Ekniti discusses with new BOT governor on measures to manage strong baht

He made these remarks after a meeting between Prime Minister Anutin Charnvirakul and Poj Aramwattananont, Chairman of the Thai Chamber of Commerce, on Thursday.

He explained that discussions were already underway with Vitai Ratanakorn, the new Governor-designate of the BOT, to prepare measures for stabilising the baht's value. He also assured that once the appointment is formally approved, work would commence immediately.

Additionally, Ekniti mentioned that the Finance Ministry was coordinating with relevant agencies to assess whether there were any unusual capital inflows. He further emphasised that any irregularities, including unusual gold transactions, would be thoroughly investigated.

"We have coordinated with the relevant authorities and discussed the approach with the new BOT Governor. However, in practice, we must await the formal appointment before moving forward," Ekniti added.

On September 18, the baht weakened slightly to 31.88 per US dollar from 31.73 on Wednesday but remains up by around 8% this year, marking it as the second strongest currency in Asia, following only the Taiwanese dollar.

The strength of the baht against regional currencies has raised concerns as it poses a threat to Thailand’s exports and tourism, which are key drivers of the country's economy, the second-largest in Southeast Asia.

Earlier this week, the BOT revealed that it was considering imposing taxes on gold trading, along with other measures, to curb the baht’s appreciation.

From January to July, Thailand’s gold exports surged 82% year-on-year, valued at US$7.6 billion, with a significant portion, valued at US$2.1 billion, sent to Cambodia alone.