Bank enhances public trust in the national financial system. With transparent management and modern technology-based operations, the Gold Bank ensures asset security, encouraging greater public participation in the formal financial ecosystem. Ultimately, this will accelerate financial inclusion nationwide.
Dr. Ir. Arman Hakim Nasution, Head of the Industrial Development and Public Policy Study Center (PSPI-KP) at the Sepuluh Nopember Institute of Technology (ITS), highlighted that in today’s digital era, the Gold Bank should not only serve as a physical storage facility but also adopt digital technology in its operations. Therefore, the government should encourage the development of digital platforms to facilitate gold transactions, whether in the form of savings, investments, or trade. Digitalization will allow people to access Gold Bank services more easily via mobile applications, making gold investment more inclusive and practical.
The Gold Bank also contributes to sustainable development, particularly in supporting the green economy. With strict regulations on gold mining and waste management, the government ensures that gold industry activities do not harm the environment. The Gold Bank can play a role in channeling funds to companies that implement sustainable mining practices, thereby minimizing negative environmental impacts.
Additionally, this program creates new job opportunities across various sectors, from mining and manufacturing to financial services. As economic activities related to gold increase, local workers will have broader opportunities to participate in the industry, ultimately improving community welfare.
Coordinating Minister for Economic Affairs, Airlangga Hartarto, stated that the Gold Bank program, initiated during President Prabowo’s administration, is a strategic step in strengthening the industrial chain ecosystem and delivering benefits to society. By supporting the national gold industry, expanding investment access, and maintaining economic stability, the Gold Bank serves as a crucial instrument in promoting sustainable economic growth.
Through digital innovation and stringent regulations, this program not only provides economic benefits but also contributes to sustainable development and the improvement of Indonesia’s societal welfare. Moving forward, the sustainability and effective management of the Gold Bank will be key factors in ensuring long-term benefits for all segments of society.
The author is a postgraduate student residing in Bandung.
