“Who Needs $6 Million in Cash?” Thai Central Bank Governor Flags Large Withdrawals Ahead of Elections

Thailand’s central bank has sounded an alarm over unusually large cash withdrawals, with Bank of Thailand Governor Vitai Ratanakorn publicly questioning the need for millions of dollars in physical banknotes and signalling tighter oversight of cash movements. The remarks come amid concerns about illicit money flows, vote-buying risks ahead of the February 8 general election, and broader structural pressures on the Thai economy.

At an economic seminar in Bangkok on January 28, 2026, Governor Vitai highlighted two striking cases in which individuals or entities withdrew more than 250 million baht (around US $6.8 million) and 200 million baht (around US $5.4 million) in cash — including one transaction composed entirely of 100-baht notes. “We found a 250 million-baht withdrawal — who needs 250 million baht in cash?” he asked, emphasising that such movements “undermine the economy.”

The combined withdrawals, equivalent to nearly US $15 million, have raised red flags with both financial authorities and Thailand’s Election Commission, which is probing allegations of vote-buying in the lead-up to the elections. Independent reporting and surveys have indicated that a significant portion of prospective voters could be swayed by cash incentives, intensifying scrutiny of cash distribution ahead of polling day.

New Rules and Tightened Cash Monitoring

In response, the Bank of Thailand (BoT) announced plans to introduce new rules within the next two to three months to tighten oversight of large cash withdrawals:

• Enhanced due diligence: Banks will be required to flag and report large cash withdrawals — likely thresholded at 3 million to 5 million baht (US $82,000 to $137,000) — and document the stated purpose of the cash.
• Reporting requirements: Commercial banks will have to report these movements and share enhanced information with BoT authorities as part of a broader anti-“grey money” push.

Governor Vitai suggested that large cash holdings are seldom necessary for legitimate transactions such as land or asset purchases, which can be executed through bank transfers or cheques. “No one needs 3 million to 5 million baht in cash to buy something,” he said.

The tightening measures form part of a broader effort by the BoT to strengthen controls over unconventional fund movements, curb illicit activity and encourage more transactions to move through the formal banking system — which would make money flows easier to track and manage. Conversations around combating “grey money” and money mule accounts have already been underway, with similar calls for banks to flag large cash transactions and report the stated purposes.

Economic and Political Context

The timing of the crackdown coincides with several pressures on Thailand’s economy and financial system:

• Election-related cash circulation: As general elections approach, authorities and civil society bodies have warned that large sums of cash could be used to influence voters — a practice prohibited under Thai law but historically difficult to police.
• Currency volatility and structural concerns: The BoT has also been active in controlling gold trading and other non-traditional financial flows to reduce pressure on the Thai baht and limit speculative behavior in markets.
• Illicit flows and “grey money”: The central bank’s broader anti-grey money campaign aims to monitor suspicious flows linked to underground economic activities, mule accounts and opaque cash movements.

Vitai, who took office in late 2025, has emphasised that existing legal powers have rarely been exercised in the past but that the central bank is now prepared to use them more assertively to protect financial integrity.

Looking Ahead

As Thailand implements these measures, banks and financial intermediaries are expected to play a larger role in identifying and reporting unusual cash movements. Enhanced surveillance, coupled with tighter reporting requirements, aims to reduce the scope for cash-based distortions in the economy and reinforce confidence in Thailand’s monetary system — particularly during a politically sensitive period.

Whether these steps will significantly curb illicit cash flows remains to be seen, but Governor Vitai’s highly publicised remarks mark a clear signal that the Bank of Thailand is intensifying its scrutiny of high-value cash transactions and pushing the financial sector toward greater transparency.

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