With recent experiences of political interference in financial institutions (see next section) and the ability of the BOT to revive much of its credibility and independent stance,it would be difficult to establish a new supervisory agency wiith enough credibility to gain the confidence of the market. An effective new supervisory agency needs to have sufficient independent from political interference,which is hard to see at this stage. Therefore,it would be better to leave supervision with the BOT and the new BOT Act should be expedited in order to provide legal underpinning to the new monetary policy regime.