Former IMF economist Veerathai to head Thailand's central bank

Bangkok

VEERATHAI Santiprabhob, a former economist at the International Monetary Fund (IMF), has been named the new governor at the Bank of Thailand (BOT).

Mr Veerathai, 45, will take charge on Oct 1 after Prasarn Trairatvorakul steps down following a five-year term that ends on Sept 30. Finance Minister Sommai Phasee's selection received Cabinet approval on Tuesday and still needs a formal endorsement from the King, Minister of Justice Paiboon Koomchaya said.

The new chief will grapple with falling exports and deflation in an economy that grew at the slowest pace in four years in 2014, with policy space limited by the prospect of higher US interest rates and diminished firepower after two unexpected rate cuts this year. Elections have been delayed until next year by coup leader-turned-Prime Minister Prayuth…