Thailand moves closer to currency watchlist removal

Thailand is moving closer to being removed from the US Treasury's Currency Monitoring List, according to a report published by the Bangkok Post on 1 August 2026.

The Bank of Thailand expressed confidence that Thailand could be taken off the list in the next review cycle. Chayawadee Chai-anant, the central bank's assistant governor of corporate relationships, stated during a media briefing that the US Treasury will assess Thailand's economic data covering the period from July 2025 to June 2026 for the next review. During this window, Thailand is not expected to meet the criteria required to remain on the list. The next report is projected for release between late 2026 and early 2027.

Thailand remained on the Monitoring List in the July 2026 report, which covered the four quarters through June 2025. The list currently includes 20 economies and is based on three criteria: a significant bilateral trade surplus with the US of at least 15 billion US dollars, a material current account surplus of at least 3 percent of GDP, and persistent one-sided foreign exchange intervention over at least eight of twelve months with net purchases totalling at least 2 percent of GDP.

In the most recent report, Thailand met only one of the three criteria, specifically the bilateral trade surplus with the US, which reached 54 billion US dollars over the four quarters through June 2025. That figure is more than double the level recorded five years earlier. Thailand's current account surplus, however, fell below the 3 percent of GDP threshold, sitting at 2.8 percent of GDP over the same period.

The central bank also reported that Thailand recorded a trade deficit of 12.1 billion US dollars in the second quarter of this year, with a year-to-date trade deficit of 12.4 billion US dollars. The current account deficit totalled 17.1 billion US dollars in the second quarter, with a year-to-date figure of 16.3 billion US dollars. Ms Chayawadee emphasised that the central bank does not intervene in baht management to gain a competitive exchange rate advantage.

For foreign investors, business owners and expats operating in Thailand, shifts in Thailand's international trade and currency standing can have broader implications for the economic and regulatory environment. SLF Legal is available to advise on how such developments may relate to your business or investment interests here in Thailand.