Dr Roong Poised for Bank of Thailand Governor Role Amidst Speculation

 

The highly anticipated selection of the new Governor of the Bank of Thailand (BOT) has reached its final stages, with Dr Roong (Poshyananda) Mallikamas, currently Deputy Governor for Financial Institutions Stability, emerging as the clear frontrunner.

 

The exhaustive process, which included rigorous vision presentations and interviews, concluded on 24th June 2025.

 

The BOT Governor Selection Committee, led by Sathit Limpongpan, has meticulously whittled down the candidates to a shortlist of two.

 

These names are now in the hands of Deputy Prime Minister and Minister of Finance Pichai Chunhavajira for his consideration before being put forward for Cabinet approval in early July.

 

The two formidable candidates vying for the top monetary policy position are Vitai Ratanakorn, Director-General of the Government Savings Bank, and the aforementioned Dr Roong (Poshyananda) Mallikamas.

 

Sources close to the selection process reveal that all six initial candidates who reached the interview stage offered comprehensive insights into Thailand's economic challenges, particularly household debt and ongoing trade disputes, alongside robust proposals for monetary policy responses.

 

However, it was Dr Roong and Vitai who truly distinguished themselves with their tangible problem-solving approaches.

 

Dr Roong, in particular, underscored the imperative for the BOT to actively supervise financial institutions, ensuring that broad monetary policy translates effectively into practical, on-the-ground implementation.

 

 

Vitai, for his part, made a strong impression on the interviewing panel by showcasing the successful "Social Bank" policies he spearheaded at the Government Savings Bank, which focused on debt resolution and increased lending to individual citizens.
 

 

 

Three Pillars of Support for Dr Roong's Appointment

As the two shortlisted names now lie with the Minister of Finance, Dr Roong's prospects of securing the coveted BOT governorship appear increasingly strong, underpinned by three principal factors:

1. A Concrete Vision for Economic Engagement: Dr Roong presented a compelling argument to the selection committee regarding the BOT's crucial role in tangibly addressing the nation's economic woes.

She highlighted the past inefficiencies in transmitting monetary policy from the Monetary Policy Committee (MPC) to financial institutions.

Despite numerous interest rate cuts, she noted, commercial banks have often been slow to react, or have implemented insufficient rate reductions, leading to a significant divergence between lending and deposit rates.

Dr Roong asserted that the central bank must directly tackle this issue by intensifying its oversight of financial institutions.

Furthermore, Dr Roong has publicly articulated her belief that it is time for the BOT to revert to its foundational principles: "Stand tall, look far, reach out, stay grounded."

In the current economic climate, she emphasised, the central bank must "reach out" more actively to help resolve the country's pressing issues.
 

 

2. Strategic Political Endorsement: Prior to the interview stage, reports indicated that Dr Roong engaged with influential government figures.

These discussions were reportedly aimed at elucidating her policy framework and operational philosophy, should she be appointed governor.

Crucially, these interactions appear to have bridged any "insider" perception gap that might have previously existed between the political establishment and potential central bank candidates.

Political circles also reportedly appreciate Dr Roong's extensive experience within the private banking sector, including her tenure as Deputy Managing Director and Head of Global Business and Strategy at Krungthai Bank from 2017 to 2019.

This background is seen as endowing her with both comprehensive understanding and commendable flexibility in her professional approach.

Moreover, Dr Roong's policy stances, such as her support for the establishment of virtual banks and the elevation of the National Credit Guarantee Agency (NaCGA) as a national infrastructure, align well with the government's agenda.

She has also been a vocal proponent of sustainable household debt resolution strategies.

The ruling Pheu Thai Party is also reportedly exercising caution, aware that selecting a candidate too overtly linked to politics – for instance, sharing a surname with a Pheu Thai minister or having been politically courted from the outset – could provoke considerable backlash both within the BOT and from the broader public.

 

3. Enhanced International Standing: Thailand's role as host for the annual meetings of the World Bank Group and the International Monetary Fund (IMF) in October 2026, to be held in Bangkok, is a significant event in global finance.

The presence of a "central bank governor" with long-standing tenure and deep roots within the Bank of Thailand is expected to significantly bolster the nation's international image.

Academically, Dr Roong boasts an impeccable pedigree from world-renowned institutions.

She holds a Bachelor's degree in Economics from Harvard University and a Ph.D. in Economics from the Massachusetts Institute of Technology (MIT), both highly regarded qualifications.

This impressive academic background is another factor likely to weigh heavily in the Minister of Finance's final decision.

 

 

Profile of the Prospective New Central Bank Governor

Dr Roong (Poshyananda) Mallikamas is currently 57 years old.

Education:

• Ph.D. in Economics, Massachusetts Institute of Technology (MIT)
• Bachelor's Degree in Economics, Harvard University

 

Professional Experience:

• Current: Deputy Governor for Financial Institutions Stability, Bank of Thailand.
• Over 20 years of service at the Bank of Thailand.
• Previous roles at the BOT include: Member of the Monetary Policy Committee (MPC), Deputy Governor for Management, Assistant Governor for Financial Institutions Policy Department, and Assistant Governor for Financial Stability and Corporate Strategy Department. In these capacities, she played a pivotal role in formulating the BOT's strategic direction through financial market interventions and the development of economic and monetary policy, both in stable and crisis periods.
• Served as Deputy Managing Director and Head of Global Business and Strategy, Krungthai Bank (2017-2019).