Minister of Finance Selects Successor to Sethaput Suthiwartnarueput

On June 24, 2025, the Finance Minister reviewed six candidates for the role of Governor of the Bank of Thailand. Following discussions, two names were forwarded to Minister Pichai Chunhavajra for final consideration.

Pichai’s decision will need to receive approval from both the Cabinet and the King, as noted by Pornochai Tirabeja, the secretary of the selection committee. However, the names of the finalists were not disclosed.

This appointment is attracting significant attention from investors, eager to understand potential shifts in Thailand’s financial landscape, which is the second largest economy in Southeast Asia.

During a session on Tuesday, the shortlisted candidates delivered their vision statements and participated in a Q&A session, having passed the initial screening round. The candidates included:

• Vitai Ratanakorn, president of the Government Savings Bank.
• Sutapa Amornvivat, former economist at the IMF and founder of Abacus Digital.
• Somprawin Manprasert, ex-chief economist at SCB EIC, part of Siam Commercial Bank.
• Kobsak Pootrakool, Senior Vice President at Bangkok Bank.
• Roong Mallikamas, lieutenant governor focused on financial stability.
• Anushorn Tamjai, dean of the Faculty of Economics at Thai Chamber of Commerce and Industry University.

The committee refined the initial list through a secret vote, which, according to Sathit Limpongpan, the committee leader, was free from political sway. Earlier in the month, Nomura Holdings pointed to Sutapa as a strong contender, praising her focus on growth and ties to the ruling party.

Interestingly, Somprawin has advocated for significant interest rate cuts, given Thailand’s bleak growth forecast and low inflation. The new governor will take on a five-year term, succeeding Sethaput, whose time in office concludes on September 30.

Pichai expressed a desire for a candidate capable of “working smoothly” with the government. The new chief will face several challenges, including the highest household debt in the region and a stagnant economy, impacted by the looming threat of 36% tariffs on imports to the US.

Economic analysts anticipate that the central bank will maintain its benchmark interest rate at 1.75% during an upcoming meeting, following its first back-to-back cuts in five years. Sethaput has steadfastly resisted government pressures to lower rates and has defended the independence of the Bank.

However, the Pheu Thai government was unable to reach a consensus on a candidate and eventually chose Kittiratt Na-Ranong, a party loyalist, to oversee the central bank.