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Thailand Appoints new Chairmain of Central Bank
The government seeks to lower interest rates to stimulate growth, contrasting with the central bank’s conservative stance, particularly as it aims to maintain an inflation target of 1% to 3%.
Former finance minister Kittiratt Na-Ranong is appointed chairman of the Bank of Thailand, indicating government influence over monetary policy amidst ongoing debates about interest rates and economic strategies.
Thailand is set to appoint former finance minister Kittiratt Na-Ranong as the new chairman of the Bank of Thailand (BoT). This decision reflects the government’s intention to exert more control over the central bank amid ongoing tensions regarding monetary policy and inflation. Kittiratt, known for his criticism of the BoT’s conservative approach, was selected following discussions by the selection panel.
Sathit Limpongpan, who led the committee, confirmed a decision was reached but did not disclose Kittiratt’s name pending cabinet and royal endorsement. While the chairman does not directly set policy, Kittiratt will influence appointments to the Monetary Policy Committee and evaluate the governor’s performance.
Former central bank chiefs and economists had cautioned against appointing a politically aligned chair, warning it could compromise economic stability. The government seeks to lower interest rates to stimulate growth, contrasting with the central bank’s conservative stance, particularly as it aims to maintain an inflation target of 1% to 3%.
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