Bank of Thailand plans 5 measures covering gold and BNPL

The Bank of Thailand plans to introduce five financial measures between November 2026 and March 2027, including controls on cash gold transactions exceeding 10 million baht and a licensing framework for Buy Now, Pay Later services.

Governor Vitai Ratanakorn outlined the plans at the GovernorConnect event, “A Year in Review, Moving Forward”, on October 29, 2026. The measures form part of a broader strategy to support Thailand’s slow economic recovery and address longstanding structural problems as risks accumulate.

Vitai also maintained that the 1% policy interest rate remained appropriate, while leaving room for a review if economic activity or inflation developed differently from expectations.

Five measures cover gold, digital credit and financial services

The central bank’s planned measures span five areas, with announcements scheduled over the coming months:

1. Cash gold transactions: Controls on gold purchases and sales conducted in cash with a value exceeding 10 million baht are expected to be announced in November 2026.

2. Buy Now, Pay Later: A new licensing framework for Buy Now, Pay Later (BNPL) services is expected in December 2026. The proposed rules would cover credit used to purchase goods and services through digital platforms, with a credit limit of 20,000 baht, a maximum repayment period of six months and an interest-rate ceiling of 15%.

3. Credit-bureau checking fees: A measure to reduce the cost of credit-bureau checks is expected to be announced in December 2026.

4. Money changers: Measures to raise standards in the money-changing business are scheduled for January 2027.

5. Baht-linked stablecoins: Rules governing THB stablecoins are expected in March 2027.

Seven operators were initially expected to apply for the new BNPL licences.

Separately, the Bank of Thailand plans to launch its SMEs Credit Portal in January 2027. The central platform would connect small and medium-sized enterprises (SMEs) with lenders.

Household debt and SME lending lead the 2027 agenda

The Bank of Thailand will concentrate on three priorities in 2027: tackling household debt, improving SME access to credit while encouraging competition, and strengthening supervision across all categories of non-bank financial businesses.

The broader supervision would cover lenders, payment service providers, foreign-exchange businesses and asset management companies. Vitai linked the plans to the sector’s growing size, increasingly complex business models and substantial expansion in lending, with fair treatment of financial customers the central objective.

Although risks to Thailand’s economic stability remained manageable, Vitai warned that persistently weak growth could create a damaging cycle. Continued falls in household income would weaken borrowers’ ability to repay debt, increase non-performing loans and further reduce domestic purchasing power.

“The Bank of Thailand’s role is not to stimulate the economy. That is the government’s responsibility,” Vitai said.

“Our role is to support the economy appropriately and address structural problems that have accumulated over a long period,” Vitai added.

Vitai defends 1% rate but leaves room for a review

Vitai described the 1% policy rate as suitable for an economy recovering slowly and experiencing lower inflation than other countries. Monetary policy decisions should primarily reflect domestic economic conditions and inflation, rather than interest-rate differences between Thailand and other economies alone.

Thailand’s flexible exchange-rate system helps the economy adjust to changing conditions, Vitai explained. The gap between Thai and foreign interest rates is therefore only one consideration in setting policy.

However, Vitai acknowledged that keeping interest rates below those overseas for a prolonged period could allow risks to accumulate. The governor cited structural problems, reduced returns on deposits and unequal access to credit among the concerns.

The Bank of Thailand would be ready to reassess its interest-rate stance if the recovery became strong enough to generate overheating and inflationary pressure, or if inflation failed to decline as expected around mid-2027.

Higher global oil prices or reduced government fuel subsidies could keep inflation elevated for longer than anticipated, Vitai cautioned.