The Bank of Thailand (BOT) (
Abrv: ธปท.; th, ธนาคารแห่งประเทศไทย, ) is the
central bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a centra ...
of
Thailand
Thailand ( ), historically known as Siam () and officially the Kingdom of Thailand, is a country in Southeast Asia, located at the centre of the Indochinese Peninsula, spanning , with a population of almost 70 million. The country is b ...
.
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 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.
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
Standard of living is the level of income, comforts and services available, generally applied to a society or location, rather than to an individual. Standard of living is relevant because it is considered to contribute to an individual's quality ...
of the people of Thailand.
Governors
The Governor of the Bank of Thailand
has a five-year term of not more than two consecutive terms. The
Minister of Finance
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.
A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...
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
See also
*
Thai baht
The baht (; th, บาท, ; sign: ฿; code: THB) is the official currency of Thailand. It is divided into 100 ''satang'' (, ). The issuance of currency is the responsibility of the Bank of Thailand. SWIFT ranked the Thai baht as the 10th-mos ...
*
Economy of Thailand
The economy of Thailand is dependent on exports, which accounted in 2019 for about sixty per cent of the country's gross domestic product (GDP). Thailand itself is a newly industrialized country, with a GDP of 16.316 trillion baht (US$505 ...
*
Bank of Thailand Museum
Bank of Thailand Museum is a museum in Bangkok. The museum is housed in the Bang Khun Phrom Palace, the former residence of Prince Paribatra Sukhumbandhu, who was the 33rd son of King Chulalongkorn. The Bank of Thailand, Northern Region also has ...
References
External links
Official website
{{Authority control
Thailand
Thailand ( ), historically known as Siam () and officially the Kingdom of Thailand, is a country in Southeast Asia, located at the centre of the Indochinese Peninsula, spanning , with a population of almost 70 million. The country is b ...
Independent administrative organizations of Thailand
Economy of Thailand
Banks of Thailand
1942 establishments in Thailand
Banks established in 1942