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Financial System Reform in Thailand
In 2004 Thailand began to implement the Financial Sector Master Plan (FSMP), a long-term reform program aimed at creating a more efficient, transparent, and internationally competitive financial sector that can serve a larger proportion of the Thai population. With the first phase of the FSMP completed in 2009, Thailand announced that a second phase of financial sector reforms will begin in 2010. This Asia Focus report provides an overview of the FSMP’s development, highlights key reform measures completed under Phase I, and describes measures proposed under Phase II and some of the challenges regulatory authorities may face during implementation.
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