Economy Thailand Awaits New Central Bank Governor amidst Economic Pressures

[snoop1130]

Photo courtesy of Siam News Network

 

Deputy Prime Minister and Finance Minister Pichai Chunhavajira confirmed yesterday that he has officially nominated a candidate to lead the Bank of Thailand (BoT) and submitted the selection to the Cabinet for consideration today.

 

Pichai expressed confidence in collaborating with the chosen individual. "Whoever is selected, I'll be able to work with them," he affirmed. "I regularly hold talks with the BoT."

 

The BoT Governor Selection Committee has narrowed the choice to two contenders. Roong Mallikamas, currently the central bank’s deputy governor overseeing financial stability, is one frontrunner. With a career deeply rooted in the BoT, she is seen as a stabilising force, with extensive experience as the director of both the Financial Markets Department and the Monetary Policy Department. Her supporters appreciate her thorough knowledge of Thailand’s monetary challenges.

 

The other candidate, Vitai Ratanakorn, is the president of the Government Savings Bank (GSB) and is known for his reformative zeal. He has drawn attention by reimagining the GSB as a "Social Bank," extending its reach into the non-bank sector and providing loans at lower-than-market rates. His initiatives have enhanced credit access for small and medium-sized enterprises, earning accolades from business circles and policymakers interested in spurring economic growth.

 

The Cabinet is expected to make a swift decision on this crucial appointment, as the central bank grapples with high household debt and a volatile global economic landscape. The new governor will take over from Sethaput Suthiwartnarueput, who managed Thailand’s monetary policy through the challenges of the Covid-19 crisis and subsequent recovery.

 

Pichai highlighted the importance of continuity and collaboration between the Finance Ministry and the BoT to guide the nation’s economy through the coming months. “I am open to working with any professional who can help ensure Thailand’s financial stability and support economic development,” he stated.

 

As the country watches, this appointment is seen as pivotal in navigating Thailand's economic future, with the chosen leader playing a key role in addressing pressing financial issues. The outcome could significantly impact Thailand's monetary policy and broader economic strategy.

 

  Adapted by ASEAN Now from The Thaiger 2025-07-15

 

 

[hotchilli]

An independent pick or a Thaksin nominee ?

[Purdey]

Whoever it is, they have to be qualified. Lowering interest rates further to encourage people to borrow and invest is not going to work while people don't want to invest due to the current economic climate.

[Flying Saucage]

Whoever is more critical on CBDCs and a cashless society is the better candidate. Better for the people. Better for freedom. Better for Thailand.