Information about Asia and the Pacific Asia y el Pacífico
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Thailand: Staff Report for the 2017 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. Asia and Pacific Dept
Published Date:
May 2017
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Information about Asia and the Pacific Asia y el Pacífico
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Fund Relations

(As of March 31, 2017)

Membership Status: Joined 05/03/1949; Article VIII.

Article VIII Status: Thailand has accepted the obligations of Article VIII, Sections 2, 3, and 4, and maintains an exchange system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions.

General Resources Account:

SDR MillionPercent Quota
Quota3,211.90100.00
Fund holdings of currency2,751.5485.67
Reserve position in Fund460.3614.33
Lending to the Fund
New Arrangements to borrow58.91

SDR Department:

SDR MillionPercent Allocation
Net cumulative allocation970.27100.00
Holdings974.98100.49

Outstanding Purchases and Loans: None

Latest Financial Arrangements:

In millions of SDR

TypeApproval DateExpiration DateAmount ApprovedAmount Drawn
Stand-by8/20/976/19/002,900.002,500.00
Stand-by6/14/8512/31/86400.00260.00

Projected Obligations to Fund

(SDR million; based on existing use of resources and present holdings of SDRs):

20172018201920202021
Principal
Charges/interest0.030.030.030.030.03
Total0.030.030.030.030.03

Exchange Rate Arrangement:

After more than a decade when the baht was effectively pegged closely to the U.S. dollar through a basket of currencies, the exchange rate regime was changed on July 2, 1997. Both the de jure and de facto exchange rate arrangements are classified as floating.

Last Article IV Consultation:

Thailand is on the standard 12-month Article IV consultation cycle. The previous Article IV consultation was concluded on May 23, 2016. Copy of the Staff Report could be downloaded from this link.

Recent Technical Assistance:

FAD: A mission in March 2017 focused on strengthening the performance of the personal income tax (PIT) and progressing the implementation of recommendations on the value-added tax (VAT).

STA: A mission in February–March 2017 conducted a workshop and provided technical assistance on government finance statistics, aiming at improving the estimates of local governments’ operations and the proper economic treatment of complex government operations and schemes based on international macroeconomic statistical standards.

Resident Representative: None

Bank-Fund Collaboration

Thailand: JMAP Implementation Table
TitleProductsProvisional Timing of MissionsDelivery Date (tentative)
A. Mutual information on relevant work programs
Bank work programThailand-World Bank Group Public EngagementsOn-goingContinuous
Thailand Economic MonitorBi-annualMay 2017 and November 2017
Thailand Country Systematic Diagnostic ReportCompletedNovember 2017
Implementation of Secured Transactions and improving Ease of Doing BusinessOn-goingJune 2017
Technical assistance for a guided self-assessment of insurance practicesOn-goingNovember 2017
Strengthening corporate governance of State Owned Enterprises and State Financial InstitutionsOn-goingTA – Just in time
IMF work program2017 Article IV missionFebruary 2017Board discussion expected in May 2017
2017 Staff VisitFall 2017
B. Request for work program inputs
Fund request to BankAssessment of economic developments and structural policiesSemi-annual or more frequentOngoing
Public Investment Management AssessmentCompleted
Information sharingSemi-annual or more frequentOngoing
Bank request to FundAssessment of macroeconomic developments and policiesSemi-annual or more frequentOngoing
Information sharingSemi-annual or more frequentOngoing
Share information on Technical Assistance work on Medium Term Fiscal Framework, State Financial InstitutionsSemi-annualOngoing

Statistical Issues

(As of April 19 2017)

I. Assessment of Data Adequacy for Surveillance
General: Data provision is broadly adequate for surveillance. The authorities have continued to improve the quality and coverage of data. The dissemination of additional data may enhance the basis for macroeconomic analysis.
National accounts: The National Economic and Social Development Board (NESDB) compiles annual and quarterly GDP estimates using both the production and expenditure approaches. The annual GDP volume measures are derived at previous year’s prices and as chain-linked indices with 2002 as the reference year. The NESDB introduced new quarterly GDP current price and chain-linked volume estimates in May 2015.

Price statistics: The Bureau of Trade and Economic Indexes (BTEI) compiles and disseminates a monthly consumer price index with weights based on expenditure data collected from households during the 2015 Socio-Economic Survey since January 2017. Index coverage is restricted to middle-income urban households. In addition to headline CPI, the BTEI publishes aggregate indexes for the low-income and rural populations.
Government finance statistics: The authorities provide data to the Fund consistent with the Government Finance Statistics Manual, 2014 (GFSM 2014). Data are contributed to both the Government Finance Statistics Yearbook and the International Finance Statistics. General government fiscal data are provided to the IMF annually and the authorities publish monthly data for key GFS-based numbers for the general government on their website. In addition, the authorities compile GFSM 2001-based data for the nonfinancial state enterprises (SOEs), although there are delays for selected SOEs. The authorities also publish public sector debt data in their website, including debt of nonfinancial SOEs and Specialized Financial Institutions.
Monetary statistics: The authorities submit the Standardized Reporting Forms (SRFs) for monetary statistics on a timely basis. 10 FSIs for Thailand are published on the IMF’s FSI portal.
Balance of payments: The authorities started publishing balance of payments statistics under BPM6 in September 2011. The historical data goes back to 2005—a longer historical series would be useful. The methodology for compiling balance of payments data remains adequate. Additional source data to complement the ITRS have been developed recently and coverage has been expanded to include estimates of reinvested earnings and worker remittances outflows. Further improvements are expected to enhance the data coverage and accuracy of BOP and IIP statistics, particularly in areas where new concepts have been introduced by BPM6 such as in goods and services. Quarterly IIP data are disseminated since late 2014 (starting with the first quarter of 2012), in line with SDDS’ recommendation. The data are collected quarterly and publicly available with a lag time of one quarter. The last observation available for quarterly IIP is 2016: Q3 (at time of assessment). Data on external debt and debt service have significantly improved since the introduction of a quarterly survey of private nonbank external debt.
II. Data Standards and Quality
Subscriber to the Special Data Dissemination Standard (SDDS) since 1996.Data ROSC published in April 2006.
Thailand: Table of Common Indicators Required for SurveillanceAs of April 28, 2017
Date of Latest ObservationDate ReceivedFrequency of Data6Frequency of Reporting6Frequency of Publication6Memo Items:
Data Quality – Methodological Soundness7Data Quality – Accuracy and Reliability8
Exchange Rates4/28/20174/28/2017DDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities12/29/20173/22/2017WWW
Reserve/Base Money2/20173/22/2017MMMO, O, LO, OO, O, O, O, O
Broad Money2/20173/22/2017MMM
Central Bank Balance Sheet2/20173/22/2017MMM
Consolidated Balance Sheet of the Banking System2/20173/22/2017MMM
Interest Rates24/28/20174/28/2017DDD
Consumer Price Index3/20174/1/2017MMM
Revenue, Expenditure, Balance and Composition of Financing3—General Government420162/2017AAAO,LO,O,LOLO, O, O, O, O
Revenue, Expenditure, Balance and Composition of Financing3– Central Government2/20174/2017MMM
Stocks of Central Government and Central Government-Guaranteed Debt52/20174/2017MMM
External Current Account Balance12/20162/2017MMMO, LO,LO,LOLO, O, O, O, LO
Exports and Imports of Goods and Services12/20162/2017MMM
GDP/GNP2016: Q42/2017QQQLO, LO, O, LOO, O, LO, O, O
Gross External Debt12/20163/2017MMM
International Investment Position2016: Q43/2017QQQ

Includes reserve assets pledged or otherwise encumbered, as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).

Reflects the assessment provided in the data ROSC (published on April 10, 2006 and based on the findings of the mission that took place during October 3–17, 2005) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

Same as footnote 7, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment, and revision studies.

Includes reserve assets pledged or otherwise encumbered, as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).

Reflects the assessment provided in the data ROSC (published on April 10, 2006 and based on the findings of the mission that took place during October 3–17, 2005) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

Same as footnote 7, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment, and revision studies.

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