Finance Minister says new BOT chief must have ‘broad vision’

Finance Minister Pichai Chunhavajira said on Monday that the new Bank of Thailand (BOT) governor should have a forward-looking vision. Pichai, who also serves as deputy prime minister, spoke amid ongoing tension between his ruling Pheu Thai Party and incumbent BOT governor Sethaput Suthiwartnarueput, whose tenure ends on September 30 this year.

Sethaput has voiced opposition to the government’s 10,000-baht digital wallet scheme, warning the 500-billion-baht handout could undermine Thailand’s fiscal health.

On Monday, Pichai asserted that the incoming BOT chief would face changes in the financial landscape, including challenges from currency exchange and digital technologies.

“The next BOT governor should have a broad vision,” he said.

However, he declined to name any candidate for the job, saying it was too soon to do so.

Lavaron Sangsnit, permanent secretary of the Finance Ministry, said the new BOT chief would be selected in June, 90 days before the incumbent governor steps down.

The selection committee will comprise members of the central bank’s board. He added that the application process was ongoing but declined to name candidates.

However, Lavaron confirmed that former finance minister Kittiratt Na-Ranong has been disqualified from the running as his political role of PM’s adviser is considered a conflict of interest.

Candidates for BOT governor must be Thai nationals under the age of 60 with expertise in economics and banking. They cannot be central bank employee and must have quit the civil service or political party posts at least a year before applying.