PM's adviser leads race to become next BOT governor

By The Nation

 

Adviser to the PM Setthaput Suthiwart-Narueput is widely expected to be picked as next central bank governor.

 

An adviser to PM Prayut and a central bank insider are the two frontrunners in the race to be next central bank governor.

 

Six candidates are competing for the post of Bank of Thailand governor, with the incumbent Veerathai Santiprabhob set to complete his five-year term in September.

 

Observers had previously tipped two experienced central bank deputies – Mathee Supapongse and Ronadol Numnonda – as the candidates most likely to be shortlisted by the recruiting committee.

 

The finance minister is tasked with picking one of two candidates proposed by the recruiting committee before the name goes to the Cabinet for final approval.

 

However, all eyes shifted to Setthaput Suthiwart-Narueput, 55, when his name appeared on the candidate list.

 

Setthaput has an advantage over the other five candidates since he is currently an economic adviser to Prime Minister Prayut Chan-o-cha, while his rich experience in economic affairs should also serve him well. Setthaput took a doctorate degree in economics from Yale University before working for the New York-based McKinsey & Company consultancy firm and the World Bank.

 

Setthaput is currently a member of the central bank’s monetary policy committee (MPC).

 

He also happens to be a friend of Veerathai.

 

Veerathai and Setthaput were recruited to work at the Finance Ministry after the 1997 financial crisis hit Thailand. The two were appointed co-directors of the Fiscal Policy Research Institute.

 

Setthaput was working as senior economist at the World Bank in Washington before joining the Finance Ministry. Then-Finance Minister Tarrin Nimmanahaeminda was managing the economy under the International Monetary Fund’s austerity programme, which was widely criticised in Thailand as the “wrong medicine”. The IMF argued that the Democrat-led Thai government had to restore policy credibility by cutting government spending and increasing taxes. The consequence was that the Democrat Party lost the next election, while the IMF later abandoned such austerity-based programmes for other crisis-hit countries.

 

After two years at the Finance Ministry, Setthaput resigned and continued to work at the World Bank.

 

He was then appointed as senior vice president of the Stock Exchange of Thailand between 2005 and 2007. Later, he became managing director and head of research at SCB Securities before going on to be named president of SCB Asset Management. He was appointed vice president and chief economist at Siam Commercial Bank between 2009 and 2011. He resigned to found his own financing consultancy company, The Advisor Co Ltd. 

 

In 2014, he was invited to join the central bank’s MPC.

 

Setthaput has been called hawkish by some observers for his emphasis on financial stability over short-term high economic growth. That preference may reflect his work on the IMF’s Thai austerity programme during 1997-98 Asian financial crisis.

 

Setthaput was among the first economists to raise concerns about the recent rise in household debt levels. In 2016, he also warned of possible debt defaults among companies issuing corporate bonds.

 

Pipat Luengnaruemitchai, assistant managing director at Phatra Securities, views Setthaput as an economist with strong experience of both fiscal and monetary issues and the private sector. 

 

“He is quite flexible. For example, when economic growth is fine he focuses on financial stability, but when the economy faces contraction, as with the current Covid-19 crisis, he agrees with policy rate cuts,” said Pipat.

 

Pipat predicted that Setthaput and one of the central bank deputies may be picked by the recruiting committee, before Finance Minister Uttama Savanayana puts the final name to Cabinet. 

 

Setthaput was likely encouraged to apply for the post by Uttama, but then backed away when Uttama’s position was undermined by upheaval in the ruling Palang Pracharat Party, say observers. 

 

When it became clear that Uttama would remain as Finance Minister despite quitting the party last Thursday, Setthaput applied for the post at the last minute after the deadline was extended from June 25 to July 10.

 

The other candidates are Anusorn Tamajai, former dean at Rangsit University’s Economics Faculty and former MPC member; Tongjai Thanachanan, former head of institutional business at Ayudhya JF Asset Management; and Suchart Techaposai, former head of fixed income at Ayudhya JF Asset Management.

 

Source: https://www.nationthailand.com/business/30391244

 

-- © Copyright The Nation Thailand 2020-07-14

 

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'Jobs for the Boys' in full view here.

Get in there boy, we control most things, get you in the top job at the bank, then we can control that as well.

Talk about jobs for the boys, unreal thats what it is, unreal.

This man is extremely well qualified and has an excellent reputation:

 

"Setthaput took a doctorate degree in economics from Yale University before working for the New York-based McKinsey & Company consultancy firm and the World Bank".

 

3 hours ago, webfact said:

PM's adviser leads race to become next BOT governor

Jesus Christ

1 hour ago, colinneil said:

Get in there boy, we control most things, get you in the top job at the bank, then we can control that as well.

Lets face it - it hardly makes much difference in the grand scheme of things, what is so annoying about this is - how blatant and in your face it is.

 

 

 

 

 

 

Edited July 14, 20205 yr by smedly

8 minutes ago, smedly said:

Jesus Christ

How many other candidates do you think there are in Thailand with his qualifications and experience, almost none in the answer, the man has a doctorate from Yale for goodness sake!

1 minute ago, Trillian said:

How many other candidates do you think there are in Thailand with his qualifications and experience, almost none in the answer, the man has a doctorate from Yale for goodness sake!

Maybe he is qualified for the job, but he is not being put forward as a candidate based on his qualifications.

 

3 hours ago, webfact said:

rich experience in economic affairs should also serve him well. Setthaput took a doctorate degree in economics from Yale University before working for the New York-based McKinsey & Company consultancy firm and the World Bank

Good Job Setthaput, lets hope your selected as it appears your experience will offer great support.

Just now, colinneil said:

Maybe he is qualified for the job, but he is not being put forward as a candidate based on his qualifications.

 

How do you know that, you haven't even read or understood the article or you wouldn't write that. Look at his experience and look at who else who is in the running and compare their experience, they don't even come close.

Aw look, we're down to emoji clicks!

 

Here's the CV's of the candidates, you tell me!

 

https://www.linkedin.com/in/suchart-techaposai-875189184/?originalSubdomain=th

https://www.linkedin.com/in/tongjai-thanachanan-88148b66/?originalSubdomain=th

https://www.linkedin.com/in/anusorn-tamajai-94317a5a/?originalSubdomain=th

https://www.linkedin.com/in/sethaput-suthiwartnarueput-a0a95a56/?originalSubdomain=th

1 hour ago, Trillian said:

This man is extremely well qualified and has an excellent reputation:

 

"Setthaput took a doctorate degree in economics from Yale University before working for the New York-based McKinsey & Company consultancy firm and the World Bank".

 

The smack smuggler also professed to have a PhD.

1 hour ago, Trillian said:

How many other candidates do you think there are in Thailand with his qualifications and experience, almost none in the answer, the man has a doctorate from Yale for goodness sake!

Having the qualifications and experience is one thing... being able to use them freely and without interference is something entirely different !

2 hours ago, colinneil said:

Get in there boy, we control most things, get you in the top job at the bank, then we can control that as well.

Talk about jobs for the boys, unreal thats what it is, unreal.

Oik Oik where is the trough boys I want a piece of the action

1 hour ago, hotchilli said:

Having the qualifications and experience is one thing... being able to use them freely and without interference is something entirely different !

The Governor of the Central Bank is appointed by the highest authority in the land and historically has been under his protection in order to maintain central bank independence, case in point ex Governor Tarisa Watanagase. That said, the role of BOT is to implement government policy.

5 hours ago, Trillian said:

How many other candidates do you think there are in Thailand with his qualifications and experience, almost none in the answer, the man has a doctorate from Yale for goodness sake!

I've  got a receipt  from McDonalds yet no one asked me.....????

9 hours ago, webfact said:

Six candidates are competing for the post of Bank of Thailand governor,

That's about the size of my trouser pockets and man bag????

 

 

6 hours ago, Trillian said:

How do you know that, you haven't even read or understood the article

'Never stopped him before.

An inflammatory troll post has been removed.

On 7/14/2020 at 6:14 AM, CelticBhoy said:

'Jobs for the Boys' in full view here.

Yeah, another of those party hack cronies with a Yale PhD and experience at McKinsey, the World Bank, the Stock Exchange, and the Finance Ministry...