New BOT chairman a survivor amid political storms

As Finance Minister Kittiratt Na-Ranong said yesterday, at 58, the Cabinet secretary-general has amassed enough experience and knowledge to support his work as chairman of the country’s most prestigious economic institution. Announcing the nomination – which now awaits Cabinet approval – Kittiratt implied that Ampon was a good choice and made on the merits of seniority, knowledge and a clean record.
Of the three candidates, Ampon has been rumoured to be the front-runner. Serving as a director of the central bank for some time on top of his six years as secretary-general of the National Economic and Social Development Board (NESDB), Ampon is at least the equal of the other two candidates – former BOT governor MR Pridiyathorn Devakula and economic guru Narongchai Akrasanee, who now serves in the Monetary Policy Committee.
Indeed, when the BOT launched the first public selection of the new governor in 2010, Ampon was so confident of his credentials that he thought about joining the race. The only thing that stopped him was that it would have required him to leave the civil service. Since joining the civil service in 1990s, Ampon has climbed the ladder, quickly but firmly. Holding a master’s degree in economics from Northeastern University in Boston and doctorate in applied economics from Clemson University in South Carolina, he was made chief of several units under the Agriculture Ministry. His last title as a deputy permanent secretary was announced when he was just 47, making him the youngest civil servant in that senior post.
In 2004, only two years after the promotion, he won a golden chance to grow elsewhere. As the secretary-general of the NESDB, he was in charge of the big picture of the country’s development. And he held on to the job even when politics was on a roller-coaster.
Rumour had it that he had established a close connection with Newin Chidchob, a former key cohort of Thaksin Shinawatra. But as Newin left the scene, Ampon still stood firm at the NESDB.
He also appeared to win favour from the Democrat Party.
In 2009, Ampon was unanimously chosen as chairman of Thai Airways International. Sources said he had been seen as a “neutral” figure acceptable to backers of the other candidates. In 2010, when his term at the NESDB ended, the Democrat-led government named him Cabinet secretary-general.
He maintained both positions even when Pheu Thai won the election in 2011. He is still the Cabinet secretary-general. Though he initially worked closely with Piyasvasti Amranand, appointed in 2009 as president of THAI during the Democrat-led government, Ampon last year turned his back on Piyasvasti while the Pheu Thai government chose to stay on the sidelines.
And he is very likely to hold on both jobs for some time, even while he serves as BOT chairman.
THAI’s chairmanship seems secure. Under the Bank of Thailand Act, there is a clause stipulating that the chairman must not hold a directorship at any financial institution. But there is no clause referring to a post in non-financial institutions. His predecessor Virabongsa also maintained his chairmanship at Double A during the period. Moreover, THAI is a state enterprise.
He is also likely to remain the Cabinet secretary-general, given that it is a full-time civil-service job.
Now, all eyes are on what Ampon will do at the central bank. Kittiratt said yesterday that despite unrivalled credentials and experience, Virabong-sa was not able to have much influence on the BOT’s policies. So in a way, the finance minister admitted that expectations for Ampon are not so high.