7

PAGE 11

7(Monetary Policy of Thailand)

..1942 ..2485 . . () .

3

1. ( ..2540) 2 2527 2540 (Exchange Equalization Fund - EEF)

2. ( 2540 2543) 2 2540 (International Monetary Fund - IMF) IMF (Financial Programming Approach) 6 ()

3. ( 2543 - ) IMF 2540 2543

(The Monetary Policy Board - MPB) 5 2543 9 30 2544 (The Monetary Policy Commitee - MPC) MPB 9 2544 MPC 4

(Inflation Taget)

1. (Core Inflation) (MPC) (Core Inflation)

(Core Inflation) 3.5%

(Core Inflation) 81% (CDI)

(Headline Inflation) (Core Inflation) 10 (Core Inflation) 4.7% (Headline Inflation) 4.8% (Core Inflation)

2. (Core Inflation) 0-3.5% 3.5% 2-3% 2543-2544 0-3.5% 2 2% 1.2% 2543 0.35%

3. (Quarterly Average Core Inflation) (MPC) (Core Inflation) 0-3.5% 3.5%

(Inflation Targeting) (.) 14 (Policy Rate) (.) . . . (Monetary Policy Instruments) (MPC)

. 3 1. (Reserve Requirement) / 1 6

. 1 ( 0.2) 2.5 (Carry-Over Provision) . () 5 2 . 2. (Open Market Operations OMOs) . (Banks' Reserves .) OMOs ( .) (Demand for Settlement Balance) . OMOs 4 2.1 (Repurchase Operations)

. / ( ) . . .

.

. OMOs . . (Matched-principal broker)

. 2522 . Matched-principal broker (Counterparty Risk) (Continuous Matching) (First-Come First-Serve) . / (real-time) . (Reuters)

(FIDF) 2540 1 7 14 1 2 3 6 1 14 (Bilateral Repurchase Operations)

.. 2543 (..2000) . / . 2 (fixed-rate tender) (Variable-rate Tender) . 14 . (fixed-rate tender) PDs . PDs . OMOs . 2547 . 2 2.2 . (Outright Primary Dealers) . . 2.3 . . . 2546 . . website .

(Competitive Multiple-Priced Auctions) . . .

2.4 (Foreign Exchange Swaps) OMOs OMOs . . (Web Portal) . 1-2 . Sell-Buy (onshore) (offshore) . Sell-Buy . (brokers) 1-2 1 1 OMOs 3 3. (Discount Rate) . (End-of-Day Liquidity Window) . (Real Time Gross Settlement - RTGS) Intraday Liquidity Facility (ILF) ILF ILF (Spill-over) (Margin) 4.0 5.5

. (Discount Rate Haircuts) 10 (Cap) . . ILF .

7 6 (Core Inflation) (Headline Inflation) 6

1) ( 6 ) 2)

3)

4) MPC (Headline Inflation) (Core Inflation) MPC 5) Time Inconsistency

5

HYPERLINK http://www.bot.or.th www.bot.or.th 23/6/2549

(Core Inflation) (Demand Pull) (Cost Push)

(Core Inflation)

(Consumer Price Index - CPI)

. (www.bot.or.th)

. (www.bot.or.th)

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