Former PM Thaksin Calls for More Government Control Over Bank of Thailand

[snoop1130]

 

Former Prime Minister Thaksin Shinawatra suggested that the Bank of Thailand should be more government-oriented and less independent during his recent address at the Forbes Global CEO Conference. The session, dubbed "New Paradigms", involved a candid conversation on the current economic landscape and saw Shinawatra raising concerns about the central bank's present approach.

 

He stressed the potential disconnect between the academic prowess of the bank's staff and their experiential knowledge, mentioning that while the majority being Grade-A students and top-notch economists, they needed to gain more hands-on experience. He expressed that the Bank of Thailand's staunch protection of commercial banks might not always serve problematic customers best, implying this contributes to a lack of liquidity in the local market.

 

Shinawatra pointed to the countervailing actions of the government, such as the introduction of stimulus packages like the 'digital wallet' scheme to infuse money back into the economy. He likened this strategy to fish in a pond - they may lay eggs while the pond is full, but in drier times, reproduction becomes less viable.

 

 

In addition to this, the former premier let on about tentative plans to issue a government bond-backed 'Stable Coin' to further enhance market liquidity. He also highlighted proposed tax reforms aimed at reducing personal and corporate taxes whilst upping VAT, a move meant to bolster the price competitiveness of Thai products.

 

Recognising China's dominance in the consumer product space, Shinawatra recommended measures to protect Thai SMEs such as imposing taxes on online businesses and banning online retail apps which skirt around tax provisions.

 

Looking to the future, he asserted the need for Thailand over the next five years to hinge its economic progression on a creative economy and data centres. His comments certainly stirred up a lively discussion at the plug-and-play table, inviting all to mull over the road that lies ahead for Thailand.

 

File photo for reference only

 

-- 2024-11-22

 

 

[Tropicalevo]

Noooooo!

Leave the BOT alone.

They know what they are doing.

[John Drake]

This sounds like a prime minister talking.

[BrandonJT]

4 hours ago, snoop1130 said:

 

In addition to this, the former premier let on about tentative plans to issue a government bond-backed 'Stable Coin' to further enhance market liquidity. He also highlighted proposed tax reforms aimed at reducing personal and corporate taxes whilst upping VAT, a move meant to bolster the price competitiveness of Thai products.

 

 

So an increase in taxes on the poor and a reduction in taxes on the rich and businesses.  I'm sure that will increase the money flowing through the economy, as it has in everywhere that has tried trickle down economics 🙄

[bubblegum]

Sounds like Trump

[Patong2021]

The man can't keep his yap shut.  A fundamental rule of good oversight of a national bank is to maintain its independence.

I can see now why responsible Thai leaders despise the man.

[Tropicalevo]

6 minutes ago, Patong2021 said:

The man can't keep his yap shut.  A fundamental rule of good oversight of a national bank is to maintain its independence.

I can see now why responsible Thai leaders despise the man.

There are responsible Thai leaders?

Who the heck was he?