Thailand’s cabinet on Tuesday gave its approval for Vitai Ratanakorn to be the next governor of the Bank of Thailand, a government official said.
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Thailand’s cabinet on Tuesday gave its approval for Vitai Ratanakorn to be the next governor of the Bank of Thailand, a government official said.
The appointment of Vitai, 54, the president and CEO of the Government Savings Bank, would be subject to royal approval before he starts a five-year term on October 1. The cabinet approval was announced by government spokesperson Jirayu Huangsap.
Vitai will succeed Sethaput Suthiwartnarueput, who could not seek a second term as he has reached retirement age.
The new governor faces a tough task of supporting a struggling economy facing tepid consumption, high household debt and steep U.S. tariffs, with limited monetary policy room.
Vitai was picked over central bank veteran and deputy governor Roong Mallikamas.
Some analysts expect Vitai’s appointment to improve working between the central bank and the Pheu Thai party-led government, which has previously clashed with Sethaput over interest rates and monetary policy settings.