At this point of time our projection of 9.5 per cent growth for this financial year stands and I think it will hold good" At this point in time we are quite optimistic of the 9.5% growth we have projected for the current year," Das said. "Going forward, many of the fast-moving indicators are looking upbeat. Speaking at the event hosted by The Indian Express and Financial Times, the governor said fast-moving indicators on the economy are "upbeat" after the reverses faced as a result of the second wave of the pandemic beginning in mid-April. The last MPC meet saw one of the six members dissenting on the stance, and asking for a rollback of the accommodative stance.Īccording to many watchers, the RBI will first shift the stance before a possible rollback of pandemic measures or eventually a rate hike. MPC members shall not disclose information regarding pending or on-going issues in MPC meetings.As a result of high inflation, which also breached the 6 per cent band in between, the RBI has been maintaining a status quo on rates for over a year now and calls for higher attention to its core mandate of price rise are growing. MPC members shall not disclose or be involved in disclosing distorted or inaccurate information that may mislead the public. MPC members shall be cautious not to disclose any information of the MPC or the Bank of Thailand that may have an impact on the money market and shall be cautious not to divulge MPC decision ahead of the appropriate time. MPC members shall not abuse information, especially undisclosed information, and resources (including human resources) obtained in the capacity of MPC members to their own or other people's benefit. MPC members shall explain the rationale behind the monetary policy decision and related policy measures to the public in order to promote correct public understanding. MPC members shall also behave in a manner that builds public confidence that they are independent from political interference. MPC members shall act independently in expressing opinion and making decision, upholding the benefits to the overall economy as the ultimate goal. These factors include world oil prices, monetary policy in other countries, as well as world commodity prices, so that the MPC can assess and discuss projections for inflation going forward.Ĭode of Conduct for Members of the Monetary Policy Committee The MPC secretariat presents for consideration the latest monetary and fiscal data, data about the global economy, and data on domestic production, as well as other factors that are likely to affect the price level. The MPC meets regularly 8 times a year (approximately every 6 weeks) to assess economic and monetary conditions, as well as other risk factors which effect inflation and economic growth, in order to undertake the appropriate monetary policy decisions. The public will more easily be able to monitor the BOT's policy decisions, as the BOT is accountable to the Minister of Finance and the Cabinet through regularly scheduled reporting requirements, as required by law. External committee members should help bring specialization and diverse viewpoints into the policy making discussion.Ģ. The public can be confident that decision-making authority on policy issues is not centralized with the Governor, but conducted through various policy-making committees with a wider pool of knowledge, which should ensure that all issues of concern are taken into account. The public will benefit from the new BOT Act as follows:ġ. The impact of the new BOT Act on the public
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The MPC is required to report monetary policy developments to the Cabinet every 6 months. This target shall be reached in agreement with the Minister of Finance, which will then require approval by the Cabinet. In addition, the new BOT Act explicitly states that the MPC shall set a target for the upcoming year on an annual basis, no later than December, which will act as a guide for the government and the BOT in its objective of achieving price stability. Following up on the BOT's implementation measures as set out in (3) to ensure correctness and efficiency of those measures Setting necessary measures in order to achieve the goals as policies as set out in (1.) and (2)Ĥ.
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Setting policy for exchange rate management under the exchange rate regime specified under the authority of the Currency Act ģ. Setting a target for the country's monetary policy, taking into account the Government's policies and the country's economic and financial environment Ģ.
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The MPC's scope of responsibilities is clearly spelled out in the BOT Act, as follows:ġ.
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