BANGKOK, Thailand – Concerns have arisen regarding potential political interference in the selection process for the Bank of Thailand’s (BOT) board chairman, prompting a scheduled meeting of the selection committee this coming Monday (Nov 4).
The BOT has reassured the public that the chairman’s role is primarily administrative, with policy decisions managed by established committees under existing laws to maintain transparency and accountability.
Chayawadee Chai-Anant, spokesperson for the BOT, addressed these concerns, emphasizing that the central bank’s legal framework and organizational structure provide robust checks and balances. She clarified that the chairman’s role focuses on administrative oversight, separate from policy decision-making.
In economic updates, Chayawadee reported a slowdown in Thailand’s economy in September compared to the previous month, attributed to declines in merchandise exports and private consumption. While private investment remained steady, international tourism revenue and government spending increased across current and capital expenditures.
Inflation rose to 0.61%, primarily driven by higher energy prices resulting from previous low-base government subsidies and increased fresh food prices, particularly in vegetables. The current account surplus narrowed to 600 million dollars, impacted by a larger deficit in services, income, and transfers due to tourism revenue and business profit repatriation.
For the third quarter of 2024, Thailand’s economy showed improvement from the prior quarter, supported by accelerated merchandise exports, especially in electronics, boosted by temporary factors in select products. Government spending also grew following the enactment of the 2024 fiscal year budget, alongside improvements in private investment. However, tourism revenue and private consumption saw slight declines, and industrial production, particularly in the automotive sector, decreased. (NNT)
