Financial - OJK approves Pegadaian as gold bank

Financial - OJK approves Pegadaian as gold bank Pegadaian has become Indonesia's first gold bank, authorized by the Financial Services Authority (OJK). This allows Pegadaian to offer banking services related to gold, including deposits, loans, custody, and trading. Pegadaian President Director Damar Latri Setiawan stated that gold pawning, comprising 90% of Pegadaian's core business, generated IDR230 tn in turnover in November 2024. Gold collateral reached 92 tons, with gold savings balance at 10.3 tons. Coordinating Minister for Economic Affairs Airlangga Hartarto emphasized the need to optimize gold downstreaming. Indonesia possesses significant gold reserves, but their economic value remains untapped due to limited downstream processing. The Gresik Special Economic Zone has the potential to produce up to 60 tons of gold annually. (Source : Bisnis Indonesia)