Thai central bank governor Veerathai will not seek 2nd term - Metro US

Thai central bank governor Veerathai will not seek 2nd term

FILE PHOTO: Thailand's Central Bank Governor Veerathai Santiprabhob poses with the Bank of Thailand logo after an interview with Reuters in Bangkok

BANGKOK (Reuters) – Thailand’s central bank governor Veerathai Santiprabhob, whose five-year term ends on Sept. 30, will not apply for a second term because of family reasons, the Bank of Thailand (BOT) said on Monday.

Veeratahai, 50, will help with a smooth transition before the next chief takes office on Oct. 1, Assistant Governor Chantavarn Sucharitakul said in a statement.

Veerathai, the BOT’s 23rd governor, took office on Oct 1, 2015, when the economy was stumbling a year after the military seized power following a period of political unrest. For details, click on Veerathai https://www.bot.or.th/English/AboutBOT/RolesAndHistory/Governor/Pages/Veerathai.aspx.

Application for the BOT’s top job will be open from May 26 to June 16.

The central bank cut its benchmark interest rate last week for the third time this year to a record low, saying it expects a deeper contraction in Southeast Asia’s second-largest economy due to the coronavirus pandemic.[nL4N2D119A]

In March it had forecast the economy would shrink 5.3% in 2020 – the worst contraction since the 1997-98 Asian financial crisis.

The committee will meet on June 18 to consider candidates and propose two names before July 2 to the finance minister to pick the 24th governor before seeking cabinet approval and the king’s endorsement, according to selection committee chairman Rungson Sriworasat.

(Reporting by Orathai Sriring; Editing by Kim Coghill)

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