The ministry is also vested with the power to provide loan guarantees for the governmental agencies, financial institutions, and state enterprises.

The "Phra Khlang" or minister responsible had wide-ranging powers including those related to taxation, trade, monopolies, tributes, and even foreign affairs.

The king issued a royal decree in 1875 consolidating all powers and agencies under one ministry with a more focused portfolio.

He appointed one of his uncles, Prince Maha Mala as the first minister of the Ministry of Finance.

[5] The MOF played a key role in the COVID-19 pandemic in Thailand as it was responsible for disbursing aid to needy citizens.