Bangkok: Finance Minister Ekniti disclosed that he has authorized the Bank of Thailand to implement strict controls on gold trading transactions to mitigate the appreciation of the baht. An additional regulation has been issued, and the Comptroller General's Department is finalizing revisions to contractor ledger regulations, which are expected to take effect early next month.
According to Thai News Agency, Deputy Prime Minister and Minister of Finance, Ekniti Nitithanprapha, discussed the ongoing measures to manage the Thai baht's exchange rate. This follows concerns from the private sector regarding the baht's strong valuation relative to the Thai economy. Ekniti noted that the Bank of Thailand has already enacted a regulation to monitor gold trading figures on online platforms. Future regulations will further tighten controls on gold trading, as it is reported to be a significant factor in the baht's appreciation. The Ministry of Finance is collaborating with relevant parties to implement measures aimed at managing factors affecting the baht's value to maintain appropriate levels.
Ekniti also highlighted the Comptroller General's Department's efforts to revise regulations, which will necessitate a new announcement before enforcement. This initiative aims to address issues in government construction projects by requiring contractor logbooks. Ms. Patricia Mongkolvanich, Director-General of the Comptroller General's Department, reported that the regulations are slated to be effective by early February. These regulations will cover construction projects worth 5 million baht or more, building construction projects, and government agency contracts valued at 1,000 million baht or more. Currently, all necessary documents are pending consideration and signing before official announcement and enforcement.