Piti Tantakasem, the chief executive of TMBThanachart Bank (ttb), has dismissed speculation about his candidacy to become the next governor of the Bank of Thailand.
Mr Piti’s name has surfaced alongside several others including Ekniti Nitithanprapas, director-general of the Treasury Department; Roong Mallikamas, the central bank’s deputy governor for financial institution stability; and Sutapa Amornvivat, chief executive of Abacus Digital under SCB X.
Other potential contenders include Kobsak Pootrakool, director and senior executive vice-president at Bangkok Bank, and Santitarn Sathirathai, a member of the central bank’s Monetary Policy Committee (MPC).
The current central bank governor, Sethaput Suthiwartnarueput, will complete his term on Sept 30, 2025 and has confirmed he will not seek reappointment.
Mr Sethaput, 60, was appointed governor in 2020 and is ineligible for a second term because he reached retirement age.
“I have not been approached by anyone regarding the role, and I have no interest in applying for the position,” Mr Piti said on Thursday.
“I believe I can contribute to the country in my current role. I am ready to collaborate with any government or regulatory agency to support the nation in any way I can.”
Mr Piti, 54, previously played a key role in drafting short-term economic stimulus policy for the Prayut Chan-o-cha administration.
He was involved in steering the co-payment scheme, a stimulus package launched in 2020 to support economic recovery during the pandemic.
Using an analogy, Mr Piti compared economic stimulus efforts to a Formula 1 race, where the government needs both a skilled driver and a high-performance car to succeed. The central bank functions as the tyres and brakes — representing monetary policy — which must be adjusted for optimal performance.
However, winning the race also requires a powerful engine, representing fiscal policy. Only when all these elements work together can the economy be steered in the right direction, he said.
According to ttb analytics, the bank’s research centre, the MPC is expected to cut the policy rate once or twice this year.
Last month the central bank voted 6:1 to lower its policy rate by 25 basis points to 2%, aiming to support Thailand’s economic recovery and ease the financial burden on borrowers.
The selection and application process for a new governor must begin at least 90 days before the incumbent’s term ends, or no later than June 30.
Finance Minister Pichai Chunhavajira said recently that the government would start the selection process in March.
The next governor must be forward-looking with modern ideas and be able to “work closely together” with the Ministry of Finance and the government, while having knowledge of both economics and finance, said Mr Pichai.
The Bank of Thailand, meanwhile, is also looking for a chairman — a process that has dragged on for months because of concerns about undue political influence.
The government earlier proposed former Pheu Thai cabinet minister Kittiratt Na-Ranong for the job, but its legal advisers said he was ineligible because he had recently held a political post advising former PM Srettha Thavisin.
Somchai Sujjapongse, a former permanent secretary at the finance ministry, is reportedly the government’s new candidate to succeed Poramatee Vimolsiri.
Mr Poramatee’s term ended last September but he remains in the post until a successor is named.