He emphasized that the people would still have the right to deposit their gold in foreign services, as the national bullion bank is designed to offer a new attractive option for Indonesians.
"This bullion bank will not be a compulsory depository, as its role will be similar to (other) banks," he remarked after attending the Indonesia Economic Summit 2025 in Jakarta on Tuesday.
The government has decided to assign state-run pawnbroker PT Pegadaian and state-owned Bank Syariah Indonesia to provide Indonesia's first bullion depository service.
Hartarto encouraged Indonesians to prefer the soon-to-be-launched bullion bank of Indonesia while emphasizing that despite its optional nature, it offers several facilities unavailable to those trusting their gold in foreign services.
However, the minister did not specifically elaborate on the unique facilities that the bullion bank promises.
Related news: Indonesia ready to establish bullion banks: Minister Thohir
President Prabowo Subianto announced that his administration would introduce Indonesia's first bullion bank this month.
"We will establish a bullion bank, which will be the first of its kind in Indonesia's history," he told the media at the Merdeka Palace, Jakarta, on Monday (February 17).
The president explained that the creation of this bullion bank is essential for ensuring that gold reserves extracted from domestic mines remain stored in Indonesia.
Meanwhile, State-Owned Enterprises Minister Erick Thohir highlighted on January 9 that the government's bullion bank plan stems from the urgency to accommodate Indonesia's growing capability to produce gold bars.
He added that a national bullion bank is also expected to support the downstreaming of gold commodities.
Related news: Govt to make PT Pegadaian national bullion bank
Translator: Bayu S, Tegar Nurfitra
Editor: Yuni Arisandy Sinaga
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