Thailand to shortlist central bank chief candidates by July 2, official says

A Thai selection committee plans to shortlist candidates to be the next central bank chief by Jul 2, an official said on Thursday (May 8), ahead of the end of incumbent Governor Sethaput Suthiwartnarueput’s five-year term in September.

The new Bank of Thailand governor will face a tough task of steering the country’s underperforming economy, the second largest in South-east Asia, through the global trade war.

Thai law requires the committee to pick at least two candidates for the finance minister to choose from at least 90 days before the end of the incumbent governor’s term. The appointment will also require Cabinet and royal approval.

Applications for the role will be open from May 13 to Jun 4, Pornchai Thiraveja, head of the finance ministry’s fiscal policy office, told a news briefing. The committee will hold its next meeting on Jun 20.

Potential candidates include deputy Roong Mallikamas, a deputy central bank governor, and Sutapa Amornvivat, a former economist at the International Monetary Fund, according to local media.

Governor Sethaput’s term ends on Sep 30. The 60-year-old former World Bank economist cannot seek a second term as he has reached retirement age.

Sethaput has disagreed with some policies of the ruling Pheu Thai party, which took office in 2023, and had long resisted its calls for cuts in interest rates. He has also stressed the need for central banks worldwide to be independent in his speeches.

The search for a new governor follows a drawn-out process to select a new Bank of Thailand board chair. The nomination of a government loyalist drew widespread criticism from economists and former central bank governors, and an advisory council said the candidate was ineligible because of a recent political role.

When the process restarted, a government-backed candidate, former finance ministry permanent secretary, Somchai Sujjapongse, was appointed to the position in April. REUTERS