Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, said that although the country is currently in a political vacuum, preventing new economic policies from being advanced, the Ministry of Finance has already designed contingency policies for a dissolution scenario.
Despite the dissolution, the key Quick Big Win initiatives (five pillars and one foundation) were 99% completed before dissolution, ensuring that Thailand’s economy can still grow by around 1% in 4Q25, with full-year 2025 growth at no less than 2%.
Achievements during this administration include: 1) debt resolution through the “Quick Debt Settle and Move Forward” program; 2) unlocking investment and 16 pre-dissolution approved projects; 3) SME assistance; and 4) promoting saving through the Savings Bond Plus program, available monthly from January, with THB 1 billion per month issuance.
He conceded, however, that some projects could not proceed or must await approval, including: 1) the “Half-Half Plus Phase 2”, pending consultation with the ECT; 2) additional phases of debt resolution; and 3) regulatory changes for BOI long-term investment incentives.
Ekniti also revealed discussions with Bank of Thailand (BOT) Governor Vitai Ratanakorn about the strengthening baht, a result partly of global monetary volatility and Federal Reserve rate cuts, sparking capital flows toward higher yields.
Thailand’s export-driven economy cannot withstand the strong currency fluctuation in the global market. Therefore, the Finance Ministry is working closely with the BOT to address the issue with utmost importance. While the ministry respects the BOT’s independence in monetary policy, the current situation requires cooperation between fiscal and monetary authorities.
Regarding fiscal policy, he noted that government agencies or state enterprises that need to import raw materials should accelerate imports and foreign debt repayment, with further instructions issued to related agencies to determine feasibility.
When asked about the report that Prime Minister and Minister of Interior Anutin Charnvirakul invited Ekniti to be nominated as prime minister (PM candidate), Ekniti simply replied that he was honoured.
Pimpan Charoenkwan, Assistant Governor for Financial Markets at BOT, said that the central bank has ordered financial institutions to tighten scrutiny of forward foreign currency sales by gold dealers that impact baht volatility.
BOT has instructed financial institutions to verify evidence of gold sales with foreign partners for every gold shop transaction and to request payment documents and customs declarations within two business days of foreign currency delivery by gold shops, ensuring that all foreign exchange sales stem from real gold exports.
Meanwhile, BOT is seeking public input on new foreign exchange regulations, proposing that large gold dealers be required to report all related transactions to BOT, in a bid to enhance transaction monitoring, assess impacts on the baht, and inform relevant policy decisions.
