in this direction. to conclude, i wish to reiterate that with its solid economic foundations, thailand is poised for a strong recovery and is well - positioned to benefit from the rise of asia. the bot strives to be an active player in the broader push by the public sector to upgrade our economy ’ s potential. most immediate is to make sure that we deliver on our mandate of macroeconomic and financial stability. at the same time, the bot aims to undertake steps, or act as a catalyst for the necessary changes, that will serve to achieve a more competitive thai economy. let me close my remarks tonight by thanking the japanese chamber of commerce and the japanese business community in thailand for your commitment to our country. we have been inspired by how you have dealt with the daunting adversity caused by the earthquake in your country. and we have been deeply touched by your support and steadfastness as we recover from the floods. i hope that the long history of friendship and strong business tie between japan and thailand will blossom further into the future for the mutual benefit of both our nations. thank you. bis central bankers ’ speeches

banks around the world. supplementing this framework with macroprudential measures should help to further strengthen our ability to deliver long - term economic and financial stability. while the current monetary framework gives priority to inflation, the bot gives a balanced consideration to economic growth and financial stability as well. in the face of severe disruption to economic activity from the floods, elevated risks and uncertainties from the global economy, and moderating inflationary pressure, monetary policy has recently shifted toward addressing risks to economic growth. this is reflected in the two consecutive reductions in the policy rate in the last two meetings before yesterday. these actions have helped to shore up confidence and accelerate the return of economic activity to normal levels. at this juncture, upside risks to inflation have begun to increase. externally, geopolitical problems in the middle east have pushed global oil prices up strongly. domestically, postflood pickup in public and private spending is adding to demand pressure. in addition, various government measures, including the reduction in the oil subsidy and a hike in the minimum wage, may also boost prices in the short term. as i understand, the minimum wage increase is one of the chief concerns for many of you here. we very much recognize the potential risks involved and our utmost priority is to limit harmful second - round effects of this shock. in doing so, this should help to limit the impact on businesses. apart from serving as an anchor for macroeconomic stability, the bot can also work to promote thailand ’ s competitiveness and adaptability. we will continue to pay particular attention to policies that facilitate businesses in adjusting to a competitive environment. for example, the bot is formulating a capital account liberalization master plan to enable more flexibility in managing cross - border investments and to achieve greater balance of capital flows. foreign exchange regulations would also be streamlined to help reduce the cost for the private sector in cross - border transactions as well as to deepen and broaden domestic financial markets. more directly, the bot can strive to enhance the effectiveness of the financial sector in serving as an efficient intermediary that is able to meet private sector demands at reasonable costs. improvements can be achieved in four dimensions. first, encourage financial innovation and the expansion of available financial instruments. second, broaden the choice available to firms and households in terms of financial services. third, reduce the cost of these financial services. and lastly, improve access to them. the second financial master plan is an example of bot ’ s efforts aimed at pushing the financial sector