Thai PM's economic advisor Sethaput picked as new central bank chief

 

FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva/

 

BANGKOK (Reuters) - Thailand's cabinet on Wednesday named Sethaput Suthiwart-Narueput, the prime minister's economic advisor and a former senior World Bank economist, as the next central bank governor, a government house source said.

 

The new chief, with a five-year term, will face the tough task of steering Southeast Asia's second-largest economy through the coronavirus pandemic, and with near-zero interest rates and high household debt.

 

"The cabinet has approved Sethaput as a new central bank governor to replace Veerathai (Santiprabhob), whose term ends on Sept. 30," the source told Reuters.

 

Sethaput had been widely tipped to get the job. He sits on the Bank of Thailand (BOT)'s Monetary Policy Committee and holds a doctorate in economics from Yale University.

 

The BOT predicts the economy will shrink by a record 8.1% this year as the coronavirus outbreak has decimated tourism and slowed domestic activity.

Last week, acting Finance Minister Santi Promphat said the 24th central bank governor must be "good, competent and honest".

 

The finance minister was responsible for selecting the central bank governor from two shortlisted candidates before proposing his selection to the cabinet for approval. There were initially six candidates.

 

The appointment also needs royal endorsement.

 

Government officials could not immediately be reached for comment on the appointment.

 

(Reporting by Panarat Thepgumpanat and Orathai Sriring; Editing by Martin Petty; Editing by Ed Davies and Martin Petty)

 

-- © Copyright Reuters 2020-07-29

 

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8 minutes ago, webfact said:

Promphat said the 24th central bank governor must be "good, competent and honest".

Since when is that of any benefit? 

10 minutes ago, webfact said:

"The cabinet has approved Sethaput as a new central bank governor

why shouldn't they approve, he's Prayut's friend/ally..... what to expect ? appreciate the baht to allow for the government cronies to keep investing outside

22 minutes ago, webfact said:

The cabinet has approved Sethaput as a new central bank governor

Of course they have, Prayuts pal, so they did as they were told, like good little boys.????????????

A thoroughly competent and impartial individual wisely chosen by the high and mighty here.....

1 hour ago, petermik said:

A thoroughly competent and impartial individual wisely chosen by the high and mighty here.....

The high and mighty here? or the high and mighty from Yale University, skull and bones?

 

will be interesting to see if the high speed rail project from china will commence now. It is already well on the way in Laos and tipped to be completed next year.  this is a massive infrastructure project part of the belt and road initiative. have a look on google earth it is something else 

 

https://www.ttrweekly.com/site/2019/05/laos-high-speed-rail-makes-progress/#:~:text=The 414-km railway line,km and 198 km respectively.

Edited July 29, 20205 yr by Heppinger

First priority by any chance?????

 

17 hours ago, webfact said:

The BOT predicts the economy will shrink by a record 8.1% this year as the coronavirus outbreak has decimated tourism and slowed domestic activity.

And the PM over a six year period has crippled the domestic economy.

As long as he keeps the Baht nice and strong and keeps everything chugging along slow and steady that'll be fine by me.