Jakarta, Aug. 7 -- A senior Indonesian lawmaker has proposed banning gold exports to accelerate the development of a domestic bullion banking system, boost national gold reserves, and better leverage the country's vast gold resources amid ongoing global economic uncertainties.

Speaking at a recent forum organised by the Institute for Development of Economics and Finance (INDEF) in Jakarta, Mukhamad Misbakhun, Chairman of Commission XI of the House of Representatives, stressed that gold should be treated as a strategic component of national monetary policy.

Indonesia ranks as the world's sixth-largest gold reserve holder, producing an estimated 160 to 200 tonnes annually, mainly through major state-owned enterprises. Despite this, much o...