Prime Minister Anutin Charnvirakul has instructed authorities to investigate the abnormal increase in gold exports to Cambodia, amid concerns that the surge may be contributing to the rapid appreciation of the Thai baht in recent weeks.
He said officials from the Bank of Thailand (BoT) met with representatives from the Gold Traders Association and gold manufacturers on Monday to discuss the situation and seek clarification.
"The government is not complacent about this issue and is striving to ensure complete transparency. I urge everyone not to worry, as we expect to reach a conclusion very soon," he said.
Pimphan Charoenkwan, Assistant Governor for Financial Markets at the BoT, said that the central bank is actively seeking measures to reduce the impact of gold trading on the exchange rate. During the meeting, the Gold Traders Association proposed increasing the use of US dollars in domestic gold transactions to help ease pressure on the baht.
The BoT also called on gold retailers to enhance monitoring of baht-denominated gold purchases, particularly investor behaviour that may influence currency movements.
The assurance comes after Federation of Thai Industries chairman Kriengkrai Thiennukul said that the private sector -- particularly the Joint Standing Committee on Commerce, Industry and Banking -- noted in a meeting earlier this month that Thailand's gold exports to Cambodia have increased significantly, with gold now ranking as the third-most exported product from Thailand to Cambodia.
In the first seven months of the year, Thailand's gold exports to Cambodia rose by more than 20% year-on-year, reaching approximately 71 billion baht. For the entirety of 2024, Thai gold exports were valued at around 105 billion baht, a sharp increase compared to 2023, when exports were valued at approximately 12 billion baht.
"This surge in gold exports may be linked to money laundering and scams originating from Cambodia," Mr Kriengkrai said.
"It has also significantly contributed to the appreciation of the Thai baht, which has gone up by nearly 8% since early 2025, making it the second strongest currency in Asia after Taiwan ... the baht has not appreciated to this extent in the past," he said.
Pawan Nawawattanasub, chief executive of YLG Bullion International, said Cambodian buyers are buying Thai gold through both online and physical channels.
Gold deliveries have to pass strict customs procedures, but the border closure due to the ongoing tensions between Thailand and Cambodia means many transactions and shipments have been routed through Singapore, which offers greater convenience for fund transfers, she acknowledged.
She said trade flows at YLG, which is one of Thailand's largest wholesale gold traders, remain normal with no irregularities detected, despite reports of unusually high gold export volumes to Cambodia.
"YLG's operations continue as usual. Wholesale clients who have maintained trading accounts with the company for more than a decade have undergone a full Know Your Customer procedure. All transactions have shown normal inflows and outflows," she said.
According to data from the Customs Department, Thai gold shipments to Cambodia jumped 19% year-on-year in the first seven months of 2025 to 71.3 billion baht, compared to the 106 billion baht reported throughout 2024. The flows put Cambodia on track to rival Switzerland, the world's gold refining hub, and Singapore, a regional trading centre, in terms of total shipments of Thai gold.
Separately, activist Sonthiya Sawasdee on Monday asked the Anti-Money Laundering Office (Amlo) to investigate the surge in gold exports to Cambodia.
He said the unusual appreciation of the Thai baht may be the result of scammers and gambling operations in Cambodia converting Cambodian riel into Thai baht as a means to protect against economic damage within Cambodia.
He called on Amlo to trace the transactions and scrutinise Thai companies involved.
