Bank of Thailand

Bank of Thailand
ธนาคารแห่งประเทศไทย
(ธปท.)

Seal of the Bank of Thailand

Bangkhunprom Palace, a part of headquarter buildings.

Headquarters

Phra Nakhon, Bangkok, Thailand

Established

1942

Governor

Prasarn Trairatvorakul

Central bank of

Kingdom of Thailand

Currency

Thai Baht
THB (ISO 4217)

Website

www.bot.or.th

The Bank of Thailand (BOT, Thai: ธนาคารแห่งประเทศไทย) is the central bank of Thailand.

History

The Bank of Thailand (BOT) was first set up as the Thai National Banking Bureau. The Bank of Thailand Act was promulgated on 28 April 1942 vesting upon the Bank of Thailand the responsibility for all central banking functions. The Bank of Thailand started operations on 10 December 1942.

The Bank of Thailand Act, B.E.2485 was later amended in order to put emphasis on BOT’s social responsibility, to create a mechanism to guard against economic crisis, as well as to set up BOT’s decision making process to ensure good governance and transparency in the organization. Moreover, members of the public will be able to audit and increase the understanding of the BOT’s operations. The Bank of Thailand Act, B.E.2551 came into force with effect from 4 March 2008.

List of Governors of the Bank of Thailand

Prince Vivadhanajaya (27 Nov.1942 - 16 Oct. 1946)
Serm Vinicchayakul (17 Oct. 1946 - 24 Nov. 1947)
Leng Srisomwongse (25 Nov.1947 - 2 Sept.1948)
Prince Vivadhanajaya (3 Sept.1948 - 2 Dec.1948)
Leng Srisomwongse (3 Dec.1948 - 3 Aug.1949)
Dej Snidvongs (4 Aug.1949 - 29 Feb.1952)
Serm Vinicchayakul (1 Mar. 1952 - 24 Jul. 1955)
Kasem Sriphayak (25 Jul. 1955 - 23 Jul. 1958)
Jote Guna-Kasem (24 Jul. 1958 - 3 May 1959)
Puey Ungphakorn (11 Jun. 1959 - 15 Aug. 1971)
Bisudhi Nimmanhaemin (16 Aug. 1971 - 23 May 1975)
Snoh Unakul (24 May 1975 - 31 Oct. 1979)
Nukul Prachuabmoh (1 Nov. 1979 - 13 Sep. 1984)
Kamchorn Sathirakul (14 Sep. 1984 - 5 Mar. 1990)
Chavalit Thanachanan (6 Mar. 1990 - 30 Sep. 1990)
Vijit Supinit (1 Oct. 1990 - 1 Jul. 1996)
Rerngchai Marakanond (13 Jul. 1996 - 28 Jul. 1997)
Chaiwat Wiboonsawat (31 Jul. 1997 - 4 May 1998)
M.R. Chatumongol Sonakul (7 May 1998 - 30 May 2001)
M.R. Pridiyathorn Devakula (31 May 2001 - 6 Oct. 2006)
Tarisa Watanagase (8 Nov. 2006 - 30 Sep. 2010)
Prasarn Trairatvorakul (1 Oct. 2010–Present)

Roles and Responsibilities

The bank of Thailand's mission is to provide a stable financial environment for sustainable economic growth in order to achieve continuous improvement in the standard of living of the people of Thailand.

It defines its roles as:^[1]

Print and issue banknotes and other security documents
Promote monetary stability and formulate monetary policies
Manage the BOT’s assets
Provide banking facilities to the government and act as the registrar for the government bonds
Provide banking facilities for the financial institutions
Establish or Support the establishment of payment system
Supervise and examine the financial institutions
Manage the country’s foreign exchange rate under the foreign exchange system and manage assets in the currency reserve according to the Currency Act
Control the foreign exchange according to the exchange control act

Since May 2000, the bank has targeted inflation, replacing money supply as the core of its monetary policy. Its current target for core inflation is 0.5%-3.0%.

Interest rates are designated by the Monetary Policy Committee, which comprises three officials from the Bank of Thailand and four other experts.

The Bank is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.^[2]

The Bank is also thinking about creating a sovereign wealth fund. The new proposed name is theNew Opportunity Fund.^[3]

References

↑ http://www.bot.or.th/English/AboutBOT/index/Pages/RolesAndResponsibilities.aspx
↑ http://www.afi-global.org/about-afi/members
↑ "Thailand Sovereign Wealth Fund Proposal Strikes Again." Sovereign Wealth Fund Institute. Retrieved 3 September 2014.

External links

Royal Thai Government

Constitution of Thailand list National Council for Peace and Order

Monarchy	King of Thailand list Privy Council

Executive	Prime Minister of Thailand list Council of Ministers of Thailand

Legislative	National Legislative Assembly

Judicial	Constitutional Court of Thailand Supreme Court of Thailand Administrative Court of Thailand

Ministries	Office of the Prime Minister Agriculture and Cooperatives Commerce Culture Defense Armed Forces Army Navy Air Force Education Energy Finance Foreign Affairs Information and Communication Technology Industry Interior Justice Labour Natural Resources and Environment Public Health Science and Technology Social Development and Human Security Tourism and Sport Transport

Constitutional agencies	Office of the Election Commission Office of the Ombudsman Office of the National Anti-Corruption Commission Office of the Auditor General Office of the Attorney General Office of the National Human Rights Commission Office of the National Economic and Social Advisory Council

Independent departments	Office of His Majesty's Principal Private Secretary Bureau of the Royal Household National Office of Buddhism Office of the Royal Development Projects Board Office of the National Research Council of Thailand Royal Institute Royal Thai Police Anti-Money Laundering Office

Independent organizations	Bank of Thailand Office of the Securities and Exchange Commission Office of Insurance Commission Office of the Energy Regulatory Commission Thai Public Broadcasting Service Deposit Protection Agency Office of the National Broadcasting and Telecommunications Commission

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Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

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Bretton Woods system

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Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Bank of Thailand

History

Roles and Responsibilities

See also

References

External links