Under the flexible inflation targeting framework, the Bank of Thailand appointed the first Monetary Policy Committee (MPC) on 5 April 2000 initially comprised of 9 total members. The members included distinguished experts from outside and the top management of the Bank of Thailand. The MPC had the authority to determine the monetary policy stance and developed a flexible inflation target range suitable for Thailand.
Later, the new Bank of Thailand Act, B.E. 2551 (2008) was enacted on 3 March 2008. The new Act determined the MPC to be comprised of 7 total members: 4 external members and 3 internal members. In addition, the Act also clearly specified the MPC’s purposes, objectives, and responsibilities.