Antara News·Indonesia·Saturday, August 15, 2026 at 05:44 AM

BMKS aims to give Indonesia its own reference price

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Sean Filo Muhamad, Cindy Frishanti Octavia

Jakarta (ANTARA) - Brian Yuliarto, head of Indonesia's Mineral Industry Agency (BIM), said the Mineral and Strategic Commodities Exchange (BMKS), set to operate in 2027, will establish Indonesia’s own reference prices and reduce its dependence on overseas exchanges.

"Through the exchange, price information, quality standardisation, and transaction settlement can take place transparently under the supervision of Financial Services Authority (OJK). The goal is for Indonesia to have its own reference price and not depend on foreign exchanges," Yuliarto told ANTARA in Jakarta on Saturday.

He noted a Task Force for Accelerating the Establishment of the Indonesian Mineral and Commodities Exchange has been formed. It involves BIM, Danantara, Bank Indonesia, and the OJK (acting as coordinator), as well as ecosystem stakeholders such as clearing houses, surveyors, warehouse operators, mining companies, and industry associations.

The initiative follows directives from Indonesian President Prabowo Subianto to create an organised and integrated trading system for minerals, strategic commodities, and their derivative products.

"The Task Force will continue to coordinate and seek input and guidance from relevant ministries and agencies, specifically the Ministry of Energy and Mineral Resources, the Ministry of Trade, the Ministry of Industry, and the Coordinating Ministry for Economic Affairs," he said.

According to Yuliarto, cross-sector collaboration is crucial to ensure the exchange's design aligns with policies on mining, trade, industrial downstreaming, and the national economic agenda.

He mentioned the task force is currently working intensively to prepare all necessary aspects, ranging from regulations, governance, and institutional frameworks to technology, operations, and communications.

"BIM is specifically preparing the upstream foundation, including strengthening data on resources and reserves, standardising quality and product specifications, and accelerating downstreaming to ensure the traded commodities are credible, traceable, and possess high added value," Yuliarto said.

He expected BMKS will become a liquid exchange as well as a robust, transparent, and integrated strategic mineral ecosystem spanning the entire value chain from upstream to downstream.

Furthermore, the BMKS is expected to act as a catalyst for downstream industrialisation, strengthen the defense industry's independence, and bolster economic resilience and national security.

On Friday (August 14), President Prabowo Subianto set a target for the BMKS to commence operations on January 1, 2027.

Prabowo said that during his presentation on the government’s statement on the bill regarding the State Budget for the 2027 Fiscal Year and its accompanying Financial Note in Jakarta.

"We plan to have our own commodity exchange by January 1, 2027. We aim to have the regulations governing the operation of the Strategic Mineral and Commodity Exchange discussed with the DPR immediately and, we request, issued as soon as possible," Prabowo said.

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