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Just like India, the people of Thailand love gold and the country is a net importer. Yet, people have been selling gold, which has rallied nearly 40% this year, for dollars and converting it into the local currency, Baht.

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This has led to a sharp rally in the Thai Baht, which hit a four-year high last week. A strong local currency is bad for a country like Thailand where a fifth of the national income is dependent on tourism.

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The central bank blamed both the rise in gold exports and the weakening of the US dollar, as a result of a trade deal that imposed a 19% tariff of Thai goods exported to the US.

(Photo Credit : Image Courtesy: Bloomberg )

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So, now the Ministry of Finance is considering an additional tax on gold to keep the Baht attractive for in

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