Thailand Central Bank Revises Gold Trading Regulations Amid Currency Concerns

According to Foresight News, the Governor of the Bank of Thailand, Ratanakorn, has announced that the central bank is revising regulations to require more detailed reporting on gold transactions. This move aims to provide regulators with a better understanding of how cross-border settlements impact currency. Currently, gold is not directly regulated in Thailand, and discussions are ongoing regarding who will oversee this regulation. Ratanakorn highlighted concerns about exporters potentially transporting gold to Cambodia and settling transactions via cryptocurrency, which remains largely invisible to regulators. Earlier this year, gold became a focal issue as the Bank of Thailand identified it as a factor contributing to the significant appreciation of the Thai baht amid sluggish economic growth. In September, the baht reached a four-year high, negatively affecting the competitiveness of Thailand's export and tourism sectors, which together account for approximately 70% of the country's GDP.