Politics
The danger of moving banks of ingots
Tempo.co,, Jakarta – The creation of bruising banks requires good risk management and close surveillance. It could have systemic implications.
TThe government must act responsible for the management of Lingot banks belonging to state societies. Ignoring the significant potential risks of this new model of accumulation of people's funds could cause major problems and disrupt the economy.
President PRABOWO SUBIANTO officially inaugurated the banking services of Pegada And Banque Syariah Indonesia on February 26. It has been stated that these services will strengthen the precious activities of raw materials in metals from top to bottom and increase the gross domestic product by 1.6%, or 245 billions of rupees. In addition to this, the gold industry is expected to create up to 1.8 million jobs and will offer the opportunity to monetize gold reserves to improve development liquidity.
In the initial stadium of operations, the banks of ingots will provide four services: gold deposits, financing, trade and guard. Developed during the administration of Joko Widodo, the provisions of the Banque de Lingots are included in law No. 4/2023 on the development and strengthening of the financial sector. One of the reasons for starting the creation of Banks de Lingots is the enormous gold potential that can be collected inside the country.
The creation of banks of ingots could be a promising breakthrough, especially since many people do not keep gold with informal but at home or hidden in other places. The gold reserves in the official financial sector are only 201 tonnes, while individuals hold 1,800 tonnes of gold and are worth an Right Rands Billion Billion.
Given how Prabowo considers the gathering and management of state assets, concerns have appeared concerning gold or public funds in these banks of ingots. These concerns are reinforced because the banks of ingots will be under the control of Daya Anagata Nusantara, or Danantara, an organization created by Prabowo to manage all the assets of public enterprises. It is feared that the assets in the form of gold and collected funds can be used for ambitious government projects currently delayed due to the budget deficit.
It is true that a number of other nations have installed banks of ingots and have managed to develop complex derivative products. But the situation in Indonesia is very different, because even crucial details on the Lingots guarantee agency and the amount of gold Guaranteed by the State has not yet been clarified. Lack of regulations could cause problems.
Encourage the development of Banque de Lingots services, you have to be careful. After all, there was an example of derivative products with guarantees in the form of banking securities which led to the mortgage crisis at risk in the United States, which was systemic and which led to a risk of money laundering in banks of ingots which were to be attenuated.
Consequently, the government must ensure that the banks of ingots are managed extremely cautiously, employing very strict risk management. Without meticulous calculations concerning changes in the price of gold, any failure of these banks of ingots could turn into a serious problem within our banking system. Customers would no longer trust the government, and the end result would be a serious disruption of the national economy.
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