Thailand has named former senior bureaucrat Somchai Sujjapongse as Chairman of the Bank of Thailand’s (BOT) board, concluding a politically charged selection process.
Bloomberg reported the appointment, citing a source familiar with the matter.
Somchai, 63, was proposed by the Ministry of Finance and will assume the role once his appointment is approved by the Thai Cabinet and the King.
His selection comes after the government’s initial nominee, Kittiratt Na-Ranong, faced strong opposition from former central bank governors and economists due to his ties to the ruling Pheu Thai Party.
The central bank had instead recommended Surapon Nitikraipot, a former Thammasat University rector.
The appointment follows a decision by an independent panel led by Sathit Limpongpan on 28 February, though officials had withheld the name.
Krungthep Turakij newspaper first reported Somchai’s selection. Finance Ministry spokesman Pornchai Thiraveja declined to comment.
While the board chairman does not set monetary policy, the role influences appointments to key committees on financial institutions and payment systems.
Kittiratt’s nomination was widely seen as an attempt by Prime Minister Paetongtarn Shinawatra’s administration to gain greater control over the central bank.
The BOT recently cut borrowing costs just days after the Prime Minister publicly urged a rate reduction to boost Southeast Asia’s second-largest economy.
Though the government failed to install Kittiratt, it may still seek influence through Somchai, a former Finance Ministry permanent secretary from 2015 to 2018.
Finance Minister Pichai Chunhavajira described him as well-qualified, noting that he can offer insights on economic conditions to the central bank’s rate-setting panel.
The administration will also appoint a successor to Governor Sethaput Suthiwartnarueput, a staunch advocate for central bank independence, whose term ends in September.
Having turned 60 earlier this year, he is ineligible for reappointment under BOT rules.
Somchai, who holds a PhD in economics from Ohio State University, previously led multiple Finance Ministry departments.
He will chair the BOT’s 12-member board, replacing Porametee Vimolsiri, who remained in the role temporarily after completing his term last year.
