“The Bank of Thailand” adheres to principles to build confidence

The next thing is to create transparency in the decision-making process and make it auditable. What has changed after the Tom Yum Kung economic crisis is that the BoT will use decision-making in a collective format to prevent group thinking. There are checks and balances in the decision-making power of various committees, whether it be the BoT Board, the Monetary Policy Committee (MPC), the Financial Institutions Policy Committee (FIPC), or the Payment Systems Committee (PSC). Each of which has a higher proportion of external committees than the BoT’s officials, ensuring that the ideas of BoT officials cannot dominate policy decisions. The decision-making is transparent because there is a data storage and communication system so that it can always be traceable. For example, at the MPC meeting, minutes of the meeting are disclosed to the public. After every meeting, questions were…