Govt Challenged to Remove Central Bank Governor Amidst Digital Wallet Dispute

[webfact]

 

The Democrat Party spokesperson, Ramet Ratanachaweng, has dared the Pheu Thai-led government to sack Bank of Thailand Governor Sethaput Suthiwartnarueput over a disagreement concerning a digital wallet project. The project, initiated by Pheu Thai, plans to give 50 million Thai nationals a 10,000-baht digital wallet for shopping in their home district.

 

Gov Sethaput Suthiwartnarueput raised objections to the project, suggesting that it may lead to unnecessary public debt. 

 

The governor's remarks received criticism from Pheu Thai leader, Paetongtarn Shinawatra, accusing him of blocking national economic development.

 

The controversy sparked when the governor suggested scaling down the digital wallet recipients to state welfare cardholders and vulnerable groups only. This proposal would leave some financial cushion for emergencies, he argued.

 

Despite the disagreement, the Pheu Thai-led government has revealed plans to split the 500-billion-baht funding for the digital wallet project into three batches.

 

This includes 175 billion baht from the current fiscal year's budget, 152.7 billion baht from next year's budget, and 172.3 billion baht borrowed from the Bank for Agriculture & Agricultural Cooperatives (BAAC).

 

In response, Ratanachaweng raised concerns over apparent attempts by Pheu Thai to reduce the central bank governor's powers.

 

He added the governor should freely express his views without political influence, honoring the international principle of central bank freedom. The opposition anticipates public outrage if the governor is dismissed.

 

TOP: Dr. Setthaput Suthiwatnarueput Governor of the Bank of Thailand (BoT). Picture courtesy of Thairath

 

-- 2024-05-07

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[Geoffggi]

2 hours ago, webfact said:

He added the governor should freely express his views without political influence, honoring the international principle of central bank freedom.

Absolutely correct !!!!!

[ozz1]

Taksins new job coming up

[Rampant Rabbit]

3 hours ago, webfact said:

may lead to unnecessary public debt

may!!=  WILL

[hotchilli]

3 hours ago, webfact said:

The project, initiated by Pheu Thai, plans to give 50 million Thai nationals a 10,000-baht digital wallet

Promised

[Srikcir]

4 hours ago, webfact said:

unnecessary public debt.

Thank you for your (failed) service former PM Prayut.

"Thailand's household debt swells amid policy stagnation concerns", Toyoaki Fujiwara, Editor-in-Chief, NikkiAsia July 9, 2023 

Expert says next government must address long-standing problem

• On July 3, the Bank of Thailand announced the country's household debt had reached 16 trillion baht ($455 billion) in the first quarter of 2023, or 90.6% of the kingdom's gross domestic product, a further deterioration from the 87% recorded in the fourth quarter of 2022.

[nobodysfriend]

13 hours ago, webfact said:

has dared the Pheu Thai-led government to sack Bank of Thailand Governor Sethaput Suthiwartnarueput

 

13 hours ago, webfact said:

The governor's remarks received criticism from Pheu Thai leader, Paetongtarn Shinawatra, accusing him of blocking national economic development.

 

13 hours ago, webfact said:

the Pheu Thai-led government has revealed plans to split the 500-billion-baht funding for the digital wallet project into three batches.

 Paetongtarn and her complice , Srettha , do not want the Bank of Thailand to stay independent .

 

https://news.yahoo.com/thai-central-bank-seen-defying-210000416.html

 

They want to control it for their own benefit , not for the people .

 

The BoT has an important role in the Thai economy :

 

The Bank of Thailand's mission is to provide a stable financial environment for sustainable economic growth in order to achieve continuous improvement in the standard of living of the people of Thailand.

 

After Thaksin's return things already changed for the worse , and this is another serious step towards an authoritarian State where democratic processes are slowly but steadily replaced with nepotism .

 

Move foreward party ( last election's winner ) , will be disbanded and the pheu Thai clique will do everything they can to prevent fair competition for the next election .

 

Poor Thailand , only a blind man does not see what is going on ...

[retarius]

This PT silly gimmick/bribe wants sinking forever. You cannot run a country by a series of gimmicks. One-gimmick-a-day-Srettha.

[JoePai]

They should listen to the Governor - he know what's best not the self serving muppets in government 

[retarius]

8 hours ago, nobodysfriend said:

 

 

 Paetongtarn and her complice , Srettha , do not want the Bank of Thailand to stay independent .

 

https://news.yahoo.com/thai-central-bank-seen-defying-210000416.html

 

They want to control it for their own benefit , not for the people .

 

The BoT has an important role in the Thai economy :

 

The Bank of Thailand's mission is to provide a stable financial environment for sustainable economic growth in order to achieve continuous improvement in the standard of living of the people of Thailand.

 

After Thaksin's return things already changed for the worse , and this is another serious step towards an authoritarian State where democratic processes are slowly but steadily replaced with nepotism .

 

Move foreward party ( last election's winner ) , will be disbanded and the pheu Thai clique will do everything they can to prevent fair competition for the next election .

 

Poor Thailand , only a blind man does not see what is going on ...

All central banks are supposed to be independent now, so that politicians don't subvert the long term economic plans for short term political gain. Stretta's clumsy attempts to force the Governor to reduce interest rates and sign on to a gimmick digital wallet, smacks of desperation. 

[newbee2022]

Oh dear, they want to chase away maybe the only one with brain and common sense? To think independently is dangerous.🙏

[Sydebolle]

What this little sweet heart daughter of the former-culprit-former-prime-minister-former-fugitive does not know is how to pay for this populistic move.

Despite all this it remains a fact, that Pheu Thai came in second and jumped side last minute in a deal nobody officially talks about - at the very last moment.

So, despite shortchanging their voters they now try to silence the last stop to financial disaster and throw the governor of the Central bank under the bus. 

Let me get the popcorn - it will be an interesting summer into the financial abyss of the Thai Baht! 

[SABloke]

4 hours ago, hotchilli said:

Promised

Actually, the initial promise included ALL Thais above the age of 16. This new "plan" is already a step away from the initial promise

[kingstonkid]

5 hours ago, Geoffggi said:

Absolutely correct !!!!!

Dems are floundering.  I think they are hoping that the PTO will sack him, things will turn to crap, and then they can say, see what the PTP did.

 

This three-batch thing is a crock. No matter what they do, it will hurt the country, and then they will still not meet their election promise.

 

Teens have already figured out how to beat the system.

 

 

[smedly]

It was an election bribe and they still lost

 

now they can't afford to pay it 

 

just as well they don't have a welfare system to fund like in the west

 

[john donson]

politicians that know nothing deciding over ...

 

same as what they do to farmers, well in Europe... 

 

they forgot the procude are food... watch clarkson's farm to see all the red tape involved...

 

he might get away with it as he is rich beyond ...

[Hugh Jarse]

On 5/7/2024 at 8:12 AM, JoePai said:

They should listen to the Governor - he know what's best not the self serving muppets in government 

Agree in todays FT there is an article of Thailands failed policies over the economy and alarming levels of rural poverty.By removing the BOT independence means the ruling clique can borrow vast sums for their B10000 programme. Just saddle the next generation with debt. The last uk PMwanted to borrow vast sums too without it being funded and the uk economy was thrashed . 

[UWEB]

16 minutes ago, Hugh Jarse said:

Agree in todays FT there is an article of Thailands failed policies over the economy and alarming levels of rural poverty.By removing the BOT independence means the ruling clique can borrow vast sums for their B10000 programme. Just saddle the next generation with debt. The last uk PMwanted to borrow vast sums too without it being funded and the uk economy was thrashed . 

They just should have a look to Turkey where the Erdogan Idiot has done the same to get control over the Central Bank. Inflation is around 80%.