Key roles and responsibilities of the Bank of Thailand (BOT) are to facilitate economic and financial system through monetary policy implementation in order to accommodate sustainable economic growth at rates that match the country’s potential. The BOT also aims to help creating favorable economic environment that will promote quality of livings of all Thais in the long run.
The BOT’s key task is to maintain financial stability by keeping inflation and exchange rates at appropriate levels in accordance with economic conditions at any given time. Other tasks include banknote circulation management, supervision of financial institutions and payment system, as well as financial consumer protection.
According to “the BOT 3-year strategic plan 2017-2019”, its vision is “to be an organization of vision and principles that engages with stakeholders in pursuit of Thailand’s sustainable economic well-being.” Its four core values consist of “Principles, Visions, Collaboration, and Humility.”
The BOT’s mission is “promoting a stable financial environment to achieve sustainable and inclusive economic development.”
In addition, the BOT also acts as economic and financial data center that provides comprehensive, well-rounded, and credible information to the public. It releases key domestic and international economic indicators as well as provides explanations for any changes and constantly shares views on economic prospect.
To communicate with the public on monetary policy, the BOT releases policy decision after each meeting of the Monetary Policy Committee (MPC). It also provides reasons and factors behind the decision to keep, raise, or cut policy rate as well as the MPC’s view on economic trend and response to queries from reporters to create clear understanding about the BOT’s stance.
Furthermore, the BOT also releases research notes on economic trend that it uses as assumptions for economic forecast and back policy decision. This information would help the private sector make business decision in accordance with the economic condition and the BOT’s monetary policy direction.
The BOT has assumed the role of Thailand’s central bank for over seven decades. According to the BOT’s history, there were serious efforts to set up a central bank since the 1932 revolution but it took another 10 years for a successful establishment due to political instability and scarcity of monetary and banking experts.
Since its commencement date on December 10, 1942, a total of 23 governors of BOT have been appointed. The present governor, Mr. Veerathai Santiprabhob, has assumed his position since October 1, 2015. There are three deputy governors and 12 assistant governors administrating various work groups at the BOT and their details can be found at the executive directory. The Board of BOT will determine overall policies of the central bank while policies and guidelines of specific issues will be decided by separate committees such as the Monetary Policy Committee (MPC), the Financial Institutions Policy Committee (FIPC), and the Payment Systems Committee (PSC).
To grant public access to economic, financial, and banking data as well as allowing them to probe the BOT’s operations, various channels have been arranged such as website, Newsroom, Library & Archives services, Museum visit, and BOT visit activities. The BOT also conducts social activities such as awarding scholarships and financial knowledge enhancement projects.