Thailand to begin central bank governor selection in March

Thailand will begin selecting a new central bank governor in March to replace Sethaput Suthiwartnarueput, whose five-year term ends in September, Finance Minister Pichai Chunhavajira said on Monday. Sethaput, 60, a former World Bank economist appointed in 2020, cannot seek a second term due to retirement age. The government also nominated former Finance Ministry permanent secretary Somchai Sujjapongse as chair of the Bank of Thailand, a post that has been vacant following resistance to appointing a Pheu Thai Party loyalist last year. The chair, who has no direct role in monetary policy, leads the board that selects members of the monetary policy committee. The nominations follow frequent tensions between the government and central bank over interest rates, though the government maintains it respects the bank’s independence.