Top BOT Candidate Pledges Independence Amidst Calls for Autonomy

Vitai Ratanakorn, one of the two shortlisted candidates for the next Governor of the Bank of Thailand (BOT), has publicly affirmed his unwavering commitment to prioritising national interests and remaining entirely free from undue influence by any external group. 

His statement follows a poignant appeal from a former central bank chief advocating for the position's political independence.

The Finance Minister is expected to propose one of the two shortlisted names to the Cabinet next week.

The debate over the central bank's autonomy intensified after Dr Tarisa Watanagase, a former BOT Governor, sent an open letter to the Minister of Finance on 8th July 2025. 

In her letter, Dr Tarisa stressed the critical importance of selecting a candidate for the top banking role who is demonstrably independent of political influence.
 

She cautioned that appointing a Governor with a history of habitually aligning with government policies would make it challenging to expect them to fulfil the role with genuine impartiality. 

"Indeed, even without any specific policy directives, merely the history and experience that create the perception that the new BOT Governor is close to the government and has consistently served government policies as an executive in a state-owned bank, will immediately erode investor confidence, both domestic and international, in this institution," Dr Tarisa's letter stated.

Responding to the growing discourse, Vitai Ratanakorn, currently Director of the Government Savings Bank, shared his perspective via his personal Facebook account at 5:00 PM yesterday (July 8). 
 

He asserted that his extensive experience as CEO across various organisations, coupled with his clear personal identity, instils confidence in his ability to make independent decisions based solely on the country's benefit, without succumbing to any group's dominance.

He underscored this as an essential requirement for the role.

"And I wish to firmly reiterate my unwavering stance, with humility and respect. I embrace the advice and acknowledge the concerns," Vitai concluded.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira confirmed that the Fiscal Policy Office (FPO) is currently verifying the qualifications of the shortlisted individuals. 

When pressed on whether a final decision had been made or the gender of the selected candidate, Pichai declined to comment.

According to reports, the selection process for the BOT Governor concluded on 24th June 2025. The selection committee put forward two names for the Finance Minister's consideration: Dr Rung Mallikamas, Deputy Governor for Financial Institutions Stability at the BOT, and Vitai Ratanakorn.

It is anticipated that Pichai will propose the new BOT Governor by the end of July. The incoming Governor is set to take over from Sethaput Suthiwartnarueput, whose term concludes on 30th September 2025.