does not change significantly in 2005, though the pace of growth may slow down, in line with a declining trend in global economic expansion. Various negative factors that impacted economic growth in the

the first seven months as a result of the BOT's economy stimulating monetary policy, while inflation risk remained low. The policy rate was cut five times from 5 percent to 3.25 percent. Government bond

are to maintain efficient, M.R. Pridiyathorn Devakula Chairman Message from the Chairman A n n u a l R e p o r t 2 0 0 6 3 Thirachai Phuvanatnaranubala Secretary-General The economic expansion was on

● Development of Debt Instrument Secondary Market Expansion of Investor Base and Distribution Channels for Investors and Promotion of Investment Culture ● Additional Mutual Fund Management Licenses in the Thai

Expansion of Investor Base and Distribution Channels Coupled with Promotion of Investment Culture ■ Additional Mutual Fund Management Licenses to Promote Professional Management in the Thai Capital Market