Pichai submits choice for new Bank of Thailand governor for Cabinet approval Tuesday

Deputy Prime Minister and Finance Minister Pichai Chunhavajira said on Monday that he had submitted his nomination for the next governor of the Bank of Thailand (BOT) to the Cabinet, which is expected to consider the appointment on Tuesday.

Pichai told reporters that he had signed off on the nomination of the finalist to replace current BOT governor Sethaput Suthiwartnarueput, whose term ends on September 30.

“I have signed and submitted the nominee to the Cabinet. Please wait and see tomorrow who will be appointed as the next BOT governor,” he said.
 

Pichai expressed confidence that he would be able to work well with the incoming central bank chief, noting that he had had no issues cooperating with Sethaput.

Two finalists shortlisted for central bank role

A selection panel previously shortlisted two candidates from an initial pool of six for Pichai to make his final decision:

• Vitai Ratanakorn, President and CEO of the Government Savings Bank (GSB)
• Dr Roong Mallikamas, Deputy Governor, Bank of Thailand

Observers widely expect Pichai to select Vitai, citing his record during his tenure at GSB.

Vitai has been praised for introducing robust policy initiatives to tackle household debt and enhance financial inclusion. Under his leadership, the GSB launched innovative financial tools, extended support to small and medium-sized enterprises (SMEs), and developed loan schemes for grassroots borrowers, particularly to counter the influence of loan sharks.

Calls for BOT independence influence debate

However, academics and advocates for central bank independence have urged Pichai to choose Roong. They argue 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.