The Bank of Thailand (BOT; abbr. ธปท.; Thai: ธนาคารแห่งประเทศไทย, RTGS: thanakhan haeng prathet thai) is the central bank of Thailand.
 Seal of Siam Devadhiraj, guardian deity of Thailand holding a money bag and a sceptre | |
 Bang Khun Phrom Palace | |
| Headquarters | Phra Nakhon, Bangkok, Thailand |
|---|---|
| Coordinates | 13°46′08″N 100°30′03″E / 13.7689°N 100.5009°E |
| Established | 28 April 1942 (legal) 10 December 1942 (began operations) |
| Governor | Sethaput Suthiwartnarueput |
| Central bank of | Kingdom of Thailand |
| Currency | Thai baht THB (ISO 4217) |
| Reserves | US$243.49 billion (2023)[1] |
| Bank rate | 2.5%[2] |
| Website | www |
History
editThe 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.[3]
The Bank of Thailand Act, B.E. 2485 was later amended in order to put emphasis on its social responsibility, to create a mechanism to guard against economic crisis, as well as to set up its decision making process to ensure good governance and transparency in the organization. The Bank of Thailand Act, B.E. 2551 came into force on 4 March 2008.
Project Nexus
editThe Bank for International Settlements signed an agreement with Central Bank of Malaysia, Bank of Thailand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and the Reserve Bank of India on 30 June 2024 as founding member of Project Nexus, a multilateral international initiative to enable retail cross-border payments. Bank Indonesia was involved as a special observer. The platform, which is expected to go live by 2026, will interlink domestic fast payment systems of the member countries.[4]
Roles and responsibilities
editThe 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.[5]
Governors
editThe Governor of the Bank of Thailand[6] has a five-year term of not more than two consecutive terms. The Minister of Finance nominates a candidate to the Thai Cabinet. When the cabinet passes a resolution approving the candidate, it is presented to the monarch for his approval.
List of governors
edit| # | Name | Took office | Left office |
|---|---|---|---|
| 1 | Prince Vivadhanajaya | 27 November 1942 | 16 October 1946 |
| 2 | Serm Vinicchayakul | 17 October 1946 | 24 November 1947 |
| 3 | Leng Srisomwongse | 25 November 1947 | 2 September 1948 |
| 1(2) | Prince Vivadhanajaya | 3 September 1948 | 2 December 1948 |
| 3(2) | Leng Srisomwongse | 3 December 1948 | 3 August 1949 |
| 4 | Dej Snidvongs | 4 August 1949 | 29 February 1952 |
| 2(2) | Serm Vinicchayakul | 1 March 1952 | 24 July 1955 |
| 5 | Kasem Sriphayak | 25 July 1955 | 23 July 1958 |
| 6 | Jote Guna-Kasem | 24 July 1958 | 3 May 1959 |
| 7 | Puey Ungphakorn | 11 June 1959 | 15 August 1971 |
| 8 | Bisudhi Nimmanhaemin | 16 August 1971 | 23 May 1975 |
| 9 | Snoh Unakul | 24 May 1975 | 31 October 1979 |
| 10 | Nukul Prachuabmoh | 1 Nov 1979 | 13 September 1984 |
| 11 | Kamchorn Sathirakul | 14 September 1984 | 5 March 1990 |
| 12 | Chavalit Thanachanan | 6 March 1990 | 30 September 1990 |
| 13 | Vijit Supinit | 1 October 1990 | 1 July 1996 |
| 14 | Rerngchai Marakanond | 13 July 1996 | 28 July 1997 |
| 15 | Chaiwat Wiboonsawat | 31 July 1997 | 4 May 1998 |
| 16 | M.R. Chatumongol Sonakul | 7 May 1998 | 30 May 2001 |
| 17 | M.R. Pridiyathorn Devakula | 31 May 2001 | 6 October 2006 |
| 18 | Tarisa Watanagase | 8 November 2006 | 30 September 2010 |
| 19 | Prasarn Trairatvorakul | 1 October 2010 | 30 September 2015 |
| 20 | Veerathai Santiprabhob | 1 October 2015 | 30 September 2020 |
| 21 | Sethaput Suthiwartnarueput | 1 October 2020 | Present |
See also
edit
References
edit- ^ "Total reserves (includes gold, current US$) – Thailand". World Bank. Retrieved 4 July 2021.
- ^ "Policy Interest Rate". bot.or.th. Bank of Thailand. Retrieved 3 October 2023.
- ^ "History of the Bank of Thailand". Bank of Thailand. Archived from the original on 9 July 2021. Retrieved 4 July 2021.
- ^ Kawale, Ajinkya (1 July 2024). "RBI, four Asean countries tie up for cross-border payments platform". Business Standard. Retrieved 2 July 2024.
- ^ "Roles and Responsibilities of the Bank of Thailand". Bank of Thailand (BOT). Archived from the original on 15 April 2019. Retrieved 4 July 2021.
- ^ "List of Governors of the Bank of Thailand". Bank of Thailand. Archived from the original on 12 July 2021. Retrieved 4 July 2021.
External links
edit
- Official website. Archived 2016-10-31 at the Wayback Machine.