Government officials neglect to discuss the selection of the freshly appointed BOT governor
## Chosen Candidate for the Next Bank of Thailand Governor
Vitai Ratanakorn, the current President and CEO of the Government Savings Bank (GSB), is expected to be nominated as the next governor of the Bank of Thailand. Reports from various Thai media outlets and government sources suggest that Vitai has emerged as the top choice for the position.
If approved, Vitai would take office for a five-year term starting October 1, succeeding Sethaput Suthiwartnarueput, who has reached retirement age.
Vitai, 54, is a seasoned banker with a strong record of promoting financial inclusion and low-cost lending, particularly for the less well-off and small businesses. He is known for introducing innovative financial tools at GSB, expanding support for Small and Medium Enterprises (SMEs), and launching grassroots lending programs to combat loan shark activity.
Academically, Vitai holds a master's in finance from Drexel University and degrees in economics and law from Thailand's leading universities.
## Delay in Discussion at the Weekly Cabinet Meeting
The appointment of Vitai Ratanakorn was not discussed during the weekly Cabinet meeting on July 15, 2025, due to a procedural delay in submitting the necessary paperwork. Finance Minister Pichai Chunhavajira explained that he "sent the paperwork a bit late," and acknowledged the importance of the position meant the cabinet needed more time to review the documents.
He stressed that the delay was purely administrative, not indicative of any issues with the nomination itself. As a result, the nomination is now expected to be presented and considered at the next cabinet meeting, scheduled for the following week.
Pichai declined to reveal his selection to replace Sethaput Suthiwartnarueput, whose term ends on September 30. Observers expect Pichai to select Vitai as the new Bank of Thailand governor due to his record at GSB.
It is worth noting that a selection panel shortlisted two candidates for Pichai to choose from as the new Bank of Thailand governor: Vitai Ratanakorn and Dr. Roong Mallikamas. The final decision, however, rests with the Finance Minister and the Cabinet.
- The Finance Minister announced that the delay in discussing Vitai Ratanakorn's nomination during the weekly Cabinet meeting on July 15, 2025, was due to a late submission of necessary paperwork, not due to issues with Vitai's nomination.
- With his strong record of financial inclusion and low-cost lending, particularly for the less well-off and small businesses, Vitai Ratanakorn, the seasoned banker and CEO of the Government Savings Bank, is expected to be the Finance Minister's selection as the new governor of the Bank of Thailand, assuming he is approved.
