Kittirat Na Ranong Chosen as BOT Board Chair Amid Protests

[webfact]

Picture courtesy: Thai Rath

 

Kittirat Na Ranong, a familiar face in Thailand's political landscape as a former deputy premier and finance minister, has been appointed as the chairman of the Bank of Thailand's board. This significant decision was reached by an independent selection committee led by Sathit Limpongpan.

 

At 62, Kittirat, known for his close ties with the ruling Pheu Thai party, was chosen over other notable candidates, namely Kulit Sombatsiri, ex-permanent secretary of energy, and Surapol Nitikraipot, head of the Thammasat University Council. This appointment, however, did not settle without its share of controversy.

 

Today, protests erupted at the Bank of Thailand's headquarters. Two activist groups gathered to voice their dissatisfaction with the Finance Ministry's nomination of Kittirat.

Followers of the revered monk Luangta Maha Bua expressed apprehension about Kittirat’s political connections and potential interference in central bank affairs. Another group, led by Phichit Chaimongkhon, delivered a petition with 51,000 signatures, challenging the committee's integrity and threatening legal action if their demands weren't met.

 

The uproar extends further as concerns arise about political influence within the central bank. Former BOT governor Veerathai Santiprabhob took to Facebook, urging citizens to protect the central bank's independence. Veerathai cautioned that political domination could jeopardise Thailand's economic stability and credibility.

 

He warned that unchecked political influence may lead to short-sighted populist policies, prioritising fleeting political gain over sustainable fiscal discipline.

 

This landmark appointment thus opens a wider conversation about political involvement in economic institutions, highlighting the intersection of governance and monetary policy, and its potential impact on Thailand's future, reported Thai PBS.

 

-- 2024-11-11

 

 

[lordgrinz]

If someone doesn't put a stop to this, Thaksin will become Emperor of Thailand.

[Geoffggi]

5 hours ago, lordgrinz said:

If someone doesn't put a stop to this, Thaksin will become Emperor of Thailand.

Absolutely correct, the sooner the Shinawatra dynasty is over the better things will be for Thailand & things will progress.

[realfunster]

Just to point out that, for example, both the Fed and Bank of England Chairman are effectively appointed by the government of the day…the article and initial responses seem to be spinning this as some sort of crazed power grab by PT.

[Srikcir]

Highly likely from this appointment that BOT key interest rates will be driven by politics than by economics. The former could result in higher household debt and lower value of the baht that will affect imports.

 

[hotchilli]

11 hours ago, webfact said:

At 62, Kittirat, known for his close ties with the ruling Pheu Thai party,

The fix is in.

[jippytum]

This is a blatent threat to the independance concerning  the Bank of Thailand. 

Thaksin and Phu Thai want to control bank policy to suit their own agenda. 

 

[lordgrinz]

When you take this news with the one I saw this morning on the BangkokPost, "Amnesty bills expected in December", you know where this is heading. Just a matter of time before the next coup, rinse...repeat. We are living in a powder-keg just waiting to be ignited.

[Tropicalevo]

2 hours ago, Geoffggi said:

Absolutely correct, the sooner the Shinawatra dynasty is over the better things will be for Thailand & things will progress.

And you think that things progressed in the 14 years under the military???

(They had removed Thaksin - remember)

Thaksin is known to improve things for the poor.

It is where his vote came from.

The people that suffered under him  - mostly rich. (Including drug dealers.)

[KireB]

2 hours ago, realfunster said:

Just to point out that, for example, both the Fed and Bank of England Chairman are effectively appointed by the government of the day…the article and initial responses seem to be spinning this as some sort of crazed power grab by PT.

Because it 8s a crazed power grab. Havent you read the news lately?

[Eric Loh]

1 hour ago, jippytum said:

This is a blatent threat to the independance concerning  the Bank of Thailand. 

Thaksin and Phu Thai want to control bank policy to suit their own agenda. 

 

Understand the appointment process before making political judgement. A list of qualified candidates was vetted by a non political selection committee and the chosen candidate was submitted to the Finance Minister who will then present for cabinet approval. He was not chosen directly by the government but by a selection committee. 

[lordgrinz]

2 minutes ago, Eric Loh said:

He was not chosen directly by the government but by a selection committee. 

 

Who picked the selection committee, and who are they?

[Eric Loh]

5 minutes ago, lordgrinz said:

 

Who picked the selection committee, and who are they?

It is an independent body. Do some research. 

[lordgrinz]

1 minute ago, Eric Loh said:

It is an independent body.

 

[jippytum]

1 hour ago, Eric Loh said:

Understand the appointment process before making political judgement. A list of qualified candidates was vetted by a non political selection committee and the chosen candidate was submitted to the Finance Minister who will then present for cabinet approval. He was not chosen directly by the government but by a selection committee. 

Yes, a biased committee under political pressure from Phue Thai

[john donson]

On 11/11/2024 at 11:54 PM, lordgrinz said:

If someone doesn't put a stop to this, Thaksin will become Emperor of Thailand.

 

anyone knows where the 'real owner' is right now ?