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