Bank of Thailand board chair decision delayed amid controversy

The selection process for a new board chairman at the Bank of Thailand (BoT) has been delayed yet again, as the independent committee overseeing the choice opted to postpone its decision for another week. They indicated the necessity of more time to fully consider the information presented.

This marks the second delay in the decision-making process, following an earlier postponement of the meeting initially set for October 8.

Wirekha Santapan, serving as the panel secretary, stated that the committee, led by Sathit Limpongpan, felt it was crucial to meticulously review the details at hand before concluding. Consequently, the decision has been deferred until next week.

The postponement comes amid mounting opposition to one of the candidates, Kittiratt Na-Ranong, whose nomination has sparked controversy. Critics argue that his potential appointment could signify an effort by the Pheu Thai Party to exert influence over the bank’s operations.

A small protest took place outside the bank’s premises, with expectations of a larger turnout in the future.

Former governors of the BoT and several academics have voiced concerns about political figures assuming the role of the central bank’s board chairman.

The Finance Ministry put forward Kittiratt Na-Ranong, known for his connections with the ruling party, as their nominee. In contrast, the central bank has proposed two other candidates: Kulit Sombatsiri, a former permanent secretary of the Energy Ministry, and Surapon Nitikraipot, a law professor and rector at Thammasat University.

The ultimate choice will succeed Poramatee Vimolsiri, whose tenure as the BoT’s board chairman concluded on September 16, reported Bangkok Post.

In other news, in a bold move to turbo-charge Thailand’s economic engine, the Bank of Thailand (BoT) pegged its hopes on keeping inflation between a snug 1% and 3%.

The aim is to shift the economy into top gear, with deputy governor Piti Disyatat revealing at the Monetary Policy Forum that they’re targeting headline inflation of 1.2% by 2025. That’s a noticeable bump up from 2024’s predicted 0.5%, but still neatly in the sweet spot.