What Is Bank Gold Indonesia? This Is The Explanation

Gold illustration (Pixabay)

YOGYAKARTA The Indonesian government plans to form a gold bank or a bullion bank. The plan to form a gold bank in Indonesia was welcomed by many parties. This bank will be the first gold bank owned by the Government of Indonesia.

In general, the bullionk bank or gold bank is a bank that specifically serves metal transactions in the form of gold or silver including exports, imports, and gold storage.

The purpose of establishing Indonesia's gold bank is to deepen Indonesia's financial sector, so that people can be more flexible in investing. In addition, the gold bank aims to provide legal certainty for people who want to place their money in gold savings.

The government itself previously had an institution that provided gold savings facilities, namely Pegadaian and PT Antam Tbk.

"This is actually to rehabilitate some of the practices carried out, for example Pegadaian which has not been specifically for gold problems, which will be done like that," said Minister of Finance Sri Mulyani when met at the DPR complex, quoted Monday, November 21.

In the future, the supervision of the gold bank will be carried out by the Financial Services Authority (OJK) because there is an element of investment management. It aims to ensure that supervision is more integrated and there is no arbitration or dispute).

As is known, the proposed formation of a bullion bank or gold bank will be included in the Draft Law on the Development and Strengthening of the Financial Sector (RUU P2SK).

The discourse on forming a gold bank actually surfaced several times. Initially, this plan was conveyed by the Coordinating Minister for Economic Affairs, Airlangga Hartarto.

Exporting gold commodities in Indonesia itself is considered quite good. Even gold and gold granule exports have increased to 5.28 million US dollars. Moreover, Indonesia has the largest gold mine in the world.

From Global Mine Production data, Indonesia occupies the 9th ranked as a gold-producing country.

In 2021, Indonesia's gold production will reach 117.5.

Meanwhile, in 2019, gold production in Indonesia reached 180 tons.

Although gold production in Indonesia is large, gold storage and processing facilities do not yet exist.

The formation of a bullion bank also aims to prevent the industry from entrusting gold in the gold bank owned by the Singapore bank.

With the existence of a bullion bank, Indonesia will get a bigger profit and the government does not need to issue an import tax Free Certificate (SKB) for gold commodities.

In addition, bullion banks will also benefit Indonesia, such as industrial financing sources, product diversification for banks, and being able to save foreign exchange. In addition, with the existence of a gold bank, foreign customers can purchase gold bullion from Bank Indonesia because of competitive prices and free shipping costs for physical gold bars from outside to Indonesia.

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