Indonesia ready to establish bullion banks
Indonesia is ready to set up bullion banks after developing its capability to produce gold bars domestically, according to Minister of State-Owned Enterprises (SOEs) Erick Thohir.
Indonesia's State-Owned Enterprises Minister Erick Thohir. Photo courtesy of Antara.
The minister said the plan to establish bullion banks will be supported by state-owned miner PT Aneka Tambang (Antam) and gold miner PT Freeport Indonesia by processing gold bars in the country.
He claimed that the cooperation between Antam and Freeport will help save up to IDR200 trillion ($12.9 billion) in foreign exchange, as previously, Antam only imported raw materials for gold bars.
Plans for gold bullion banks have been delayed for several years, as Indonesia takes a cautious approach to preparation. This includes developing regulations, infrastructure, human resources, and risk management frameworks.
Indonesia is known for its huge gold reserves, and ranks as the world’s seventh largest gold producer, with annual output reaching approximately 4.59 million ounces. The country also boasts one of the largest gold mines globally.
However, most of Indonesia’s mined gold has been exported as raw material, with little development in value-added industries, including trading systems and derivative markets.
The establishment of gold bullion banks is expected to stimulate local gold mining activities by creating investment channels in the sector. This initiative would not only enhance domestic gold utilization but also help Indonesia realize the full economic potential of its gold resources.
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