New Thai central bank chief says he will work with government but maintain independence

[BANGKOK] Thailand’s new central bank chief said on Wednesday that he will maintain the independence of the central bank while collaborating with the government to address the country’s economic challenges.

The central bank remains firm in its primary mission to ensure macroeconomic stability, Vitai Ratanakorn told reporters as he took over as governor effective from Oct 1, succeeding Sethaput Suthiwartnarueput.

“However, we must uphold our independence from political pressures,” he said.

Vitai’s stint as central bank chief comes as the new government of Prime Minister Anutin Charnvirakul pledged to revive an economy struggling with US tariffs, high household debt, weak consumption, and a soaring baht.

Thailand is facing significant economic hurdles, including short-term disruptions and long-term structural issues, and the bank will work with the finance ministry and other agencies to foster balanced growth and help South-east Asia’s second-largest economy reach its potential, he said.

The central bank will strive to address the challenges, which also require collective effort across all government agencies to manage and support the economy effectively, Vitai said.

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“It’s not just the central bank acting independently from other entities. However, we must continue to adhere to our core mission of ensuring stability and maintaining independence,” he said. REUTERS