Bank of Thailand seeks new governor as Sethaput’s term ends
The Ministry of Finance has initiated the process to select a new governor for the Bank of Thailand (BoT), as Sethaput Suthiwartnarueput’s five-year term concludes on September 30.
A selection committee, led by former Finance Permanent Secretary Sathit Limpongpan, will soon convene to establish candidate requirements and the application timeline, according to ministry spokesperson Pornchai Thiraveja.
Under Thai law, the committee must propose two candidates for the finance minister’s consideration, at least 90 days before the current governor’s term ends.
Potential candidates mentioned in local media include BoT deputy governor Roong Mallikamas, former IMF economist and CEO of SCB X fintech affiliate Abacus Digital, Sutapa Amornvivat, Santitarn Sathirathai, an independent Monetary Policy Committee member and adviser with the Thailand Development Research Institute, and Ekniti Nitithanprapas, head of the Finance Ministry’s Treasury Department.
Sethaput Suthiwartnarueput, a former World Bank economist, has served as governor since 2020. However, he is ineligible for a second term due to reaching the retirement age of 60 this year. During his tenure, he has resisted calls from the Pheu Thai-led government for further interest-rate cuts aimed at stimulating Thailand’s economy.
He has criticised Pheu Thai’s digital wallet policy, a series of cash handouts totalling 450 billion baht, arguing that the Thai economy needs structural reforms to remain competitive. He also emphasised the importance of central bank independence.
Last year, the government attempted to appoint former Pheu Thai Cabinet minister Kittiratt Na-Ranong as chairperson of the BoT board. However, this was met with opposition from economists and former governors due to perceived political interference.
A court later ruled Kittiratt ineligible due to his recent political advisory role. Consequently, the selection process was restarted, with economist Somchai Sujjapongse, a former finance ministry permanent secretary, reportedly proposed for the position. A final decision by the Cabinet is anticipated later this month, reported Bangkok Post.
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