Thailand’s Cabinet has approved Vitai Ratanakorn as the next governor of the Bank of Thailand, Reuters reported citing a government spokesperson.
Vitai currently heads the state-owned Government Savings Bank, and his appointment will require formal royal endorsement before he begins his five-year term on 1 October.
He will take over from current governor Sethaput Suthiwartnarueput, who is stepping down due to reaching the mandatory retirement age.
The leadership change comes as the central bank navigates mounting economic challenges, including subdued domestic consumption, elevated household debt levels, and the impact of rising US tariffs.
Vitai was selected over Roong Mallikamas, a deputy governor and long-time Bank of Thailand official.
Some observers believe Vitai’s background could help ease policy tensions between the central bank and the Pheu Thai-led government, which has previously disagreed with Sethaput on interest rate decisions.
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