Thai government to investigate unusual BOP figures, explore measures to stabilise baht
Deputy PM Ekniti to propose economic cabinet plan to track abnormal BOP discrepancies and prevent baht manipulation with inter-agency coordination.
Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas announced on Monday that the government will explore measures to manage anomalies in the country’s financial markets following a sudden spike in the Net Errors and Omissions (NEO) in Thailand’s Balance of Payments (BOP) accounts.
“At the upcoming economic cabinet meeting on October 7, the Ministry of Finance will present proposals for monitoring these irregularities. I have already discussed with the Permanent Secretary of the Ministry of Finance and assigned him to coordinate with relevant agencies to trace funds appearing in the NEO, which historically have been unusually high,” Ekniti said.
He added that oversight will require collaboration across multiple agencies. The Permanent Secretary has been tasked with consulting the Anti-Money Laundering Office (AMLO) to track the flow of funds, and the Securities and Exchange Commission (SEC) to determine whether the money entered via cryptocurrency or other irregular channels.
The Deputy Prime Minister explained that the initiative is based on data and recommendations from the Thai Bankers’ Association and the Federation of Thai Capital Market Organisations (FETCO). Information will also be integrated from the Bank of Thailand, SEC, AMLO, and Customs Department.
“This is a critical task to consolidate and integrate the information to provide a clear picture. The objective is to report to the economic cabinet, in a detailed subcommittee format, and execute the process thoroughly, as the Prime Minister has emphasised the importance of this matter,” he concluded.
