Many more have also made inquiries which I am very glad to see. Ladies and gentlemen, Let me now turn to the concluding part of my talk tonight. Amid the volatile global financial climate, Thailand’s strong external positions will serve as buffers against financial shocks. The private sector’s prudent financial management and policymakers’ credible policy will allow us to successfully ride with the global tides. In the real sector, the Thai economy is expected to maintain its gradual recovery path, driven mainly by government spending and tourism. Exports of goods, on the other hand, is subject to a slowdown in trading partners’ economies and structural constraints of the Thai industries. Inflationary pressure remains subdued, but the headline inflation will gradually rise in line with a recent pick up in oil prices. Against this backdrop, monetary policy stance will remain adequately accommodative to support economic activities, while safeguarding financial stability. Over a longer horizon, the Bank of Thailand is committed to creating financial infrastructure and nurturing the financial eco-system to help lift up growth potentials of the Thai economy. We aim to promote financial innovation, financial inclusion and  4  BIS central bankers’ speeches  financial literacy, as strong foundations for sustainable economic development. With regard to the payment systems, the new infrastructures are being built to support the transition towards the digital economy. Rules and regulations on exchange-rate management are to be relaxed further for greater flexibility of investors and multinational companies.

In addition, the use of local currency in regional trade and investment has been promoted to lower business transaction costs and mitigate volatility of the major currencies. We hope that policy to strengthen financial connectivity with our neighbors will facilitate closer economic integration for the shared benefits of the region. The second plan is the Payment Systems Roadmap. The plan is aimed to promote safe and efficient electronic payment services with new technologies and innovation, with a view to reducing transaction costs, improving governance standards, and being supportive of expanding economic activities. In particular,  BIS central bankers’ speeches  3  integrated payment channels, such as mobile phones, internet, debit/ credit cards, and emoney along with a competitive fee structure, will support e-Commerce/ m-Commerce and benefit both businesses and consumers alike. The Bank of Thailand will also continue to work with regional regulators to advance payment systems connectivity to support international trades, labor movements, and tourisms. Under this roadmap, the Bank of Thailand has worked closely with the government to advocate the idea of digital economy by taking a lead in the National e-Payment Plan to promote Any ID infrastructure and debit card usage. Development of a new payment infrastructure as the “open architecture” to allow network interoperability among various types of players will lower payment fees and discourage the use of cash, thus resulting in much lower operating costs and higher efficiency for the corporate and banking sectors.