How Is the Bullion Bank Formation Scenario?

By Editorial Team 14/02/2022
Bullion bank
Summary

The Indonesian government will realize the plan to create a bullion bank in 2023. Coordinating Economic Minister Airlangga Hartarto revealed that establishing a bank that could facilitate gold transactions could capitalize on Indonesia's great potential. He alluded to the gold production by PT Freeport Indonesia's smelter in Gresik, East Java, suggesting that the banking system should move fast to capitalize on its huge potential and accept gold transactions.

Airlangga explained that, if Indonesia's own bullion bank seized such an opportunity, using Singapore as an intermediary is no longer needed. "Now most of (gold) is sent to Singapore, from Singapore it goes back to Indonesia," he elaborated on February 10, 2022. Airlangga emphasized that the potential for Indonesia's gold commodities is still quite large because Indonesia has the largest gold mining location in the world.

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