Why…people are worried about appointing a BoT president.

This is because the column is written in advance. Not sure Date of reading this column Do we have a new Chairman of the Board of the Bank of Thailand (BoT) yet? And is he someone who always predicts and confronts?

In this case, for “Mr. P” who used to hang around Bang Khun Phrom Palace for a while. Consider that the position of “Chairman of the BoT Board” and the committee The BoT is not just a water and electricity scoreboard as they say. But it is considered an important, honorable position, one that must act impartially, fairly, based on the interests of the people rather than the interests of their peers. The main thing is to understand the heart. and the main principles of BoT that emphasize the maintenance of stability and financial stability of the country

Including the need to understand important principles in “Being independent from political interference” of the BoT as well, making any decisions as the chairman of the board The BoT must be neutral politically. and do not operate or change any conditions or regulations that may threaten economic stability. and the country’s financial situation

After reading an open letter from 683 former BoT employees, including 4 former deputy governors and 12 assistant governors, the rest are former employees. Not counting the other 4 former governors who came out earlier, it was found that the concerns of these people arose because although the committee BoT will have no role in ‘ monetary policy setting. and financial institutions directly, but the BoT Act specifies the committee’s authority and duties to consider selecting qualified experts to be members of the Monetary Policy Committee. and the Financial Institutions Stability Committee and appointed administrators from the Deputy Governor and above.

Therefore, usually when the BoT selects anyone to hold any position, applications to the Board are submitted for consideration. Not offered for information In principle, the BoT Board will approve the election or appointment. or not approved But in the past the committee will not oppose the BoT. or hinder the consideration of these issues and other issues raised by the open letter. Due to the power of the BoT committee that can set criteria and direct the management of funds in international reserves.

What when you talk about changing the criteria for reserve fund management Naturally, there is concern that changes will be made to the criteria for the use of reserve funds. be used in various cases that may cause more risk Especially establishing a Sovereign Wealth Fund (SWF) because SWFs established in many countries were not always successful.

But all these are just worries. It hasn’t happened yet. And that probably won’t happen. that shows the feelings of the heart for society to see Because in the end, if there is a real obstruction from politics I believe that more people will come out and oppose this. And in the end, it may be a “bigger issue” than anyone thinks.

Mr. P