Bank of Thailand pushes liberalisation under new plan

Wichit Chantanusornsiri American Chronicle 07.11.2009 00:59

Bank of Thailand Governor Tarisa Watanagase

Thailand's new financial master plan will offer greater opportunities for foreign banks, says Bank of Thailand governor Tarisa Watanagase.

New specialised financial institution categories will be set up and commercial banks will be given more flexibility in their business operations, she added.

The central bank's second financial-sector master plan would gradually liberalise the sector from 2010-14.

The first master plan, from 2004-08, aimed to improve the efficiency of, and public access to, financial services. The second will focus on reducing funding costs to support growth while increasing flexibility to cope with market volatility.

Liberalisation will be split into three stages. Phase one, from 2010-11, will focus on increasing the competitiveness of Thai commercial banks. Local banks will be encouraged to merge, while bank regulations will be revised to allow for an orderly exit in case of crisis.

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