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Kittiratt rejects gold law proposal

Finance chief opposes central bank proposal

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Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong has brushed aside the Bank of Thailand's proposal to regulate the spot gold market after the central bank found discrepancies between spot market trades and the US-dollar value of transactions. 

"It's not necessary to issue any law to govern the market, because it's open to all currencies. If we consider gold as a currency, it does not need any special regulations," he said on Thursday.

Bank of Thailand governor Prasarn Trairatvorakul recently said the central bank was discussing regulation of the spot gold market with the Finance Ministry, the Stock Exchange of Thailand and the Securities and Exchange Commission.

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