Lesson 2 of 5

Inflation targeting in ASEAN: targets, bands and open letters

Thailand, the Philippines and Indonesia anchor their money with a public inflation target. In each, the government takes part in setting the target, the central bank steers a policy rate to reach it, and the target comes with a band or range. In Thailand and the Philippines, the central bank must also explain in an open letter when inflation strays outside it.

Published 16 October 2026