Politics Loom Over Bank of Thailand Governorship Race

The Bank of Thailand (BOT) governor race is entering its final stages, with seven candidates vying to succeed Sethaput Suthiwartnarueput when his term ends on September 30. Applications closed on June 3, and the Selection Committee is now reviewing qualifications before inviting candidates for interviews starting June 24. While the candidates all have impeccable credentials and the selection process is well-established, politics is also at play, with the Pheu Thai Party and conservative powerbrokers quietly rallying behind their preferred contenders.

Indeed, the governorship itself is replete with partisan clashes. In 2001, then Prime Minister Thaksin Shinawatra removed Governor M.R. Chatumongkol Sonakul. More recently, Governor Sethaput has openly criticized Pheu Thai’s 10,000-baht digital cash handout, while the party has repeatedly urged the Bank to cut interest rates to stimulate growth. Even for the BOT board chair, Kittiratt Na-Ranong—a former adviser to Prime Minister Srettha Thavisin—was disqualified due to his prior political affiliations with the government.

Media reporting suggests this appointment will be no different. Conservatives are said to favour BOT insider Roong Mallikamas, who has steadily risen through the ranks over her two-decade career at the Bank. There is also Kobsak Pootrakool, a capable technocrat and former minister attached to the Prime Minister’s Office under the conservative, military-led Prayuth Chan-o-cha government, as well as a spokesperson for the Palang Pracharath Party.

Meanwhile, candidates Sutthapha Amornwiwat, Vikran Supamongkol and Somprawin Manpraert are seen as close to the Pheu Thai Party. Sutthapha’s first cousin, Julapun Amornvivat, is the Deputy Finance Minister from Pheu Thai. An influential Khun Ying from a major political party is reportedly backing her as well. As for Vikran, he is the nephew of Kantathi Suphamongkhon, a former Thai trade representative and foreign minister under Prime Minister Thaksin Shinawatra. Then there is Somprawin, chief of the SCB Economic Intelligence Center, who has supporters among the Prime Minister’s Baan Phitsanulok advisory team.

Second-timer Anusorn Tamajai is also in the race, having run in 2020. He is linked to the Pridi Banomyong Institute and Foundation—non-profit organisations promoting Thailand’s economic and social development. Pridi, as finance minister, played a key role initiating the Bank of Thailand Act which led to the Bank’s establishment in 1942. He later served a brief stint as prime minister.

And finally, just days before the deadline, Vitai Ratanakorn stepped down from the Government Savings Bank (GSB) to enter the race, suggesting strong support signals of his own. While at GSB, he led government debt relief policies such as the “You Fight, We Help” program, as well as a new scheme to ease debt burdens for about 500,000 people. Given Pheu Thai’s household debt agenda, his appointment would not be unwelcome.

All eyes will now be on the Selection Committee and which two finalists it proposes to the finance minister for cabinet submission by July 2. The next governor will take the helm at a critical time, with Thailand facing mounting economic challenges—from a trade war with the US to sluggish growth. The outcome may also hint at broader political dynamics. A Pheu Thai-aligned pick would signal a strong government hand; other choices could suggest compromise—or a tilt toward conservative influence.