Veerathai rules out central bank encore

Bank of Thailand governor Veerathai Santiprabhob will not apply for a second term after his five-year tenure expires on Sept 30, citing family reasons.

The incumbent wants to help the new leader make a smooth transition after his successor takes the helm on Oct 1, said Chantavarn Sucharitakul, assistant governor overseeing communications and corporate relationships.

Harvard-educated Mr Veerathai, 50, is the central bank’s 23rd governor.

The application period of 15 business days for the next governor starts today, running to June 16.

A selection committee for the new central bank head chaired by former permanent secretary for finance Rangsan Sriworasart must name two shortlisted candidates and propose them to Finance Minister Uttama Savanayana, who will pick the next governor and forward his selection to the cabinet for nomination before seeking royal approval.

Mr Rangsan recently said the shortlist of candidates will be concluded by July 2 and the central bank’s 24th chief will face a challenging task with a gloomy economy battered by the coronavirus pandemic.

The central bank’s rate-setting panel last week cut the policy rate by 0.25 percentage points to an alltime low of 0.5%, saying it is ready to use additional policy tools to soften the economic blow while downside risks to the economy this year remain high.

‘‘

I want to help the new leader make a smooth transition after he or she takes the helm on Oct 1. VEERATHAI SANTIPRABHOB Governor, Bank of Thailand

The central bank in March forecast the economy will shrink by 5.3% this year, the first contraction since the 2008 global financial crisis.

Applicants must not be older than 60 on the date of the cabinet’s nomination. They must have a bachelor’s degree from an educational institution certified by the Office of the Civil Service Commission.