Mission ‘Kittirat’ is chairman of the board of the Bank of Thailand, with fears of ‘changing the law – using reserve currency’

It is considered complete for choosing roles.”Chairman of the Board of the Bank of Thailand or the chairman and board committee member of the Bank of Thailand (BoT) said after “high-level sources” that the selection committee was led by Mr. Sathit Limpongphan As Chairman of the Selection Committee, it was decided “Kittirat Na Ranong” the next Chairman of the Board of the Bank of Thailand, replacing Mr. Pramethi Wimonsiri, Chairman of the Board of the Bank of Thailand, who expired on 11 September 2024.

For Mr. Kittirat We considered one of the candidates from the 3 names suggested, namely Mr. Kittirat Nominated by the Ministry of Finance, and two other names were recommended by the BoT, two of them were Mr. Kulit Sombatsiri, who was Permanent Secretary at the Ministry of Energy, and Mr. Suraphon Nitikraipot, President of Thammasat University Council.

For the election of the Chairman of the Board of the Bank of Thailand this time, “Kittirat” is considered to be the 5th Chairman from the Bank of Thailand Act 2008, with the first being MR Chatumongkol Sonakul, Mr. Weera , Mr. Ampon Kittiampon and Mr. Prametee Wimonsiri

However, with this appointment the committee decided to appoint two other qualified members, that is Mr. Phongpanu Sawetrun, who was the Permanent Secretary at the Ministry of Tourism and Sports. and Ms. Chunhajit Sangmai is a guidance counselor. The directors whose terms have expired are replaced by Mr. Nonthikorn Kanchanachitra and Mr. Manat Chaemweha.

Prepare a presentation to the Cabinet for approval by the President of the Board.

Mr. Sathit Limpongphan, as chairman of the selection committee, said that the selection meeting “Chairman of the Board of the Bank of Thailand” has been completed. After this, the secretariat department It will continue according to the steps specified by law.

For the Chairman of the Board The name will be presented to the Minister of Finance. To be presented to the Cabinet for approval and to His Majesty the King for appointment. Regarding the issue of qualified directors It will be recommended to the Minister of Finance to consider the position.

The meeting was chosen This time the “Chairman of the Board of the Bank of Thailand” took almost 5 hours, starting from 10:00 am to 2:50 pm.

Mission “Kittirat” in the role of Chairman of the Board

sitting in his position “Chairman of the Board of the Bank of Thailand” of Mr. Kittirat was greatly watched by the public By planting the flag from the beginning when we came to do it.Mission” Beneath this much watched Bang Khun Phrom Palace is the hope to come in and “remove” the independence of the BoT by changing the law to make it possible. The BoT is more in agreement with the government’s views, such as lowering the policy interest rate. Taking care of the baht From the past, this was considered a major obstacle to the implementation of government policy.

Not only that The next goal to change the Bank of Thailand law is to transfer Debt from the Financial Institutions Development Fund (FIDF) to the BoT debt management account instead of being under the Ministry of Finance

Therefore, the goal of the FIDF debt transfer is to help the government increase debt to implement economic policies in the coming period. This will allow the government to reduce public debt by around 5% per GDP to increase the space for making government policy more flexible.

Using the reserves of the national bank to facilitate state policy

Another goal that has raised a lot of concern among the public is the use of foreign resources for their use. By using the international reserves that are abundant at this time to use for other benefits

National Bank this time There are still important missions. That has always been the goal of the government sector, that is to “drill on international resources” to put them to good use to benefit the government sector as usual. to use the current international reserves in large amounts And it is said that it is almost at the highest level now after the baht continues to strengthen. So that the current reserves at a high level exceed 200 billion dollars.

So it is hoped to take advantage of some of the international reserves. Get out and do something useful instead of just lying around. Both of them have the idea to withdraw money to establish a Sovereign Wealth Fund (SWF) like in other countries or use international resources for profit Create income for the country

Including using reserve funds to take care of the country in times of economic crisis or major slowdown like today, although they are good ideas, But on the other hand, I forgot that Is e main roles of international reserves in maintaining financial stability in the country Both take care of the baht Take care of the money that flows in and out that affects the economy of Thailand .

However, if the government were to use this money it can be seriously questioned as a result of that if there is a crisis the Bank of Thailand itself must spend a lot of money to maintain financial stability. In the middle of a world of turmoil Will this part be enough to take care of the emergency situation?

Since the reserve fund, in addition to its responsibility to maintain the financial stability of the country, it is also responsible for maintaining the confidence of the people. Business sector and foreigners Because if it causes people to lose confidence in the national bank or a lack of confidence in maintaining financial stability, the country could be an instrument in the end or fall into a disaster Investors may lose confidence and abandon them. Selling assets held in Thailand

4 Governors of the National Bank – Economics Group against.

The arrival of Mr. Kittirat this time He came under strong concern from the public. Economists, academics, or former governors of the Bank of Thailand, including four “former” governors of the Bank of Thailand: MR Pridiyathorn Devakul, Mr Prasarn Trairatvorakul, Mr Veerathai, Mrs Tarisa Wattanakes, who expressed concern in the election of the Chairman of the Board of the Bank of Thailand.

who signed an agreement to allow a person close to politics to take the position of Chairman of the board of the Bank of Thailand. together with a group of economists Currently there are more than 830 people.

Veerathai is worried about destroying the credibility of the central bank.

Mr Veerathai Santiprabhob, former governor The BoT issued its latest move. Insisting that this case is not just the case of the National Bank. But it is about the future of the country. It does not matter the name of the person who enters. But if you have a history of being a strict politician and you have an attitude and a way of thinking that wants to limit the work of the central bank to answer political questions, this is not acceptable.

If the political sector is allowed to send political people to control the national bank It will be extremely dangerous to maintain the stability of Thailand’s economic system. destroying the credibility of the central banks and destroying the main economic groups of the country so weak that there is not a single group left that can protest against inappropriate economic policies.

“The pace ahead You may see open populist policies everywhere. No one cares about fiscal discipline. There are only policies that focus on short-term benefits to primarily respond to political needs. Future monetary policy And financial institution policies could be transformed into populist policies. “

Likewise, the group of disciples who accepted the teachings of Luangta Phra Maha Bua Yannasampanno also came out to move. By sending a letter to Morning yesterday (November 11) at the BoT, saying that if “Kittirat” becomes the chairman of the board of the Bank of Thailand, he will have a great influence on the central bank in the future.

In addition to this, there is also the Dhamma Army, PDRC, PDRC, which has opened to collect more than 51,980 names to contest the election. “People close to the political side” will also chair the board of the Bank of Thailand.

The Prime Minister’s Secretary says this is normal.

Dr. Phrommin Lertsuriyadet Secretary to the Prime Minister Speaking on the election of the committee chairman The BoT said that this matter was a cause for concern because of the election of the government. It is normal for someone to sit in a position to take care of policies that affect the people.

This is similar to the case of the Ministry of Finance hiring people from the government to manage the Thai Airways recovery plan. It follows that the Ministry of Finance is not a debtor and holding shares in Thai Airways is not unusual or politically motivated.