Thai finance ministry, BOT consider tax on online gold bar trading, says foreign media
Foreign media report that Thailand may tax online gold bar trading to slow the baht’s surge, driven by dollar inflows from booming gold sales.
Bloomberg has reported that Thailand’s Finance Ministry and the Bank of Thailand (BOT) are considering imposing a tax on gold traded online and settled in baht. The measure is aimed at slowing the baht’s rapid appreciation, partly fuelled by dollar inflows linked to gold sales.
A source, who requested anonymity as the information has not been made public, noted that exemptions may apply to gold traded in US dollars, futures contracts, or purchases made directly from gold shops.
The move signals an attempt by Thai authorities to curb gold exports while raising costs for domestic investors acquiring gold bars. Dollar inflows from gold transactions have been identified as one of the factors strengthening the baht, the source added.
Following the news, the baht weakened by as much as 0.6% in intraday trade to 31.92 per US dollar — its steepest fall since July 31, 2025.
Thailand’s gold exports surged 69% in the first seven months of 2025 to 254 billion baht (around US$8 billion) compared with the previous year, with exports to Cambodia rising unusually sharply and prompting calls for an investigation. Globally, gold bar prices have risen by nearly 40% this year.
Neither the Finance Ministry nor the BOT has yet commented on the report.
Export revenue from gold has been a key driver of the baht’s strength, which last week hit its highest level since 2021. The currency has gained 7% so far this year, sparking demands for greater central bank intervention to shield exporters and the tourism sector from the impact of the strong baht.
BOT officials are scheduled to meet gold traders on Monday to discuss gold’s impact on the currency and tighter transaction reporting requirements. According to the source, the Finance Ministry and BOT will hold further talks, with a decision expected once the new cabinet assumes office.
If introduced, the tax would be levied on transactions where gold sellers convert dollar revenues into baht. However, the exact rate of taxation has not yet been determined.
