Thailand had to de-peg the currency in July as net foreign reserves were almost completely depleted. A managed float system was introduced and continues to be used to this day. Under such a system with liberalized capital flows, the role of monetary policy becomes very important. In order to underpin a monetary anchor under the managed float system, the BOT formally introduced an “inflation targeting” monetary policy framework on May 23, 2000. The framework targets “core” inflation, which excludes fresh food and energy prices, and the inflation target was set as 0-3.5%, a range that is still used to this day.