Jakarta (ANTARA) - The government has clarified reports regarding the\nterm \u2018gold under the pillow\u2019, which refers to the potential public gold\nownership of around 1,800 tonnes, valued at US$252 billion.<\/p>\n
Spokesperson for the Coordinating Ministry for Economic Affairs,\nHaryo Limanseto, said the term \u2018gold under the pillow\u2019 is a metaphor to\ndescribe the accumulation of public gold ownership built up over many\nyears and across generations.<\/p>\n
\u201cSome of this gold is still kept privately or conventionally in\nhouseholds. The term is not meant literally as gold physically found\nunder people\u2019s pillows,\u201d Haryo said in his statement in Jakarta on\nSaturday.<\/p>\n
According to him, gold has traditionally been a form of savings and a\nstore of value for the Indonesian people.<\/p>\n
Therefore, the figure of 1,800 tonnes is an estimate of gold owned\nand still held by the public.<\/p>\n
This figure also differs from Indonesia\u2019s gold reserves and is not\nintended as an addition to the national mining gold reserves.<\/p>\n
Haryo explained that Indonesia has gold reserves estimated at around\n3,600 tonnes, with gold production of around 90 tonnes per year.<\/p>\n
Meanwhile, gold held by the public is estimated at around 1,800\ntonnes.<\/p>\n
With a value of around US$252 billion, the potential public gold\nownership is considered to be one of the opportunities in developing the\nnational bullion ecosystem.<\/p>\n
The government, Haryo said, is encouraging the public to have wider\nchoices for managing and optimising gold assets through safe and\nintegrated financial instruments.<\/p>\n
\u201cIn that context, if a portion of the public\u2019s gold potential, for\nexample around 20 percent, can enter financial instruments through the\nbullion ecosystem, it will have a positive impact on the development of\nthe bullion market and the national economy,\u201d he explained.<\/p>\n
However, Haryo stressed that the 20 percent figure is only an\nillustration of the potential and not an obligation for the public to\nmove or hand over their gold.<\/p>\n
\u201cThe government does not intend to take over or transfer public gold\nownership. The ownership and the public\u2019s decision to store, trade, or\nutilise gold remains entirely the right of the public,\u201d he said.<\/p>\n
The ownership and the public\u2019s decision to store, trade, or utilise\ngold remains entirely the right of the public.<\/p>\n
Furthermore, Haryo added that the development of the bullion\necosystem is part of efforts to increase added value through\ndownstreaming in the mining and energy sectors while building a more\nefficient bullion market.<\/p>\n
\u201cThe development of the bullion ecosystem is part of efforts to\noptimise the potential of domestic assets, deepen the financial market,\nand create new sources of economic growth,\u201d Haryo added.<\/p>\n
It was previously reported that Coordinating Minister for Economic\nAffairs Airlangga Hartarto mentioned that there are around 1,800 tonnes\nof public gold still kept \u2018under the pillow\u2019, with a value reaching\nUS$252 billion.<\/p>\n
The statement was made by Airlangga at the inauguration of the\nIndonesia Bullion Market Association (IBMA) in Jakarta on Thursday\n(20\/8).<\/p>\n
He asked PT Pegadaian and PT Bank Syariah Indonesia (BSI) to\nencourage a portion of public gold to enter financial instruments within\nthe bullion ecosystem.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/coordinating-ministry-gold-under-the-pillow-term-a-metaphor-for-public-ownership-1787421049", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }