Thailand’s central bank chief breaks tradition with a simple ‘hello’
“JUST popping in to say hello.”
Late one Tuesday night, Bank of Thailand Governor Vitai Ratanakorn surprised more than a hundred journalists in the bank’s media group chat with a direct message – the first time a sitting governor had reached out to reporters so personally.
The simple, almost casual message to the media marked a striking shift in tone for Thailand’s traditionally reserved central bank.
Within weeks of taking office, Vitai has made it clear he brings a new style.
The 55-year-old chief has traded the institution’s buttoned-up image for a more open, press-friendly persona, moving to build bridges after years of difficult relations with the government.
“I’ll leave in a moment,” he wrote. “But if you have any problem or need anything, feel free to let me know directly.”
With that, Vitai effectively handed out his personal contact details, bypassing the bank’s communications team and signalling a new era of accessibility at one of Thailand’s most powerful institutions.
The approach echoes the Bangko Sentral ng Pilipinas, where journalists can message the governor directly through apps such as Viber. In most countries, top monetary policymakers are far more distant.
“It’s generally a welcome thing for the new governor, or any central bank head around the world for that matter, to be a bit more front-facing, given how big of an impact their decisions could have and how technical monetary policymaking is,” said Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics.
The governor commented on Tuesday after this story’s publication.
“We should all work to boost the economy while maintaining stability because that will help lift up a lot of people,” he wrote in a chat message to Bloomberg.
“Positive signals”
The governor’s not just being friendly with the media, but also reaching out to the private sector. Last month, Vitai and the bank’s top executives met with the country’s largest group of manufacturers that has been struggling with the baht’s appreciation and US tariffs.
The shift in tone comes at a critical time. With limited room to cut rates and inflation still below target, communication may be one of the central bank’s most powerful tools. The Thai economy is expected to expand about 2 per cent this year – roughly half the pace of regional peers Vietnam and Indonesia.
Seen as a rate-cut advocate before becoming the governor, Vitai said last month that there’s room to lower borrowing costs further if needed.
During the October rate meeting, two of seven policymakers voted for a reduction, while the other five favoured preserving policy space. Vitai has declined to say how he voted.
Vitai’s appointment earlier this year drew scrutiny from the start. His close ties with the government raised questions about whether the central bank’s independence could be compromised.
Before taking the helm, he ran the Government Savings Bank, where he oversaw post-Covid relief programmes for small businesses and households and backed several government-led initiatives.
Under his leadership, the BOT may seek closer coordination with the Ministry of Finance, ending years of friction between the two institutions. Vitai is known to have a long-standing friendship with recently appointed Finance Minister Ekniti Nitithanprapas.
“Vitai appears to be forging a good working relationship with the Ministry of Finance,” said Erica Tay, an economist at Maybank Securities. “His appearance at public events together with Ekniti signals that both the central bank and finance ministry are singing from the same song sheet. This alignment sends positive signals to the market.”
The governor’s predecessor, Sethaput Suthiwartnarueput, and the last two Pheu-Thai-Party-led governments frequently clashed, leading to concerns that the government was undermining the bank’s autonomy.
“BOT must be independent in its operations but ready to work with other agencies to help support the economy. Our ultimate goal is to take care of people and society,” Vitai said on Oct 10 in his first media session as governor. “We will be closer to both.” BLOOMBERG
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