The Bank of Thailand reported that it has accumulated just over $300 billion in foreign reserves, setting a new record that underscores the Central Bank’s rock-solid position and marks a complete turnaround from past policies that sparked a crisis in the late 1990s.

In addition to its robust international reserves of $301.9 billion—the first time the Bank of Thailand has surpassed the $300 billion mark—the Central Bank also reported a sharp rise in its gold reserves, reaching 244 tons, which constitutes 7.3 percent of its total foreign reserves.

Analysts said the rising reserves are evidence of Thailand’s resilience and the Central Bank’s smart management during a challenging period of currency volatility, an uncertain trade landscape, global conflicts, and tepid economic growth.

Gold prices have been surging, and Thailand’s currency, the Baht, has been strengthening against the United States Dollar, making exports more expensive in foreign markets where they face stiffer competition.

On the other hand, the stronger Baht means foreign debts are lower in value and imports are more affordable, which could spur consumption—another important pillar of the economy.

The Central Bank’s debt management stands in stark contrast to its performance in the mid-to-late 1990s, when pressure to defend the currency—then pegged to the Dollar at a fixed exchange rate—led to the squandering of the Kingdom’s foreign reserves.

The result was an economic crisis that spread beyond Thailand’s borders and necessitated an aid program from the International Monetary Fund. Thailand exited that program in the early 2000s after fully repaying the International Monetary Fund and instituting reforms.