File photo courtesy: Prachachat

 

The quest to appoint a new chairman for the Bank of Thailand's board has reached a critical juncture, leaving the selection committee at a crossroads about whether to stick with their initial list of candidates or to request fresh names from the Finance Ministry.

 

An anonymous source within the ministry revealed that the legal framework for selecting a chair empowers the ministry to provide a list equivalent to the number of available positions, while the central bank is expected to propose a list with twice as many candidates.

 

Once the committee reaches a decision on the candidates for both board members and the chair, this proposed list is forwarded to the ministry for approval.

 

Complicating matters, the ministry recently sought the opinion of the Council of State on the eligibility of Kittiratt Na-Ranong, a frontrunner for the chairman role.

 

The crux of the issue lies in whether Mr Kittiratt satisfies the Bank of Thailand's stipulation that candidates must not have held any political office for at least a year before their application.

The deliberations of the Council of State suggest that Mr Kittiratt’s past roles— notably as an advisor to the prime minister and leader of a public debt resolution committee—might be seen as political, thus potentially disqualifying him.

 

This interpretation needs to be relayed to the committee, which must then decide whether to narrow its course by endorsing the existing candidate pool or to start afresh by calling on the ministry for a new list.

 

Insiders speculate that the Council of State assessed Mr Kittiratt’s roles, including his influence on bureaucrats, as potentially political.

 

The implications of these positions have led to delays and heightened tensions in the selection process, with scheduled meetings postponed amidst growing fears of political meddling.

 

Reports have circulated that the government may wish to appoint its own preferred candidate to succeed Porametee Vimolsiri, whose tenure concludes this month.

 

This perceived interference has sparked controversy, as Mr Kittiratt, a former Commerce Minister and past deputy leader of the Pheu Thai Party, was anticipated by many to be a leading contender for the chairmanship.

 

Known for his criticisms of the central bank's interest rate policies, Mr Kittiratt's prior advisory role to ex-premier Srettha Thavisin further complicates his candidacy.

 

The stakes are high, with the decision potentially shaping the Bank of Thailand's future direction. If financial and political stability is a priority, careful navigation through these waters is imperative.

 

With the clock ticking, all eyes remain fixed on the conclusion of this pivotal appointment process, equivalent to managing the country's economic helm valued at over a trillion Thai Baht, reported Bangkok Post.

 

-- 2025-01-04

 

 

Central bank should be independent - separate from the Government 

34 minutes ago, JoePai said:

Central bank should be independent - separate from the Government 

Nice in theory but - as in EVERY country - it's the government of the day that gets to appoint the relevant members, with or without further consultation.

4 hours ago, JoePai said:

Central bank should be independent - separate from the Government 

And Thaksin will do all in his power and back pocket to have an influence in the final choice.

4 hours ago, mfd101 said:

Nice in theory but - as in EVERY country - it's the government of the day that gets to appoint the relevant members, with or without further consultation.

It appears that BOT as in some countries does have power over who qualifies for BOT position.

6 hours ago, webfact said:

The deliberations of the Council of State suggest that Mr Kittiratt’s past roles— notably as an advisor to the prime minister and leader of a public debt resolution committee—might be seen as political, thus potentially disqualifying him.

 

This interpretation needs to be relayed to the committee, which must then decide whether to narrow its course by endorsing the existing candidate pool or to start afresh by calling on the ministry for a new list.

I hope BOT prevails.

20 hours ago, JoePai said:

Central bank should be independent - separate from the Government 

SHOULD is a word signifying good intentions only, what happens behind closed doors is another matter, politics is all about money in the end.

On 1/4/2025 at 3:03 AM, JoePai said:

Central bank should be independent - separate from the Government 

 

That's not what Tony want.