Mr Ekniti also told reporters that the government would put illicit fund movements under more scrutiny by December, reports the Bangkok Post, also citing a Reuters report.
“We have not distorted the management of the baht in the past as it is something our central bank has been very cautious about,” he said.
“There are mechanisms in place to oversee the currency without the need for intervention. It is our intention not to cause any distortions.”
He spoke shortly after the US Treasury and the Bank of Thailand (BoT) announced an agreement not to use capital flow measures or government investment vehicles such as pension funds to target exchange rates to gain a trade advantage.
The agreement does not affect Thailand’s exchange rate policy and its objective of maintaining exchange rate stability, said Chayawadee Chai-anant, assistant governor for corporate relations at the central bank.
The US Treasury maintains a list of countries that it has declared currency manipulators, based on an analysis of factors such as currency intervention or monetary policy that appear to influence exchange rates. Businesses in such countries can be barred from US government procurement contracts.
In its most recent report released in June 2025, there are no countries designated as currency manipulators, but nine economies are on the Treasury’s ‘monitoring list’ of major trading partners whose practices merit close attention: China, Japan, South Korea, Taiwan, Singapore, Vietnam, Germany, Ireland and Switzerland.
‘GREY MONEY’ IN CROSSHAIRS
In another development, Mr Ekniti said Thai authorities were making progress on improving investigations of ‘grey money’ to meet international standards.
The goal is to be on par with the Organisation for Economic Co-operation and Development, the IMF and the Bank for International Settlements, all of which uphold rigorous standards for anti-money laundering investigations.
He said his objective for a subcommittee dealing with the issue is to identify where along the flow of grey money leaks occur that prevent proper investigation, with the panel expected to reach some conclusions by December.
The subcommittee operates under the National Committee for the Prevention and Suppression of Technology-Related Crimes, chaired by the prime minister. Members include representatives from the Anti-Money Laundering Office, the Department of Special Investigation and the Securities and Exchange Commission.
The national police chief, the justice minister and the digital economy and society minister serve as vice-chairs of the panel chaired by Mr Ekniti, aiming to link the various facets of investigations into grey money.
“Investigating grey money will not be a short-term measure ‒ we will elevate efforts to connect the dots so the pathways of grey money become visible,” said Mr Ekniti.