Indonesia, home to giant gold mine, wants its own bullion bank

Indonesia is Southeast Asia’s biggest gold producer, with the Grasberg mine in Papua holding one of the world’s largest reserves. - AFP

JAKARTA (Bloomberg): Indonesia, home to one of the world’s largest gold mines, plans to set up a bullion bank to spur trading of the precious metal domestically.

The government is consulting with parties including the central bank and the mining industry, with a plan to start operating the bank in 2024, Trade Minister Muhammad Lutfi said.