BoT chief race enters final stretch
The name of the new central bank governor who will succeed outgoing boss Prasarn Trairatvorakul will be submitted for cabinet approval between July 7 and July 14, says Finance Minister Sommai Phasee.
However, he still has not hinted as to whether a selection has already been made.
The selection committee chaired by Sompol Kiatphaibool, a former chairman of the Stock Exchange of Thailand, submitted a shortlist of two finalists to Mr Sommai last month.
A senior cabinet minister said the cabinet “is certain” to appoint Veerathai Santiprabhob, a member of t he Monetary Policy Committee, to take the helm as the 23rd central bank governor, beating Supavud Saicheua, managing director of Phatra Securities.
If the Harvard graduate Mr Veerathai, age 45, wins the race, he will become the youngest chief in the 73-year history of the Bank of Thailand.
Asked whether seniority was a crucial factor in picking the new central bank chief, Mr Sommai said it did not matter.
He used himself as an example — he is 70 years old but finds he can work well with Prime Minister Prayut Chan-o-cha, who is 60.
Mr Veerathai has been tipped as the frontrunner since the application period began.
He has held prominent positions as a member of the State Enterprises Policy Commission or superboard chaired by Gen Prayut as well as a board member of staterun Thai Airways International.
While some saw Mr Supavud as a dark horse, he made the shortlist on the strength of his presentation.
The market speculated that central bank deputy governor Paiboon Kittisrikangwan would be a prime candidate, but he failed to make the shortlist.
The nomination process requires a new governor be appointed at least 90 days ahead of the date the incumbent steps down, in this case the end of September.
If the cabinet rejects the name proposed by the finance minister, he must either propose another name from the shortlist or start the selection process again.
But if he chooses the latter, the process must be finished by Sept 30.
Following the cabinet’s appointment, the new governor of the Bank of Thailand will need to be endorsed by His Majesty the King.