Inp.polri.go.id - Jakarta. Indonesia is set to establish its own gold bank, or bullion bank, as the country advances its domestic gold bar production capabilities, according to Minister of State-Owned Enterprises Erick Thohir on Wednesday (11/12/2024).

The initiative is supported by collaboration between state-owned mining company PT Antam Tbk and PT Freeport Indonesia, enabling gold refining to be conducted domestically rather than exporting raw materials. 

"Previously, we sent raw materials abroad, but now we can process them locally," Minister Erick sai, as quoted by antaranews.com.

This partnership is expected to provide sufficient gold reserves for the public to use as savings. 

The Ministry will engage PT Bank Syariah Indonesia (BSI) to further explore the potential of gold savings. Erick emphasized the importance of expediting this initiative.

The partnership between PT Antam Tbk and PT Freeport Indonesia is expected to save Indonesia up to Rp 200 trillion in foreign exchange by reducing reliance on imported raw materials for gold production.

Coordinating Economic Affairs Minister Airlangga Hartarto has also proposed that PT Bank Rakyat Indonesia (BRI) and BSI serve as Indonesia’s bullion banks. He highlighted that gold is a stable investment during crises, citing Indonesia's substantial gold reserves, including 70 tons managed by PT Pegadaian, an Indonesian state-owned enterprise specializing in pawnbroking, gold investment, and microfinance services.

(mg/inp/pr/nm)