After surging gold shipments helped push Thailand's baht to a 6-year-high, ...
BANGKOK - After surging gold shipments helped push Thailand’s baht to a 6-year-high, dealers in the yellow metal voiced doubt on Friday at the central bank’s hopes of getting them to bring back their export proceeds more slowly.
Bank of Thailand Governor Veerathai Santiprabhob said on Thursday that rules would not be imposed on gold trading, but he urged gold traders to keep funds overseas for longer.The biggest factors buoying the baht have been a hefty current account surplus and foreign fund inflows to a currency seen as a relative safe haven.
“Gold investors want cash, so there is no fund parking,” he said, adding that the central bank should find other measures to curb fund inflows. “This is unique about Thailand. Thai people have invested a lot in gold, and whenever gold prices go up globally, they would sell the gold that they had bought earlier,” Veerathai said.
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