BANGKOK – The Bank of Thailand will impose a limit on online gold trading by January 29 in an effort to reduce upward pressure on the baht, Governor Vitai Ratanakorn announced on Wednesday. The baht has appreciated 1.2% against the U.S. dollar this year following a 9% rise in 2025, raising concerns over export and tourism competitiveness, the Bngkok Post reported.

Thailand to Curb Gold Trading to Stabilize Baht, Combat Money Laundering

Under the new measure, daily online gold trading is expected to be capped between 50 million and 100 million baht per account. Gold traders will be given time to adjust their platforms before the rules take effect.

Governor Vitai stated that the move aims to reduce currency volatility but may not weaken the baht immediately. The central bank will assess the impact before deciding whether additional measures—such as a special business tax on gold trading—are needed.

“If it’s not necessary, we prefer not to use tax measures,” he said.

Bank of Thailand to cap online gold trading https://t.co/yRS2ILo0GY

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Vitai also noted that the bank has been buying U.S. dollars to help align the baht with economic fundamentals, though its ability to intervene is limited. Only about 40% of foreign exchange transactions occur in the onshore market, where the central bank operates, due to currency manipulation regulations.

Recent baht appreciation has been driven in part by gold trading and foreign fund inflows, though broader factors such as geopolitical shifts and a move away from the U.S. dollar remain key influences.

Gold Price Continues to Surge

On Tuesday, the Bank of Thailand also eased rules on foreign income repatriation, raising the transaction threshold from 1 million to 10 million baht. This allows exporters to hold more U.S. dollars without converting them to baht, helping to ease demand for the local currency.