Thailand will initiate the search for a new central bank governor next month as Sethaput Suthiwartnarueput nears the end of his five-year term in September, Bloomberg reports.

Having reached the retirement age of 60, he is ineligible for reappointment.

The transition comes at a critical time, with Thailand facing economic challenges and policy tensions between the government and the Bank of Thailand (BOT).

Finance Minister Pichai Chunhavajira has emphasised the need for a forward-thinking candidate who can work closely with policymakers.

A selection panel is set to be appointed in March to oversee the process.

By law, the panel must submit a shortlist of candidates at least 90 days before the current governor’s term ends.

While no official names have been confirmed, local media have speculated that potential successors include Sutapa Amornvivat, a former International Monetary Fund economist, and BOT Deputy Governor Roong Mallikamas. Discussions on the appointment are already underway, Pichai previously stated.

The leadership change follows ongoing policy disagreements between the government and BOT, particularly over interest rates and currency management.

Meanwhile, the Finance Ministry has nominated Somchai Sujjapongse, a former permanent secretary at the ministry, as BOT chairman.

While the chairman does not set monetary policy, the position holds influence over economic discussions.

Featured image credit: Edited from BOT