Banking - Prabowo inaugurates Indonesia's first bullion bank service

Banking - Prabowo inaugurates Indonesia's first bullion bank service The President of the Republic of Indonesia, Prabowo Subianto, officially launched Indonesia's first-ever bullion bank service. "With the blessing of Bismillahirrahmanirrahim, this afternoon, Wednesday, 26 February 2025, I, Prabowo Subianto, President of the Republic of Indonesia, hereby inaugurate Pegadaian and Bank Syariah Indonesia's bullion bank service," Prabowo declared during the inauguration event on Wednesday (26/2). Several members of the Merah Putih Cabinet were present at the event, including Coordinating Minister for Economic Affairs Airlangga Hartarto, Finance Minister Sri Mulyani, State-Owned Enterprises (SOE) Minister Erick Thohir, and Energy and Mineral Resources Minister Bahlil Lahadalia. For years, gold mined in Indonesia has often flowed overseas without proper domestic storage. With the launch of the bullion bank, Prabowo hopes to provide a more structured system for the storage, management, and trade of gold within the country. "The bullion bank can bring significant benefits to the people of Indonesia, provided it is managed with the right system and transparent oversight," he added. The bullion bank service also aligns with the downstreaming programme, which is a central focus of the Asta Cita Merah Putih Cabinet. (Source : Idn Financials)