Section 28/4 The selection committee shall vacate from office when the selection process and the appointment of the experts to be a Chairman or experts, as the case may be, has been completed.

Section 28/5 The Governor and the Secretary of the Ministry of Finance shall propose the name list of a person, with Thai nationality and no prohibited characteristics as prescribed under Section 18 and having knowledge and experience for the purpose of performing their duties in the BOT Board, to the selection committee to elect the suitable persons to be appointed as a Chairman or expert of the BOT Board, as the case may be. In the name list, the Governor may nominate not more than 2 times of the total number of experts, and the Secretary of the Ministry of Finance may nominate not more than the total number of experts.

After the selection committee has selected the suitable persons, in the case of Chairman, the name shall be proposed to the Minister to submit to the Cabinet for consideration. Soon after approving the name list, the Cabinet shall tender the name list to His Majesty the King for the appointment. In the case of experts, the name shall be proposed to the Minister to consider and appoint.

Division II
The Monetary Policy Board
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Section 28/6 The members of the Monetary Policy Board shall consist of the Governor, as the Chairman,2 Deputy-Governors determined by the Governor; one of which shall be assigned by the Governor to be a Deputy-Chairman, and 4 experts with professional knowledge in the field of economic or banking appointed by the BOT Board.
The Governor shall appoint an officer to be a secretary.

Section 28/7 The Monetary Policy Board shall have powers and duties conferred as follows;
(1) determining targets of national monetary policy, provided that the fundamental state policies, national economic and monetary status shall be taken into consideration;
(2) determining policies of managing the currency exchange under the exchange rate regime as to the law on currency;
(3) determining any necessary measure in compliance with the target and policies in (1) and (2);
(4) monitoring the BOT’s implementation according to(3) to be correct and efficient.

The Monetary Policy Board shall report its operation to the Cabinet for every 6 month period.

Section 28/8: By December of each year, the Monetary Policy Board, with a corporative agreement with the Minister, shall determine targets of monetary policy for the following year which shall be regarded as the guideline for the State and the BOT for the purpose of implementing any measure to maintain the price stability. The Minister shall propose the agreed targets of monetary policy to the Cabinet for approving. Upon the approval, it shall be published in the Government Gazette.

In the case where it is appropriate or necessary, the Monetary Policy Board may edit, change or add targets of monetary policy, provided that those stated in paragraph one shall be complied with.

Division III
The Financial Institutions Policy Board
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Section 28/9 The members of the Financial Institutions Policy Board shall consist of the Governor, as the Chairman, 2 Deputy-Governors determined by the Governor; one of which shall be assigned by the Governor to be a Deputy-Chairman, the Director of the Fiscal Policy Office, the Secretary of the Insurance Commission, the Secretary of the Securities and Exchange Commission and 5 experts appointed by the BOT Board.

The Governor shall appoint an officer to be a secretary.

Section 28/10 The Financial Institutions Policy Board shall have powers and duties to formulate and execute policies concerning supervising and examining the financial institutions and monitoring the BOT’s operation in accordance with Section 8 (5) and (7); including the following duties;
(1) determining policies concerning financial institutions;
(2) determining policies on opening and closing branches of the financial
institutions;
(3) determining financial proportion, which financial institutions are subject to comply with under the law on financial institutions businesses;
(4) giving an opinion or recommendation concerning the establishment of a new financial institution.
The Financial Institutions Policy Board shall report the operation to the BOT Board within the period indicated by the BOT Board.

Division IV
The Payment Systems Board
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Section 28/11 The members of the Payment Systems Board shall consist of the Governor, as the Chairman, 2 Deputy-Governors determined by the Governor; one of which shall be assigned by the Governor to be a Deputy-Chairman, the President of the Thai Bankers’ Association and 3 experts appointed by the BOT Board.

The Governor shall appoint an officer to be a secretary.

Section 28/12 The Payment Systems Board shall have powers and duties to formulate policies concerning a payment system that is under the supervision of the BOT and the clearing system between financial institutions, for the purpose of security and effectiveness, and monitoring the BOT’s operation under Section 8 (6).

The Payment Systems Board shall report the operation to the BOT Board within the period as indicated by the BOT Board.

Chapter 5
The Governor
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Section 28/13 The Governor shall be responsible for the management and administration of the BOT’s operation to attain the objectives prescribed under Section 7, including the implementation of laws, regulations and policies prescribed by the Boards under Section 17.

The Governor shall have authority over the officers and the employees.

Section 28/14 The Governor shall be appointed by His Majesty the King upon the recommendation of the Cabinet.
In the case where there shall be the appointment of the Governor, the Minister shall appoint a selection committee consisting of 7 members who have held previous positions stipulated under Section 28/1 functioning to nominate not less than 2 suitable persons to be selected as a Governor. The Minister shall appoint any person as a secretary.

For the appointment of the Governor for a term of office, the selection committee shall propose the nominated name in paragraph 2 to the Minister for consideration not less than 90 days prior to the expiration of the term.

In the case where the Governor vacates office before the expiration of his or her term, the Minister shall appoint a selection committee under paragraph two within 15 days from the date of the vacation.

Section 28/2, Section28/3 shall apply to the selection committee in paragraph two mutatis mutandis.

The selection committee in paragraph two shall vacate from office when the selection process and appointment of the Governor has been completed.

Section 28/15 The Governor shall have knowledge and professional skill in the field of economics or banking and finance.

Section 28/16 For the performance of duties, the Governor shall be independent in the management and administration of the BOT’s affairs.

Section 28/17 The Governor must have Thai nationality and not have the following prohibited characteristics;
(1) being of more than 60 years of age on the date the Cabinet had a resolution to submit the name to His Majesty the King for the appointment;
(2) having been adjudged as an incompetent or quasi-incompetent person;
(3) being declared bankrupt or having been declared a dishonest bankrupt;
(4) having been sentenced to imprisonment by a final judgment unless such punishment is for an offence committed through negligence or for a petty offence;
(5) being an officer or employee;
(6) being or having been a political official unless vacating from the office for not less than 1 year;
(7) being or having been a holder of any position in any political party or being an officer of any political party unless vacating from the office for not less than 1 year;
(8) being a director or having a position in a financial institution or any juristic person established by any specific law , except for a position specified by law;
(9) being a director or an executive or a person with power of management or having significant interest in the juristic person having interest over the BOT’s business.

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