Bank of Thailand Governor Sethaput Suthiwartnarueput said on Wednesday that the baht was appreciating fast due to the depreciating US dollar and the rising price of gold.

Sethaput said that the baht maintained a high level of stability and that the appreciation rate was nearly equivalent to its value at the beginning of the year.

He stated that the primary factor contributing to the baht’s rapid appreciation was the distinct indication that the US Federal Reserve would begin to reduce its policy rate. Additionally, the baht’s appreciation was attributable to the increasing value of gold.

The baht has appreciated against the greenback on a year-to-date basis. The baht has appreciated by 0.6% this year, from 34 to the dollar on Wednesday.

Mr. Sethaput stated that the Bank of Thailand is prepared to intervene in a manner that is appropriate in the event of any irregular movement of the baht against the US dollar.

Meanwhile, Indonesian President Joko Widodo has urged the ASEAN bloc to move away from the greenback and start using local currencies for cross-border transactions. he said the U.S. pressing sanctions on other developing countries is among the reasons why he believes ASEAN should ditch the dollar.

The 10 ASEAN countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

According to the latest figures from the International Monetary Fund (IMF), commonly called the World Bank, the combined GDP of ASEAN nations currently stands at around $4 trillion.