New Bank of Thailand Governor Appointed, Debt Resolution Prioritised
Thailand's Deputy Prime Minister and Finance Minister Pichai Chunhavajira has expressed relief following the Cabinet's approval of Vitai Ratanakorn to head the central bank, tasking him with urgent debt solutions whilst upholding monetary policy independence
Thailand's Cabinet has officially appointed Vitai Ratanakorn as the new Governor of the Bank of Thailand (BOT), a decision met with a sigh of relief by Deputy Prime Minister and Finance Minister Pichai Chunhavajira.
The appointment, announced on Tuesday from Government House, is set to take effect on 1 October 2025, succeeding Sethaput Suthiwartnarueput, whose term concludes on 30 September 2025.
Pichai expressed confidence that the Ministry of Finance and the new BOT Governor would work cohesively, emphasising the importance of a mutual understanding of both monetary and fiscal policies.
"The Ministry of Finance has always worked very closely with the BOT Governor, continuously discussing and exchanging views, which has always led to solutions," Pichai stated. "So, no matter who comes, we can work together. And working with the current Governor has also been good, with no issues."
When pressed on the government's immediate expectations for the new central bank chief amidst potential economic challenges, Pichai indicated a range of priorities. Personally, he highlighted debt resolution as the most critical and urgent task.
"Right now, I see that the biggest issue is debt, which needs urgent resolution, and also working in line with the current economic conditions," he added.
Regarding the conduct of monetary policy, the Deputy Prime Minister affirmed the government's commitment to allowing the central bank to operate independently.
He noted that any consideration of the inflation outlook returning to its target would necessitate a thorough review of all underlying reasons and limitations.
When asked by reporters if he felt relieved now that the appointment of the BOT Governor had finally been concluded, Pichai laughed, remarking that he had never felt burdened by the matter and had felt at ease throughout the process.
Vitai, currently the Director of the Government Savings Bank, received Cabinet approval based on his extensive knowledge, capability, and experience in economics, finance, and banking.
The Cabinet Secretariat confirmed his qualifications align with legal requirements and the Prime Minister's endorsement. The final step involves seeking Royal endorsement for the appointment.
