PATTAYA, Thailand – The Bank of Thailand (BoT) has summoned 13 major gold traders for discussions on September 15 following concerns over unusually high gold exports to Cambodia, which may be contributing to the baht’s rapid appreciation.
The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) noted that gold exports to Cambodia in the first seven months of 2025 totaled 71.8 billion baht, a 19% increase from the same period in 2024, making Cambodia Thailand’s third-largest gold export market after Switzerland and India. The surge in exports, particularly amid rising gold prices, has added upward pressure on the baht.
BoT officials and private-sector sources highlighted that gold trading lacks regulatory oversight, prompting the Ministry of Finance and the central bank to explore measures to manage transactions and curb potential money-laundering risks. Analysts caution that the baht’s strengthening could affect Thailand’s export competitiveness and tourism.
Factors behind the baht’s rise include external conditions such as a weaker US dollar, potential Fed interest-rate cuts, and domestic dynamics tied to high-value gold exports, most of which are denominated in dollars and converted to baht. Experts suggest that increased dollar-based trading in the future could help stabilize the currency. (TNA)
