Indonesia reaffirms plan to establish bullion bank

Wike D. Herlinda (The Jakarta Post)


Jakarta   ●  
Mon, August 22, 2022

The government has reiterated a plan to create a bullion bank by merging Bank Rakyat Indonesia (BRI) and PT Pegadaian in a bid to end Indonesia’s dependence on parking gold reserves in Singapore.

A bullion bank offers all types of gold or silver transactions, including services for exporting and importing as well as storing precious metals. Many global banks provide such services, including JP Morgan, HSBC, UBS and Credit Suisse.

Indonesian gold industrialists have long faced obstacles in managing their reserves domestically due to the absence of a bullion bank.

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