Bank of Thailand tightens checks on foreign-currency and gold inflows as Singapore prepares another tightening

The Bank of Thailand (BOT) is tightening checks on foreign-currency inflows and gold transactions, The Nation reports. The move adds to rules in force since December 29, 2025. Under those rules, banks must verify the source and purpose of incoming foreign currency worth $200,000 or more, and must get proof of an overseas gold sale for every gold-related foreign-exchange transaction.

The rules target gold trading. Thai authorities say daily gold trading values have reached roughly half of Thailand's gross domestic product. Gold-linked deals at times account for up to 20% of foreign-exchange turnover, which creates large flows through the dollar that push the baht higher. The Finance Ministry and the BOT have also proposed taxing online gold trading in the same way as ordinary goods and limiting transaction volumes. Thai households and traders are using gold as a store of value on a large scale, and the state is responding by adding cost and paperwork to that trade.

Singapore faces the opposite problem. The Monetary Authority of Singapore (MAS) manages its currency instead of setting an interest rate, and it is expected to tighten policy because growth is strong and inflation risks are rising. That means letting the Singapore dollar rise faster. The MAS has already tightened twice this year, in April and July.

In Beijing, the People's Bank of China (PBOC) said it remains committed to letting the market play the decisive role in setting the yuan's exchange rate. State media publish this standard language whenever the central bank wants to discourage bets on a one-way move. The PBOC still sets a daily reference rate, and its statement leaves that power in place.