The Bank of Thailand (BoT) is set to appoint a new governor as Sethaput Suthiwartnarueput will conclude his term on September 30.
The selection process is crucial, as the new governor will navigate Thailand’s economic challenges and influence monetary policy and financial stability.
Applications for the position closed on June 4, with seven candidates in the running.
The candidates are:
- Roong Mallikamas, 56 year old deputy governor for financial institutions stability at the central bank;
- Vitai Ratanakorn, 54 year old president of Government Savings Bank (GSB);
- Kobsak Pootrakool, 57 year old Senior Executive Vice President of Bangkok Bank and chairman of the Federation of Thai Capital Market Organisations;
- Sutapa Amornvivat, 51 year old former Chief Executive of Abacus Digital under SCB X;
- Anusorn Thamjai, 59 year old economist and former Monetary Policy Committee member and dean of the economics faculty at University of the Thai Chamber of Commerce;
- Somprawin Manprasert, 50 year old former chief economist at SCB EIC; and
- Wikran Supamongkol, 50 year old chairman of Two Capital.
The selection committee, chaired by Satit Limpongpan, former permanent finance secretary, will convene on June 20 to evaluate the candidates’ qualifications. A meeting on June 24 will focus on vision presentations, after which two suitable candidates will be proposed to the finance minister by July 2. The Cabinet will then approve the appointment and present it to the king.
BoT deputy governor Roong highlighted the importance of the central bank collaborating with the government and financial institutions to implement targeted measures to address sector-specific challenges. She emphasised fostering new growth engines for the economy while maintaining macroeconomic stability. Roong also aims to enhance communication with the public regarding policy rate decisions, ensuring transparency and understanding.
SCB former chief economist Somprawin is prepared to address both short- and long-term economic challenges, particularly those stemming from global uncertainties. He stressed the necessity of supporting the economy during downturns and addressing structural issues to align with Thailand’s growth potential. Somprawin also advocated for broader financial service access and stability in financial institutions.
GSB president Vitai, a practitioner rather than an economist, intends to present impactful measures to stimulate the economy. He argued that traditional economic approaches may not suffice in the current situation, necessitating practical solutions. Vitai cited his experience with debt-relief programmes as evidence of his hands-on approach, reported Bangkok Post.
Economist Anusorn emphasised the need for monetary policy and financial measures to support sustainable growth and reduce inequality. He called for a people-centred central bank approach to address global economic challenges. Anusorn also noted Thailand’s low inflation rate and the risk of deflation, advocating for monetary policy adjustments to mitigate this risk.
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