Bank of Thailand: Gold trading restriction measures are proving effective and may be tightened if necessary

Thailand's central bank governor, Veerathai Santiprabhob, stated that restrictions on gold trading have weakened gold's impact on the Thai baht and that these restrictions may be tightened further in the future.

The Bank of Thailand set a daily online gold trading limit of 50 million baht per person in March and encouraged large investors to settle transactions in US dollars instead of Thai baht. Veerathai Santiprabhob said that, if necessary, the limit could be lowered to 30 million baht or less.

As part of a broader crackdown on illegal capital flows, authorities are increasing scrutiny of gold transactions and are working to strengthen controls over cash payments for gold purchases, as well as cash deposits or exchanges.

Editor: Yu Jian SF069