Hajj Management Fund Could Enter Gold Investment to Mitigate US Dollar Fluctuations
Jakarta - Coordinating Minister for Economic Affairs Airlangga Hartarto has urged the government to consider investing hajj management funds in gold going forward. This step is viewed as capable of helping mitigate exchange rate risks, particularly against the US dollar.
According to Airlangga, the government has continuously increased subsidies for hajj pilgrimage costs because the fees tend to rise in line with US dollar exchange rate movements.
“Going forward, we naturally hope that the hajj savings fund can also invest in gold. Because based on experience, we constantly increase subsidies for hajj because its value is always depreciating against the US dollar,” said Airlangga, quoted on Sunday (8 March 2026).
He explained that gold has the characteristics of an asset that tends to appreciate in value over the long term. This makes gold considered more stable for preserving the value of funds held over a long period.
Airlangga assessed that if funds currently saved were invested in gold, their value in the future could remain maintained or even increase.
“With gold, we see gold appreciating, so what is saved today and withdrawn in the future, the difference could help mitigate risk,” he said.
Gold Price Surge Contributes to Indonesia’s Inflation
Previously, Coordinating Minister for Economic Affairs Airlangga Hartarto noted that the rise in gold prices in recent months has contributed to inflation in Indonesia. However, according to him, this phenomenon is actually a positive signal because it shows increased investment literacy among the public.
Airlangga explained that gold has now become one of the investment instruments increasingly sought by the public, particularly amid global economic uncertainty.
“In recent months, the gold factor has also driven inflation. However, this inflation is a good factor because the public is becoming increasingly literate, increasingly understanding what they should invest in, and one of these is gold,” said Airlangga at the launch of the bullion bank roadmap in Jakarta, Tuesday (6 March 2026).
He stated that the government is also continuously encouraging increased financial literacy among the public through various forums, including discussions with Bank Indonesia regarding strengthening the National Financial Inclusion Council programme, which focuses on improving public financial wellbeing.
According to Airlangga, one instrument that is now increasingly accessible to the public is gold savings, offered by financial institutions such as Bank Syariah Indonesia and PT Pegadaian.
Service Innovation
He regarded service innovation that allows the public to save gold in small nominal amounts as an important breakthrough in expanding investment access.
“BSI and Pegadaian make it easy for the public, both with transfer features and gold purchases that can be divided into denominations of 100,000 rupiah, 200,000 rupiah and so on,” he said.
Airlangga added that digital gold investment service models like this have not been widely found in other countries.
“This is a breakthrough that I monitor, other countries have not reached that point,” said Airlangga.