Indonesia Launches First Bullion Bank Services to Boost Economic Growth
Jakarta, Feb 26 (Bernama) – President Prabowo Subianto has officially launched Indonesia’s first bullion bank services, which will provide gold deposit services, in Central Jakarta, calling the initiative a vital step toward boosting the nation’s economic growth.
Key Highlights
- The new bullion banking services, offered by PT Pegadaian and Bank Syariah Indonesia, are expected to contribute IDR 245 trillion to the country’s Gross Domestic Product (GDP) and create 1.8 million new jobs.
- The initiative is expected to optimise Indonesia’s gold processing industry, spanning from upstream to downstream, saving foreign exchange and providing a tool for controlling monetary stability through gold liquidity.
- Indonesia’s gold production has risen from 100 tonnes to 160 tonnes annually.
Background
Indonesia, which holds the sixth-largest gold reserves in the world, is set to have a bullion bank for the first time. The introduction of bullion banking services follows the Financial Services Authority Regulation No. 17 of 2024, which sets a minimum equity requirement of IDR 14 trillion for institutions engaged in the bullion business.
Licences Issued
Bank Syariah Indonesia received its licence on Feb 12, 2025, while PT Pegadaian was granted its licence on Dec 23, 2024.
Conclusion
The launch of bullion bank services is a significant step forward for Indonesia’s economic growth and development. The initiative is expected to bring numerous benefits, including increased savings, job creation, and foreign exchange savings. As the country continues to grow and develop, it is essential to continue to support initiatives that promote economic stability and growth.
FAQs
Q: What is the expected contribution of bullion banking services to Indonesia’s GDP?
A: IDR 245 trillion
Q: How many new jobs are expected to be created due to bullion banking services?
A: 1.8 million
Q: What is the minimum equity requirement for institutions engaged in the bullion business?
A: IDR 14 trillion
Q: Which institutions have been granted licences to operate bullion banking services?
A: Bank Syariah Indonesia and PT Pegadaian
Watch the launch event live
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