Thailand has set the process in motion to select the next governor of the Bank of Thailand (BOT), as current chief Sethaput Suthiwartnarueput’s term is set to expire in September after a five-year stint.
As per Pornchai Thiraveja, a ministry spokesman, Finance Minister Pichai Chunhavajira has named Sathit Limpongpan, a former senior official at the ministry, to lead a seven-member selection committee composed largely of retired civil servants.
Previously, Sathit held the position of permanent secretary at the Finance Ministry and led the panel that nominated Somchai Sujjapongse to chair the Bank of Thailand’s board. The appointment, which is still awaiting Cabinet confirmation, was the result of a drawn-out process marked by considerable debate over concerns that the government might be compromising the central bank’s autonomy.
The committee is expected to convene quickly, with an initial meeting planned soon as Sathit aims to expedite the process, according to Pornchai.
The outcome of this selection is closely watched by investors concerned about the government’s potential influence over the central bank, especially after Sethaput’s vocal defense of BOT independence and frequent public disagreements with the government on fiscal and monetary matters.
Meanwhile, the tension between the central bank and the government has eased somewhat in recent months, as the BOT delivered rate cuts totaling 50 basis points amid waning economic prospects and tighter financial conditions. Coordination between the finance ministry and the central bank has recently strengthened, particularly in response to looming U.S. tariff threats.
With significant risks ahead—such as the impact of possible U.S. tariffs and an escalating global trade war—the BOT expects the fallout to weigh on Thailand’s economic growth. The central bank’s rate-setting panel is scheduled to review the outlook at its meeting on April 30.
The selection process officially launches with the committee opening applications, followed by interviews and the creation of a shortlist of at least two finalists for the finance minister’s consideration. As per the guidelines, this shortlist must be submitted to the minister no less than 90 days ahead of the current governor’s term conclusion.
Potential candidates mentioned in local media include BOT deputy governor Roong Mallikamas, ex-IMF economist Sutapa Amornvivat, and Santitarn Sathirathai, who currently sits as an independent member of the monetary policy committee.
