Brainstorming for a better system
The Bank of Thailand has invited more than 40 bankers and
academics to meet and brainstorm to prepare the second financial system
development plan focused on boosting the efficiency of the country’s
Speaking after a meeting on the direction of the Second Financial
Development Plan for 2008-2012, BoT deputy governor Bandid Nijathaworn said
participants agreed with the overall picture of the plan’s direction.
Under the plan, emphasis would be placed on enhancing efficiency of the
country’s financial system because it could help maintain the stability of
the system, which would contribute to Thailand’s overall future economic
However, the participants want the second plan to have a clear objective to
reduce the limitations to accessing financial services by small companies.
Mr. Bandid said the plan is set for completion in the first quarter of next
year. A joint working group will be set up to revise obsolete rules and
The participants also viewed that the plan should not focus only on the
development of commercial banks, but also give importance to other parts of
the financial system.
Most participants supported three approaches to boost efficiency of
financial institutions, reducing unnecessary financial system costs, more
liberalized competition focused on value-added services, and lastly to
better develop the basic structure of Thailand’s financial system. TNA
PM reassures investors
Despite a decline in exports due to a sluggish global
economy, the country’s economy is projected to grow 4 to 4.5 per cent this
year, while government spending and investment by state enterprises are
expected to continue rising, Prime Minister Gen. Surayud Chulanont said to a
group of local and foreign investors attending the Third Thailand Focus in
He added that his interim government continued to support tourism and
projected that about 14.8 million tourists would visit Thailand in 2007.
The government is also exploring trade and investment opportunities with
other countries through bilateral and multilateral systems, he said.
The forum, organized by the Stock Exchange of Thailand, was designed to
serve as a venue for investors to be kept informed of Thailand’s political
direction and policies of the new government in the future.
Thailand will embark on sustainable development, in both politics and
economy, and efforts by the government this year will make the country an
attractive place for investment and doing business, the prime minister
Touching on local politics, Gen. Surayud emphasized to investors that his
interim government and the Council for National Security had agreed to hold
a free and fair general election before the year end and the newly-elected
government should be formed in January.
The coming three months will be considered as vital for the future political
development of Thailand, he added. TNA