do not want policy to add to that noise. it is important for policymakers to try to avoid overreacting to the latest data, given that data comes out with a lag. that is why we need to be outlook dependent rather than data dependent. don't just look at the latest data, but what does it imply for outlook going forward. so, we need to understand the source of the change whether that affects outlook as we know that implemented policy will take place and have effects with a lag. we also need to avoid too much finetuning. the ability of monetary policy to affect variables that we are interested like inflation is limited. we should have learned this from the period of stubbornly low inflation where central banks in a lot of developed countries had lowered policy rates all the way down to zero but still did not manage to get inflation up. now with high inflation, the ability to bring inflation back down is also limited given that lots of shocks are coming more from the supply side. 3 ) use complementary tools as part of an integrated policy mix. the bot has been active and working with the international monetary fund ( imf ) towards an operation called an'integrated policy framework'( ipf ) – looking at monetary policy not just in isolation but in the context of other tools including foreign exchange intervention, macroprudential tools like loan - to - value ( ltv ) ratio, and financial measures. when talking about monetary policy, overwhelmingly the emphasis is on interest rates. however, interest rate is just one blunt tool, but is supposed to address a number of different objectives, often going in different directions. for example, people who have excess cash or savings would want to have high interest rates, while those who have debts obviously want to see lower interest rates. exporters would want to see a weaker exchange rate and lower interest rates, but importers do not want lower exchange rates because then costs go up at the margin. so, this one tool is not going to satisfy everyone but must balance between different trade - offs. what we try to do is to bring in other tools to manage those trade - offs more effectively. in the context of thailand, one tool that we use as part of the ipf is foreign exchange intervention. we did not raise policy rates as high as the fed, so there is a gap interest rates in the us and in thailand, putting pressure on the exchange rate and causing high volatility. if we only have the interest rate

##net to ensure the simultaneous delivery of us dollars in hong kong and thai baht in thailand in order to eliminate or mitigate settlement and counterparty risks. the link operationally started since 28 july this year. aligning with cross - border payment innovations, growth of it investment is another matter that the bank of thailand has promoted and monitored. the widespread adoption of advanced technology in banks ’ key systems is to advance efficient internal operations – big data analytics for processing customers ’ information to analyze customers ’ behavior and cloud computing for allocating it resources, and to provide products and services through online platform such as mobile electronic data capture, net bank, virtual card, near field communication contactless, and etc. however, many people, especially in the baby boom ages, have not experienced the online banking services yet, partly because they have concerns about security. so it is our job to secure them. bot has continuously promoted online banking systems and are aware of their risks and impacts at the same time since we believe that no matter what we have in online mode, they are all connected. as digital banking products thrive, so do the competency of cyber threats. in banking banana survey this year indicated that technology risk rose from no. 18 in 2012 survey to no. 4 due to a high increase in the frequency and sophistication of cyber - attacks. financial institutions have exposed to all risks of technology security : access risk, accuracy risk, availability risk, and agility risk. concerning the systemic risks, the bank of thailand as a regulator established the it principle called “ sia ”, which stands for security, integrity and availability that covers infrastructure protection at the prevention stage of both physical and logical controls : cctv / access control ; firewall, ids / ips, antivirus and password, respectively. in the arrangement of contingency plan, all systems will be tested or reviewed regularly. furthermore, key risk indicators and risk tolerance will be closely monitored, and loss data collection will be reported to the board of directors and the bank of thailand. lastly, the bank of thailand has to correct the it contingency plan implementation. additionally, market conduct will serve as an alignment to each stage to determine customer protection by sharing correct information and suggestions to customers ; and by interacting with customers ’ complains. as a central bank, we wish to support more on inter - operability for both wholesale and retail which is a part of standard setting i mentioned earlier : for example, standardized codes for all banks