Vitai Ratanakorn picked as Thailand's next central bank governor
The cabinet's approval of the 54-year-old for the position is subject to royal assent. If endorsed, Vitai's five-year term running the Bank of Thailand would start on October 1.
Here are some facts and background on Vitai:
- He has served as president and chief executive of the Government Savings Bank, Thailand's largest state-owned lender, since 2020, when he was appointed by the government.
- The GSB website says Vitai has a master's degree in finance from Drexel University in the United States, as well as master's degrees in political economy and business law from Chulalongkorn University in Thailand. He holds a BA in economics from Thammasat University.
- He was head of the Government Pension Fund, managing assets worth about 1.4 trillion baht ($43 billion), from 2018 to 2020. He also served as acting president of the Islamic Bank of Thailand in 2017-2018.
- He was chief financial officer at budget carrier Nok Air from 2011 to 2014, and was senior deputy managing director at agro-industrial conglomerate Charoen Pokphand Group in 2010.
- In a social media post earlier this month, he said he could make decisions independently and free from any group's influence.
- Last month, he said there was a need to cut interest rates deeply to support a stagnant economy.
- Some analysts expect his appointment would improve the central bank's relationship with the government, as Southeast Asia's second-largest economy struggles with tepid consumption and high household debt amid global trade turmoil and renewed domestic political instability.
($1 = 32.39 baht)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
34 minutes ago
- Reuters
Bangladesh orders 25 Boeing planes as part of push to ease US tariffs
DHAKA, July 27 (Reuters) - Bangladesh has ordered 25 aircraft from Boeing (BA.N), opens new tab and ramped up imports of key American goods in an effort to defuse trade tensions and bring down the steep tariffs imposed by the Trump administration, a senior official said on Sunday. The moves are part of a broader strategy to narrow a $6 billion U.S. trade deficit with Bangladesh and avoid a looming 35% tariff hike that has rattled the country's export sector, especially the garments industry which risks losing competitiveness in one of its largest markets. "We need new aircraft urgently, possibly within the next couple of years," Commerce Secretary Mahbubur Rahman told reporters. "Initially, it was 14 planes — now it's 25," he said, referring to an earlier plan to purchase aircraft from the U.S.-based manufacturer. Alongside the aircraft deal, Bangladesh is boosting imports of wheat, soybean oil and cotton from the United States. A new agreement signed earlier this month will see the country import 700,000 tonnes of U.S. wheat annually over the next five years. Officials hope that these steps will help improve trade relations with Washington and soften the impact of the Trump administration's tariff measures.
Daily Mail
an hour ago
- Daily Mail
Bank a tidy profit by swerving the Big Four: Our shares guru's expert advice on the smaller fish financial firms to invest in - including one that's up 80% since she first tipped it two years ago
Banks are a bit of a hobby horse for me. My first job in journalism involved international banking and finance; I was a banking correspondent for years, and I've maintained a keen interest in the industry ever since. It's been a bumpy ride, particularly for the so-called Big Four – Barclays, HSBC, Lloyds and NatWest. Pummelled by the Global Financial Crisis, prodded and poked by online start-ups and squeezed by years of low interest rates, mainstream lenders disappointed investors for years.
Reuters
5 hours ago
- Reuters
100 Days to 8th CIIE: Preps Harden as Global Exhibitors Eye Business Potential in China
SHANGHAI, China, July 27, 2025 (EZ Newswire) -- Facing the complex international landscape and mounting challenges, China International Import Expo (CIIE), opens new tab consistently acts as a platform for global business exchange. With only 100 days to go, the 8th CIIE is set to take place in Shanghai from November 5 to 10. As of now, over 50 countries and international organizations have confirmed their participation in the Country Pavilion. Sweden and the United Arab Emirates will serve as guest countries of honor at the 8th CIIE, while Kyrgyzstan will make its debut. To help global enterprises across sectors better integrate into the Chinese market, the Corporate Pavilion features six major exhibition areas — encompassing Medical Equipment and Healthcare Products, Automobile and Smart Mobility, Intelligent Industry & Information Technology, Consumer Goods, Food and Agriculture Products, and Trade in Services — and will continue hosting its Innovation Incubation Special Section. Driven by strong interest and participation from overseas companies, total booked exhibition space has surpassed 330,000 square meters, with 170 companies and 26 institutions becoming eight-time full-attendance exhibitors. Notably, this year's Corporate Pavilion introduces four fresh innovations, demonstrating its vibrant energy and vast collaboration opportunities for participants. l A special section for the least-developed countries products will launch alongside an upgraded Africa products section, helping 53 diplomatic African partners leverage zero-tariff treatment to enter the Chinese market. The 8th Hongqiao International Economic Forum (HQF) will convene under the theme 'Opening-up for New Opportunities, Cooperation for a Shared Future'. Alongside the release of the World Openness Report 2025 and the latest World Openness Index, the HQF will host over 20 parallel sessions on revitalizing multilateral cooperation, empowering digital intelligence, green and sustainable development, and a more open China. Side events will retain previous categories, while people-to-people exchange activities will add a new 'Charming Friends of City' zone, inviting international friendly provinces and cities to set up their booths. Stay tuned for the 8th CIIE — secure your spot now! Sign up as an exhibitor: opens new tab Sign up as a professional visitor: opens new tab About China International Import Expo (CIIE) The China International Import Expo (CIIE) is a trade fair held in autumn annually since 2018 in Shanghai, China. It is the world's first import-themed national-level expo, featuring exhibitions of multiple countries and businesses and the Hongqiao International Economic and Trade Forum. The expo is co-hosted by the Ministry of Commerce of China and the Shanghai Municipal Government. Its partners include World Trade Organization, United Nations Conference on Trade and Development and United Nations Industrial Development Organization. For more information, visit Media Contact Cui Yancuiyan@ ### SOURCE: China International Import Expo (CIIE) Copyright 2025 EZ Newswire See release on EZ Newswire
