High-stakes decision looms over next Bank of Thailand governor

The Finance Ministry will now forward just one of these names to the Cabinet for approval to replace current governor Sethaput Suthiwartnarueput, whose term ends on September 30.

The two finalists are BOT Deputy Governor Roong Mallikamas and Vitai Ratanakorn, Director of the Government Savings Bank.

This selection comes at a pivotal time for Thailand’s economic stewardship. The incoming BOT governor will play a central role in overseeing financial institutions and maintaining macroeconomic stability amid mounting external pressure — most notably the US’s planned imposition of reciprocal tariffs under President Donald Trump’s administration.

If talks with Washington fail, Thai exports could face tariffs of up to 36%, posing a major threat to the country’s trade-dependent economy.

This external pressure adds to existing domestic challenges. Monetary policy must now be closely aligned with fiscal policy, requiring close coordination with other economic ministries. 

The ability of the next governor to work effectively across agencies will be essential for rebuilding market confidence and fostering tangible economic recovery.

Short-term risks also loom large. Thai exports — a key economic driver — are under threat from shifting global trade dynamics, while both tourism and exports are expected to slow in the second half of 2025. 

In response, the BOT will need to recalibrate its monetary strategy. Key considerations include setting interest rates, ensuring adequate liquidity, and tightening oversight of financial institutions — all while navigating an increasingly uncertain global and domestic landscape.

Compounding these concerns is the country’s ongoing political uncertainty, particularly surrounding Prime Minister Paetongtarn Shinawatra’s legal case in the Constitutional Court. Political instability, when coupled with global headwinds, further complicates economic policymaking.

The next BOT governor will therefore not only be tasked with short-term crisis management but also with shaping long-term economic policy and structural reform. 

In this context, the appointment represents a high-stakes decision — one that could define the trajectory of Thailand’s economic future.

On Monday afternoon, Deputy Prime Minister and Finance Minister Pichai Chunhavajira revealed that he has signed off on the nomination of the most qualified candidate to assume the role of the next Governor of the Bank of Thailand. The new appointee will replace Sethaput Suthiwartnarueput, the current BOT Governor, whose term ends on 30 September 2025. The nomination is expected to be approved at the Cabinet meeting scheduled for tomorrow.