Veerathai not interested in second term at BOT

[webfact]

Veerathai not interested in second term at BOT

By THE NATION

 

Veerathai Santiprabhob

 

Bank of Thailand (BOT) governor Veerathai Santiprabhob is not interested in extending his tenure as governor after his current term ends on September 30, his spokesperson said on Monday (May 25).

 

Veerathai wished to spend more time with his family but would work to ensure a smooth handover to the new governor, said Chantavarn Sucharitakul, the governor’s assistant of communications and corporate relations.

 

Rungson Sriworasat, the president of the committee tasked with selecting a new governor, on Friday (May 22) announced that the process to seek a candidate to replace Veerathai had begun.

 

Source: https://www.nationthailand.com/news/30388467

 

-- © Copyright The Nation Thailand 2020-05-25

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[metisdead]

A post using a trolling meme has been removed. 

[ukrules]

Such a powerful position, the apex position in the financial world, why would he give it up?

 

People don't generally 'move on' from being national bank governors, they retire at the end of their career and this guy is nowhere near retirement age.

 

[samran]

1 minute ago, ukrules said:

Such a powerful position, the apex position in the financial world, why would he give it up?

 

People don't generally 'move on' from being national bank governors, they retire at the end of their career and this guy is nowhere near retirement age.

 

Depends, the BOT position is about as apolitical as you can get in Thailand's bureaucracy. So while it has its upsides it also has its limitations. He's also not a career bureaucrat.

 

He may have political or financial market ambitions and is young enough to pursue them still. Who knows?

[Geoffggi]

Can anyone really blame him, he knows what is coming.....LOL

[hotchilli]

18 hours ago, webfact said:

Bank of Thailand (BOT) governor Veerathai Santiprabhob is not interested in extending his tenure as governor after his current term ends on September 30, his spokesperson said on Monday (May 25).

He knows when to bail out.

[Srikcir]

16 hours ago, ukrules said:

Such a powerful position, the apex position in the financial world, why would he give it up?

 

People don't generally 'move on' from being national bank governors, they retire at the end of their career and this guy is nowhere near retirement age.

 

BOT Governor is only powerful if he acts independently from the Thai government's economic policies, ie., protect the stock market, sustain massive government debt and minimize redistribution of wealth from the "1%ers."

Being "obedient" should not be confused with being powerful.

 

[Trillian]

2 minutes ago, Srikcir said:

BOT Governor is only powerful if he acts independently from the Thai government's economic policies, ie., protect the stock market, sustain massive government debt and minimize redistribution of wealth from the "1%ers."

Being "obedient" should not be confused with being powerful.

 

BOT cannot act independently of government policy:

 

The MPC's scope of responsibilities is clearly spelled out in the BOT Act, as follows:

1.  Setting a target for the country's monetary policy, taking into account the Government's policies and the country's economic and financial environment;

 

https://www.bot.or.th/English/AboutBOT/RolesAndHistory/Pages/RolesAndResponsibility.aspx

 

https://www.bot.or.th/English/AboutBOT/LawsAndRegulations/SiteAssets/Law_E01_Bot.pdf

[samran]

40 minutes ago, Trillian said:

BOT cannot act independently of government policy:

 

The MPC's scope of responsibilities is clearly spelled out in the BOT Act, as follows:

1.  Setting a target for the country's monetary policy, taking into account the Government's policies and the country's economic and financial environment;

 

https://www.bot.or.th/English/AboutBOT/RolesAndHistory/Pages/RolesAndResponsibility.aspx

 

https://www.bot.or.th/English/AboutBOT/LawsAndRegulations/SiteAssets/Law_E01_Bot.pdf

But it can be autonomous in how it achieves it - which is the point. Low inflation, stable currency etc - the government can't order the BOT on how to go about doing its job. Only the final outcome.

 

Once appointed, the BOT can't be fired by the government of the day. That gives out a lot of independence.

[Trillian]

7 minutes ago, samran said:

But it can be autonomous in how it achieves it - which is the point. Low inflation, stable currency etc - the government can't order the BOT on how to go about doing its job. Only the final outcome.

 

Once appointed, the BOT can't be fired by the government of the day. That gives out a lot of independence.

Yes I agree it has a lot of scope in how it performs its role although trying to increase inflation for example, one of the key drivers for reducing currency value, requires a change in policy towards imports and BOT can't do that without a change in government policy.