Central bank lays out three-year strategic plan

BANGKOK, Dec 24 (TNA) -- Suggesting that global economy and financial environment are expected to become more volatile in 2017, the Bank of Thailand (BoT) has laid out a three-year strategic plan in an attempt to cushion the foreseeable impact against the kingdom, said BoT governor Veerathai Santiprabhob. The three-year strategic plan, starting next year, calls for preserving monetary and financial stability, promoting greater efficiency of the exchange rate market, for example, through the revision of exchange control rules and regulations, and through measures that help businesses better manage their exchange rate risks. Mr Veerathai said the BoT will promote competition, innovation and digital banking services among financial service providers, including FinTech, and will encourage a greater role for niche players to help narrow gaps in access to financial services. Also, the BoT shall promote a more efficient financial connectivity, particularly with the three Indochinese countries and with Myanmar as well as those neighbouring countries with high growth potential. Thirdly, the BoT will strive for greater modernisation and more flexible, said Mr Veerathai. The plan is necessary to implement because, according to Mr Veerathai, global economy and financial atmosphere are projected to be more volatile in the future due partly to weak recovery of the world economy. It is necessary for Thailand’s economy to adapt, aimed at boosting the country’s competitiveness, lower social disparity and household debt, he said. The country must be well prepared as Thailand is about to enter ageing society and digital economy, said Mr Veerathai, adding that progressive technology would become a significant factor to assist Thailand in reducing costs and the service users. (TNA)