Thai Cabinet approves Vitai Ratanakorn as next central bank chief, official says
Sign up now: Get insights on Asia's fast-moving developments
The new governor faces a tough task of supporting a struggling economy facing tepid consumption, high household debt and steep US tariffs.
PHOTO: REUTERS
BANGKOK - Thailand’s Cabinet on July 22 gave its approval for Mr Vitai Ratanakorn to be the next governor of the Bank of Thailand, a government official said.
The appointment of Mr Vitai, 54, the president and CEO of the Government Savings Bank, would be subject to royal approval before he starts a five-year term on Oct 1. The Cabinet approval was announced by government spokesperson Jirayu Huangsap.
Mr Vitai will succeed Mr Sethaput Suthiwartnarueput, who cannot seek a second term as he has reached retirement age.
The new governor faces a tough task of supporting a struggling economy facing tepid consumption, high household debt and steep US tariffs, with limited monetary policy room.
Mr Vitai was picked over central bank veteran and deputy governor Roong Mallikamas.
Some analysts expect Mr Vitai’s appointment to improve working between the central bank and the Pheu Thai party-led government, which has previously clashed with Mr Sethaput over interest rates and monetary policy settings. REUTERS
