Indonesian President Prabowo Subianto inaugurated a gold bank on Wednesday (26/2). This step was taken as part of the government’s strategy to optimize the use of domestic gold commodities and support more equitable economic growth.
President Prabowo emphasized that this gold bank is the first in Indonesia.
“So far, our mined gold has been exported more without any special storage domestically. With a gold bank, we can manage this resource more optimally and provide broader benefits to the national economy,” said Prabowo.
Meanwhile, the Financial Services Authority (OJK) has granted permission to PT Bank Syariah Indonesia Tbk (BSI) on February 12, 2025 to carry out bullion business activities.
Previously, PT Pegadaian (Persero) had also obtained a similar business license on December 23, 2024.
OJK fully supports this step by issuing OJK Regulation (POJK) Number 17 of 2024 which regulates bullion business activities, including gold savings, gold-based financing, gold trading, and gold custodians.
PermataBank Chief Economist, Josua Pardede, assessed that the establishment of a bullion bank has great potential in supporting more equitable economic growth.
“Bullion banks can be an important pillar in Indonesia’s economic transformation, strengthening economic resilience, and optimizing domestic gold potential,” said Josua when interviewed in Jakarta, Tuesday.
He added that Indonesia is one of the 10 largest gold producers in the world with a contribution of 4.15 percent to global gold production.
In addition, there are around 1,800 tons of gold that have not been monetized in the community and gold reserves of around 7.6 tons.
“Gold banks will increase liquidity and investment, provide a stable investment alternative, and reduce dependence on gold imports,” he said.
From a regulatory perspective, the Chief Executive of the Financial Institution Supervisory Agency of OJK, Agusman, emphasized that this bullion business has a significant multiplier effect on the economy.
“So far, the gold sector has been more involved in pawning, buying and selling, or gold deposits, but with the existence of gold banks, gold can be intermediary to support the real sector,” he explained.
Agusman also emphasized that OJK will closely supervise the financial industry that runs the bullion business.
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