Finance minister reveals final contenders to lead Bank of Thailand
Cabinet will quickly decide amid debt and global economic uncertainty
Deputy Prime Minister and Finance Minister Pichai Chunhavajira confirmed yesterday that he has officially signed off on his nominee to lead the Bank of Thailand (BoT) and submitted the selection to the Cabinet for consideration today.
Speaking to reporters, Pichai made it clear he had no reservations about collaborating with whichever candidate ultimately gets the nod.
“Whoever is selected, I’ll be able to work with them,” he said. “I regularly hold talks with the BoT.”
According to sources familiar with the process, the BoT Governor Selection Committee narrowed the field to two contenders.
One is Roong Mallikamas, the central bank’s deputy governor in charge of financial institution stability. Roong has spent the bulk of her career at the BoT, holding senior positions such as director of the Financial Markets Department and director of the Monetary Policy Department. Her supporters see her as a steady hand with intimate knowledge of the bank’s operations and a firm grasp of Thailand’s monetary challenges.
The other candidate is Vitai Ratanakorn, president of the Government Savings Bank (GSB), who is widely regarded as an energetic reformer.
Vitai has made headlines for transforming the GSB into what he calls a “Social Bank,” expanding into the non-bank sector and offering loans with below-market interest rates.
His approach has improved credit access for small and medium-sized enterprises, winning him praise from business groups and policymakers keen to boost economic growth.
The Cabinet is expected to deliberate on the appointment swiftly, as the central bank faces rising pressure to navigate high household debt and uncertain global economic conditions.
Whoever is appointed will succeed outgoing governor Sethaput Suthiwartnarueput, who steered Thailand’s monetary policy through the Covid-19 crisis and subsequent recovery efforts, Bangkok Post reported.
Pichai stressed that continuity and cooperation between the Finance Ministry and the BoT will be essential in steering the economy in the months ahead.
“I am open to working with any professional who can help ensure Thailand’s financial stability and support economic development,” he said.
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