Thailand considers limits on gold trading amid baht surge
Thailand’s finance ministry is studying a tax on online gold trading and considering measures to limit trading volumes, amid a sharp rise in the baht. The Thai currency has gained 10% against the U.S. dollar this year, reaching its highest level in more than four years and becoming Asia’s best-performing currency.
Senior ministry official Lavaron Sangsnit said the revenue department may impose a specific business tax on gold trades conducted via online platforms. Central Bank Governor Vitai Ratanakorn noted that the baht’s gains are being driven by “huge” gold trading volumes, which are not fully aligned with economic fundamentals, News.Az reports, citing Reuters.
Authorities plan to manage unusually large gold transactions in baht and set maximum trading limits for major gold traders. Earlier, Finance Minister Ekniti Nitithanprapas warned that the strong baht is negatively affecting Thailand’s economy.
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