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Investing.com -- Thailand’s cabinet has selected Vitai Ratanakorn as the next governor of the Bank of Thailand, choosing him over Deputy Governor Roong Poshyananda Mallikamas.
Vitai, who currently serves as president and chief executive of state-owned Government Savings Bank, is scheduled to assume his new role on October 1, according to a statement released by the prime minister’s office on Tuesday. His appointment still requires final approval before he officially succeeds current BOT Governor Sethaput Suthiwartnarueput, whose five-year term concludes on September 30.
The leadership transition comes at a challenging time for Thailand’s economy, which is facing growth difficulties amid both domestic and external pressures.
Vitai brings diverse experience to the position, having previously served as secretary-general of the government pension fund. His career also includes executive roles at budget airline Nok Airlines and conglomerate Charoen Pokphand.
CIMB economists noted last month that Vitai is considered to have a dovish monetary policy stance and supports stronger coordination between fiscal and monetary policies. This contrasts with Roong, who was viewed as more likely to continue the central bank’s cautious approach to policymaking.
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