Prabowo Claims Gold Bank Manages 153 Tons of Gold in a Year

JAKARTA - President Prabowo Subianto claims that the gold bank formed by the government has managed 153 tons of gold in about a year. The value is estimated to reach 20 billion US dollars.

Prabowo conveyed the figure at the Plenary Cabinet Meeting at the State Palace, Jakarta, Monday, July 20.

"For the first time in history, the Indonesian nation has managed 153 tons of gold. The value is around 20 billion dollars," said Prabowo.

According to Prabowo, the management of domestic gold is part of efforts to strengthen the foundation of the national economy. The government wants Indonesian gold production to not only be traded as a commodity, but also to be an asset that strengthens national reserves and financing.

Prabowo called this achievement one of the important results of the government. He assessed that not many banking institutions were able to manage gold in such a large amount in a short time.

"In one year, the bank we established has managed gold worth 20 billion dollars. This is also the strength of the economy," he said.

However, Prabowo did not specify how much of the 153 tons of gold was in the form of customer deposits, trusts, financing, and state reserves. He also did not explain the growth in transaction value since the gold bank began operating.

However, the establishment of a gold bank provides a new channel for the public and business actors to store, finance, and trade gold in the country.

The government hopes that the ecosystem can reduce dependence on overseas gold trading centers and maintain the added value of commodities in Indonesia.

"I believe this will also increase," said Prabowo.