Choice of Pichai for Governor of Bank of Thailand to be reviewed by the Cabinet on Tuesday for potential approval
In a significant decision that could shape Thailand's economic future, two finalists have been shortlisted for the position of the next Bank of Thailand (BOT) governor. The final decision rests with Finance Minister Pichai Chunhavajira, who will submit a choice to the Cabinet for approval.
The two contenders are Vitai Ratanakorn, President and CEO of the Government Savings Bank (GSB), and Dr Roong Mallikamas, Deputy Governor, Bank of Thailand.
Vitai Ratanakorn, aged 54, is known for his leadership in addressing household debt issues in Thailand. He advocates for strong coordination between monetary and fiscal policies to tackle economic challenges. Analysts view him as the likely choice due to his alignment with the Finance Ministry’s goal of synchronizing fiscal and monetary policies. Ratanakorn has a reputation for emphasizing fiscal coordination to promote economic stability and recovery.
Dr Roong Mallikamas, aged 56, is a long-term insider at the Bank of Thailand with extensive experience in financial institution oversight and macroeconomic stability. She represents continuity within the BOT’s policy approach. However, concerns have been noted about the BOT’s prior resistance to easing monetary policy under previous leadership, which may be seen as a potential challenge if continuity is preferred.
Academics and advocates for central bank independence have urged Pichai to consider Dr Roong Mallikamas for the BOT governor role, arguing that her lack of prior subordination to the government would help reinforce investor confidence in the BOT's independence and preserve the integrity of its monetary policy.
Pichai Chunhavajira has signed off on the nominee to replace current BOT governor Sethaput Suthiwartnarueput, whose term ends on September 30. The appointment also requires endorsement from His Majesty the King. This decision is critical as the incoming governor will face significant domestic economic challenges and external pressures, including managing inflation and coordinating policies amid shifting global trade dynamics.
No further information is available regarding the potential measures to tackle Trump tariffs or trade war, the proposal of zero tariffs in crucial US trade talks, the intensifying efforts or reviewing records of monks nationwide, the BMA commending a company for the rapid repair of the Rusty 'Giant Swing' sculpture on Pathumwan Skywalk, or any heavy rain and thunderstorms expected across the country.
The Cabinet is expected to consider the appointment on Tuesday. The outcome of this decision will undoubtedly have a profound impact on Thailand's economic landscape.
- The decision made by Finance Minister Pichai Chunhavajira on the nominee to replace the current Bank of Thailand (BOT) governor will significantly impact Thailand's economic future, as the incoming governor will face challenges such as managing inflation and coordinating policies amid shifting global trade dynamics.
- Analysts view Vitai Ratanakorn, a contender for the BOT governor role, as the likely choice due to his alignment with the Finance Ministry’s goal of synchronizing fiscal and monetary policies, and his emphasis on fiscal coordination to promote economic stability and recovery.
- Academics and advocates for central bank independence have urged Pichai to consider Dr Roong Mallikamas for the BOT governor role, argueing that her lack of prior subordination to the government would help reinforce investor confidence in the BOT's independence and preserve the integrity of its monetary policy.
