Bank of Thailand facts for kids

Quick facts for kids
Bank of Thailand
ธนาคารแห่งประเทศไทย

Seal of Siam Devadhiraj, guardian deity of Thailand holding a money bag and a sceptre
Bang Khun Phrom Palace
Headquarters	Phra Nakhon, Bangkok, Thailand
Coordinates	13°46′08″N 100°30′03″E / 13.7689°N 100.5009°E / 13.7689; 100.5009
Established	28 April 1942 (legal) 10 December 1942 (began operations)
Governor	Sethaput Suthiwartnarueput
Central bank of	Kingdom of Thailand
Currency	Thai baht THB (ISO 4217)
Reserves	US$243.49 billion (2023)
Bank rate	2%

The Bank of Thailand (BOT) is like the main bank for the country of Thailand. It helps keep the country's money system stable and strong. The BOT makes sure that the Thai baht, which is Thailand's money, is reliable. It also works to help the country's economy grow in a healthy way.

History of the Bank of Thailand

The Bank of Thailand (BOT) started a long time ago, on December 10, 1942. It was first called the Thai National Banking Bureau. A special law, called the Bank of Thailand Act, was made on April 28, 1942. This law gave the BOT the important job of being the country's central bank.

Later, this law was updated in 2008. The new law made sure the bank also focused on helping society and preventing money problems. It also made the bank's decisions clear and fair for everyone.

Project Nexus: Connecting Payments

The Bank of Thailand is part of an exciting new project called Project Nexus. This project started on June 30, 2024, with other central banks from countries like Malaysia, the Philippines, Singapore, and India. It's like building a super-fast highway for money!

By 2026, this project will make it much easier and quicker for people in these countries to send money to each other. It connects their local fast payment systems, making cross-border payments simple and quick.

What the Bank of Thailand Does

The main goal of the Bank of Thailand is to make sure Thailand's money system is steady and reliable. This helps the country's economy grow in a healthy way. When the economy is strong, it helps everyone in Thailand have a better life. The BOT works to keep prices stable and prevent big economic ups and downs.

Governors of the Bank

The person in charge of the Bank of Thailand is called the Governor. The Governor has a very important job, leading the bank and making big decisions about Thailand's money. A Governor serves for five years and can be chosen for up to two terms.

The Minister of Finance suggests a candidate for Governor to the Thai Cabinet. If the Cabinet agrees, the candidate is then presented to the Monarch for final approval.

List of Governors

See also

In Spanish: Banco de Tailandia para niños

• Thai baht
• Economy of Thailand
• Bank of Thailand Museum
• List of central banks