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PM Anutin Probes Gold Exports Amid Baht Surge Concerns

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Picture courtesy of Daily News

 

Prime Minister Anutin Charnvirakul has ordered an investigation into the unusual rise in Thai gold exports to Cambodia. This increase is suspected of driving the Thai baht's rapid appreciation. Banks and gold manufacturers are being consulted to clarify the situation.

 

The Bank of Thailand (BoT) engaged with the Gold Traders Association to address the impact of gold trade on the currency. Measures proposed include increasing US dollar usage in gold transactions. Retailers are also urged to monitor baht-denominated purchases, particularly investor behaviours affecting the currency.

 

Federation of Thai Industries’ chairman Kriengkrai Thiennukul highlighted a significant increase in gold exports. Gold is now the third-most exported product from Thailand to Cambodia. Exports rose over 20% in the first seven months of the year, reaching 71 billion baht, with 2024 seeing a total of 105 billion baht in exports.

 

Concerns arise that this export surge may be associated with illegal activities in Cambodia. The Thai baht has appreciated by nearly 8% since early 2025, making it Asia's second strongest currency. The unusual appreciation links back to gold trade, according to experts.

 

YLG Bullion International CEO Pawan Nawawattanasub noted Cambodian purchases of Thai gold, indicating normal trade flows despite the rising volumes. With border tensions directing trades through Singapore, operations remain unaffected. YLG clients comply with stringent Know Your Customer procedures, ensuring transaction transparency.

 

Customs data shows a 19% increase in gold exports to Cambodia in 2025, amounting to 71.3 billion baht. This could position Cambodia alongside gold hubs like Switzerland and Singapore. Meanwhile, activist Sonthiya Sawasdee called for the Anti-Money Laundering Office to review these exports, linking baht appreciation to potential financial misconduct in Cambodia.

 

The BoT and relevant authorities are expected to conclude their investigation promptly. The focus remains on maintaining currency stability and curbing any illegal trade activities associated with gold exports.

 

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Key Takeaways

 

  • Thai PM investigates rising gold exports to Cambodia linked to baht appreciation.
  • BoT explores measures like using US dollars in gold transactions to stabilise currency.
  • YLG reports no trade irregularities despite increased gold exports.


Read more Thailand News here

 

 

 

image.png  Adapted by ASEAN Now from Bangkok Post 2025-09-16

 

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Holding my breath for the outcome.

Atleast hes trying to adress the issue what they do is another matter with the high season coming up people are flocking to vietnam over thailand and the exports are going to feel it if they dont do something about it 

On 9/16/2025 at 7:23 AM, mfd101 said:

Holding my breath for the outcome.

I'm not... 

Isn't China hoarding as much gold as possible? China involved?

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