AS MANY AS 250 academics and representatives from social economic groups plus four former Bank of Thailand governors today (Oct. 31) expressed concern that political parties are now interfering with the central bank for short-term gain and in doing so are destroying the stability and credibility of the country in the long run, Naewna newspaper said.
In a statement they released, they voiced opposition to political groups dominating the Bank of Thailand, particularly at a meeting on Monday (Nov. 4) when the chairman and two qualified members of the central bank board will be selected.
It is widely known that the government has nominated a person close to political parties to take up the position of chairman, they said.
The central bank’s board performs important tasks including overseeing the administration, managing international reserves, and selecting qualified members to various committees, especially the Monetary Policy Committee (MPC), which has the important duty of setting interest and exchange rates, which are important tools for implementing monetary policy.
If the board uses its power to serve the short-term interests of political parties, it will have a negative impact on economic stability and there may be irreversible damage.
In addition, if this domination is successful, it is likely that political parties will use the same method to select the governor of the Bank of Thailand from the middle to the end of next year by pushing someone close to them to take up this position for political gain.
Members of the selection committee were urged to perform their duty honestly and fairly without bowing to political pressure while other sectors were invited to also sign this statement.
Among those who have already signed the protest statement are Dr. Tarisa Watanagase, former governor of the Bank of Thailand; Dr. Veerathai Santiprabhob,, former governor of the Bank of Thailand; Dr. Achana Waikhamdee, former lecturer at Faculty of Economics, Thammasat University and former deputy governor of the Bank of Thailand; Dr. Somchai Jitsuchon (in his own name and not related to the parent organisation); and Assoc. Prof. Dr. Nualnoi Treerat, Faculty of Economics, Chulalongkorn University.
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Bank of Thailand signage, above, and the building, Front Page. Photos: Thai Rath
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