Bank of Thailand Reassesses Gold Trade Rules Amid Currency Uncertainties
According to Foresight News, the governor of the Bank of Thailand, Ratanakorn, reported that the institution is reviewing regulations to require more comprehensive reporting on operations involving gold. The intention is to provide regulators with a more accurate view of the impact of international settlements on the local currency.
Currently, the gold sector has no direct regulation in the country, and authorities are still discussing which entity should take on this function. Ratanakorn also warned of the possibility that exporters might send gold to Cambodia and conclude agreements using cryptocurrencies — a type of transaction that largely escapes regulatory oversight.
Earlier this year, the topic gained relevance after the Central Bank pointed out gold as one of the factors that drove the strong appreciation of the baht amid weak economic performance. In September, the Thai currency reached its highest value in four years, harming the competitiveness of the export and tourism sectors, which together account for about 70% of the national GDP.
