Bank of Thailand

About Bank of Thailand

The Bank of Thailand was established in 1942. The BOT managed the Thai baht and supervised Thai banks. The 1997 Asian Financial Crisis began when Thailand was forced to devalue the baht. The BOT was criticized for defending the peg too long, depleting reserves. Post crisis reforms strengthened the BOTs independence and supervisory powers. The BOT implemented capital controls and macro prudential measures to manage financial stability. Thai banks recovered from the crisis with government assistance. The BOT targets core inflation of 1 to 3 percent. Governor Sethaput Suthiwartnarueput, appointed in 2020, navigated the COVID crisis and the economic impact of political instability in Thailand.