Bank of Thailand Governor Apologizes for Mule Account Suspension, Expresses Concerns on Fiscal Stability

The Bank of Thailand (BOT) Governor, Dr. Sethaput Suthiwatnarueput, recently apologized for suspending mule accounts, citing concerns over Thailand's weakening fiscal stability and potential credit rating downgrade. He acknowledged discussions on taxing online gold trading to alleviate pressure on the baht, but no conclusions have been reached. The Governor emphasized the need to minimize the impact of gold trading on the baht's strength.

Key Takeaways:

• The Governor of the Bank of Thailand apologized for suspending mule accounts, stating that the suspension would affect honest accounts.
• Thailand's fiscal stability is at risk, with concerns over a potential credit rating downgrade.
• The Anti-Money Laundering Office (AMLO) is investigating the surge in gold exports to Cambodia, amid suspicions of involvement by illegal investors.
• Discussions on taxing online gold trading are ongoing, but no conclusions have been reached due to the impact on multiple sectors.
• The Governor hopes to alleviate pressure on the baht's four-year strength.
• He confirmed that he will not pursue politics after leaving office.
• The Governor acknowledged that the Gold Traders Association has proposed trading gold in dollars as an alternative to the current baht-based system.
• A proposal to establish a foreign currency clearinghouse in addition to the existing baht clearinghouse has not been seen, but discussions are ongoing.

Statistics:

• 4-year strength of the baht is a concern for the Governor.
• No specific numbers are mentioned regarding the amount of gold exports to Cambodia or the impact on the baht's strength.
• The Gold Traders Association has proposed trading gold in dollars as an alternative to the current baht-based system.

Sources:

• Thai News Agency (September 16, 2025)
• "Meet the Press" event with Gov. Dr. Sethaput Suthiwatnarueput
• Bank of Thailand (no specific date mentioned)