Government to Launch Gold Bank, Projected to Create 800,000 Jobs

The government is preparing to launch a gold bank, or bullion bank, in the near future. Minister of State-Owned Enterprises (BUMN) Erick Thohir stated that the establishment of a gold bank is expected to create up to 800,000 jobs while strengthening Indonesia’s gold downstream ecosystem.

Erick confirmed that the gold bank will be inaugurated by President Prabowo Subianto, bringing significant benefits to both the nation and the public.

"Together with President General (Ret.) Prabowo Subianto, we are announcing the upcoming launch of Bullion Services or the Gold Bank. Its presence will further reinforce Indonesia’s gold downstream ecosystem," Erick shared on his official Instagram account on Tuesday (February 18, 2025).

Beyond job creation, the gold bank is projected to boost Indonesia’s Gross Domestic Product (GDP) by Rp 245 trillion. It will offer various services, including gold custody, gold trading, gold savings, and gold financing.

Pegadaian and BSI to Pioneer Indonesia’s Bullion Bank

To support the bullion bank’s establishment, two State-Owned Enterprises (BUMN)—Pegadaian and Bank Syariah Indonesia (BSI)—have secured approval from the Financial Services Authority (OJK). Erick emphasized that these institutions will lead the way in Indonesia’s gold banking industry.

"From an economic perspective, the Gold Bank has the potential to increase Indonesia’s GDP by Rp 245 trillion and create 800,000 jobs. Pegadaian and BSI will serve as pioneers in Indonesia’s bullion banking sector, which will soon be inaugurated by President Prabowo," he explained.

Meanwhile, President Prabowo Subianto has confirmed that the inauguration of Indonesia’s first gold bank is scheduled for February 26, 2025.

"We are establishing a gold bank. InsyaAllah, we will inaugurate it on February 26. I believe this is the first time," Prabowo stated during a press conference at the Merdeka Palace on Monday (February 17, 2025).

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