Vitai Ratanakorn: From GSB President to Governor of the Bank of Thailand

Vitai seen as front-runner for top central bank post

Vitai Ratanakorn, president and CEO of Government Savings Bank (GSB), has been seen as a frontrunner for the position of the next governor of the Bank of Thailand (BOT), according to economic and financial analysts. His leadership in addressing household debt and his focus on aligning monetary and fiscal policies have garnered strong support.

Vision for policy coordination gives Vitai an edge

Finance Minister Pichai Chunhavajira earlier stated that he is looking for a central bank chief capable of coordinating monetary and fiscal policies to resolve Thailand’s economic challenges. Observers believe Vitai aligns closely with this vision.

In contrast, Roong Mallikamas, an internal BOT candidate, may face hesitation from the Finance Ministry due to concerns over the institution’s prior resistance to policy easing. Under Sethaput Suthiwartnarueput’s leadership, the BOT maintained high interest rates despite government calls for cuts, only relenting after months of pressure from the Pheu Thai-led coalition.

GSB performance strengthens Vitai’s case

Vitai’s tenure at GSB has been marked by strong policy initiatives addressing household debt and promoting financial access for underprivileged communities. Under his leadership, GSB introduced new financial tools, supported small and medium-sized enterprises (SMEs), and created loan programmes targeting grassroots borrowers—especially in efforts to combat loan sharks.

These achievements reportedly impressed Pichai, who also serves as deputy prime minister overseeing economic affairs. Analysts believe Vitai’s track record demonstrates his capability to support government economic goals.

Household debt solutions at the heart of Vitai’s policyIn his presentation to the selection committee, Vitai emphasised that fiscal and monetary policies must work in tandem to effectively tackle Thailand’s household debt crisis. He noted that while fiscal policy delivers faster results, monetary policy changes—such as rate cuts—often require 6 to 12 months to show impact.

Vitai argued that cutting interest rates, increasing liquidity, and reducing taxes would only work if applied collectively. His proposed three-pronged approach includes:

• Stimulating GDP growth to an average of 4% over the next two to three years
• Reducing loan interest rates
• Moving non-collateral loans out of the banking system to allow long-term restructuring

From technocrat to frontrunner

A two-time appointee as GSB’s CEO, Vitai is credited with transforming the bank into a “bank for society” by broadening financial access.

Personal background

Vitai, 54, is the son of two senior civil servants: Sirilak Ratanakorn, a former Stock Exchange of Thailand president, and Sophon Ratanakorn, former permanent secretary of the Justice Ministry.

He holds three master’s degrees:

Master of Finance, Drexel University (USA)
Master of Laws in Business Law, Chulalongkorn University
Master of Arts in Political Economy, Chulalongkorn University

Career timeline

• 2020–Present: President and CEO, Government Savings Bank
• 2018–2020: Secretary-General, Government Pension Fund
• 2017–2018: Acting President, Islamic Bank of Thailand
• 2016–2017: Senior EVP (CFO), Government Savings Bank
• 2015–2016: Senior EVP (Public Sector Clients), GSB
• 2011–2014: Chief Financial Officer, Nok Airlines
• 2004–2011: Senior Director, Alternative Investment Department, Government Pension Fund