Ampon gets cabinet nod for BoT chairman

Ampon gets cabinet nod for BoT chairman

Cabinet secretary-general Ampon Kittiampon yesterday won the cabinet's approval as the new chairman of the Bank of Thailand as expected, replacing Virabongsa Ramangkura.

Ampon: Takes over uncompleted term

Mr Ampon was reportedly nominated by the Finance Ministry, while the other two candidates nominated by the central bank were former finance minister and central bank governor MR Pridiyathorn Devakula and former commerce minister and Monetary Policy Committee (MPC) member Narongchai Akrasanee.

Once endorsed, Mr Ampon, 58, will serve the remainder of Mr Virabongsa's term, lasting until May 2015.

Mr Virabongsa, who took over the post in June 2012, retired on July 31 after turning 70.

Mr Ampon earned a doctorate in economics from Clemson University in South Carolina and is a former secretary-general of the National Economic and Social Development Board (NESDB).

He is now a member of the MPC, the chairman of Thai Airways International Plc and an independent director of PTT Exploration and Production Plc.

He also won cabinet approval last week as a member of the NESDB.

Under the Bank of Thailand Act, the chairman oversees general administrative matters of the central bank including guidelines for the appointment of members to the three primary committees overseeing monetary policy, financial institutions and payment systems.

The chairman is also responsible for approving guidelines for the Bank of Thailand's foreign reserve management.

Prasarn Trairatvorakul, the Bank of Thailand governor, said Mr Ampon has already resigned from the central bank board's membership, but the law does not require the designated chairman to quit his membership in the rate-setting MPC.

Mr Prasarn said Mr Ampon is expected to attend the MPC's rate decision meeting today, as he is still part of the seven-member committee.

Central bank regulations stipulate the central bank chairman is appointed to a term of three years and shall not hold the post for more than two terms.

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