Thai cupboard approves Vitai Ratanakorn as subsequent central financial institution chief, official says

Thailand’s cupboard on Tuesday gave its approval for Vitai Ratanakorn to be the following governor of the Financial institution of Thailand, a authorities official stated.

The appointment of Vitai, 54, the president and CEO of the Authorities Financial savings Financial institution, could be topic to royal approval earlier than he begins a five-year time period on October 1. The cupboard approval was introduced by authorities spokesperson Jirayu Huangsap.

Vitai will succeed Sethaput Suthiwartnarueput, who couldn’t search a second time period as he has reached retirement age.

The brand new governor faces a tricky process of supporting a struggling economic system dealing with tepid consumption, excessive family debt and steep U.S. tariffs, with restricted financial coverage room.

Vitai was picked over central financial institution veteran and deputy governor Roong Mallikamas.

Some analysts count on Vitai’s appointment to enhance working between the central financial institution and the Pheu Thai party-led authorities, which has beforehand clashed with Sethaput over rates of interest and financial coverage settings.