Thailand is set to kickstart the process of picking a new central bank governor with the appointment of a selection panel within days, according to Finance Minister Pichai Chunhavajira.
The Finance Ministry has approached former bureaucrat Sathit Limpongpan to chair the selection committee, Mr Pichai told reporters in Bangkok on Thursday. Sathit, a former permanent secretary in the Finance Ministry, previously headed a group that picked Somchai Sujjapongse as chairman of the board of Bank of Thailand (BoT).
BoT’s incumbent Governor Sethaput Suthiwartnarueput’s five-year term ends at the end of September, and he’s ineligible for reappointment under central bank rules as he turned 60 earlier this year. A staunch advocate for the central bank’s independence, Mr Sethaput cut rates only twice in the past year despite relentless pressure from the government.
Prime Minister Paetongtarn Shinawatra’s administration has been exploring ways to exert greater influence over the BoT by pushing its nominee to head the central bank’s board. In January, Mr Pichai said the government is searching for a new governor with modern ideas who can work closely with the state and the ministry had begun discussing potential candidates.
The governor selection panel is required to submit a shortlist of candidates to the finance minister at least 90 days before Mr Sethaput’s term ends. Aspirants will need to apply once the panel opens up the process.
Some of the names making the rounds in local media as potential candidates to be the new governor include Roong Mallikamas, a BoT deputy governor, Sutapa Amornvivat, a former IMF economist, and Santitarn Sathirathai, an independent member of the rate panel.
