Gold donations to be auctioned<\/p>\n
JAKARTA (JP): The government will auction on Tuesday and
\nWednesday 100.79 kilograms of gold collected from the public
\nduring the "I Love Rupiah" campaign earlier this year.<\/p>\n
Director General of the State Budget of the Ministry of
\nFinance Darsyah said on Monday that proceeds were expected to
\nreach at least Rp 5.5 billion (US$733,333).<\/p>\n
"Proceeds from the auction will be used to help the poor to
\nmeet their basic necessities."<\/p>\n
The auction will be held at the branch of state-owned
\npawnbroker Perum Pegadaian on Jl. Kramat Raya, Central Jakarta.<\/p>\n
Darsyah said auction lots included 73.78 kg of gold bars,
\n22.98 kg of miscellaneous gold scrap, 3.26 kg of gold jewelry and
\n0.77 kg of precious stones.<\/p>\n
He said the gold bars and pieces would be auctioned on
\nTuesday. People interested in participating in Tuesday's auction
\nare required to provide a guarantee bond of Rp 3 billion.<\/p>\n
No bond is required for participants in Wednesday's bidding on
\nthe jewelry and precious stones.<\/p>\n
Darsyah said 73.76 kg of gold currently stored at the central
\nbank were collected from residents of Jakarta and surrounding
\nareas and several institutions in the capital.<\/p>\n
The remaining 27.05 kg was donated by members of the public in
\nAceh, South Sulawesi, Southeast Sulawesi and Bengkulu, he said.<\/p>\n
According to Darsyah, the 100.79 kg is part of the 260.7 kg of
\ngold collected during the "I Love Rupiah" campaign, launched in
\nan effort to help the government overcome the monetary crisis.<\/p>\n
He said the government had asked provincial administrations to
\nauction the remaining 159.91 kg of gold being kept at the
\nprovincial branches of the central bank.<\/p>\n
In the campaign, the government also raised Rp 16.95 billion
\nin cash, he said.<\/p>\n
The money will be distributed to provincial administrations to
\nhelp the poor, he said.<\/p>\n
Few people will be able to participate in the auction of the
\ngold bars and scraps on Tuesday because of the huge amount of
\nbond required, said a staff member of the Ministry of Finance who
\nasked not to be named.<\/p>\n
"Only big gold traders will join the auction," he said.<\/p>\n
He estimated more people would join the Wednesday auction.
\n(jun)<\/p>",
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"sponsor": "Okusi Associates",
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