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Thailand to Start Selection Process for New Central Bank Governor in March
Thailand is set to commence the selection process for a new central bank governor in March, as the current governor, Sethaput Suthiwartnarueput, approaches the end of his five-year term in September. Appointed in 2020, Sethaput, now 60, is ineligible for a second term due to reaching the mandatory retirement age.
The selection process will involve both the government and the Bank of Thailand (BOT) nominating candidates for the position. The BOT is expected to propose two candidates, while the government will nominate one. A selection committee will then review these nominations to appoint the new governor.
In a related development, the government has nominated Somchai Sujjapongse, a former permanent secretary of the finance ministry, for the role of BOT board chair. This position, currently vacant, is significant as the chair leads the board responsible for selecting four members of the monetary policy committee, alongside the governor and two deputy governors.
The nomination of Somchai follows a previous unsuccessful attempt to appoint a former finance minister to the chair position, which faced resistance due to concerns over potential government interference in the central bank's independence. The BOT's autonomy has been a focal point, especially amid past disagreements between the bank and the government regarding monetary policy.
The selection committee for the chair position is scheduled to convene on February 28 to finalize its choice. The government's nominations and the ensuing selections are anticipated to influence the direction of Thailand's monetary policy and its economic trajectory in the coming years.
As the process unfolds, stakeholders are keenly observing how the new appointments will impact the central bank's policies, especially in balancing economic growth with financial stability. The emphasis remains on ensuring that the BOT maintains its independence while effectively collaborating with the government to navigate Thailand's economic challenges.
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