Thailand’s cabinet has approved Vitai Ratanakorn, president and CEO of the state-run Government Savings Bank, to be the next governor of the Bank of Thailand.
Ratanakorn, 54, is set to begin a five-year term on October 1, pending royal approval. He will succeed Sethaput Suthiwartnarueput, who is ineligible for a second term due to reaching retirement age. The cabinet’s decision was announced by government spokesperson Jirayu Huangsap.
The incoming governor will face a struggling economy marked by sluggish consumption, high household debt, and the impact of steep U.S. tariffs, all with limited room for monetary policy adjustments.
Analysts suggest Ratanakorn’s appointment could foster a more cooperative relationship between the central bank and the Pheu Thai party-led government. The administration had previously clashed with the outgoing governor over the direction of interest rates and monetary policy. Ratanakorn was selected for the top post over the central bank’s deputy governor, Roong Mallikamas.
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