Kittiratt Na-Ranong said on Tuesday that he respected any decision made by the Council of State, amid reports that the government’s legal advisory panel considered him ineligible for the post of Bank of Thailand chairman.
Mr Kittiratt used his Facebook page to thank all the people who had proposed his name and selected him for the position before forwarding the name to Finance Minister Pichai Chunhavajira.
“Those responsible for any decision on the process (afterwards) have the right and duty to do so. I respect the decision,” he wrote.
His comment followed reports that the Council of State deemed him unqualified for the post because he served as a personal adviser to then-prime minister Srettha Thavisin last year.
One of the qualifications for the chairman of the Bank of Thailand is that the candidate must not have held a political position for at least one year prior to being proposed.
The Pheu Thai Party, which backed Mr Kittiratt’s candidacy, had contended that the position of personal adviser is not political as the person is not paid by the state. The council apparently thinks otherwise.
Pakorn Nilprapunt, the Council of State secretary-general, refused to clarify the issue, telling reporters at Government House only that he had “a meeting to attend”, Thai Post reported.
Mr Kittiratt’s nomination for the central bank post by the government was met by strong opposition and concern about political influence on the independent central bank. More than 800 economists and academics, among them former central bank chiefs, signed an open letter opposing his selection.
While serving as finance minister in the Yingluck Shinawatra government from 2012-14, Mr Kittitratt clashed frequently with the central bank.
Just last week, he told an economic seminar in Bangkok that interest rates need to be lower in order for the country to avoid “economic disaster”.
The central bank needs a new chairman to replace Porametee Vimolsiri, whose term ended in September, but he remains in the position until a successor is chosen.
Mr Pichai told reporters he was not yet aware of any opinion from the council, but if it deems Mr Kittiratt unqualified, a new candidate would need to be chosen.
“Suppose (Mr Kittiratt) doesn’t pass, we have to talk about it. We have to hurry and propose again. The committee is on standby, ready for everything,” he said.
Though the BoT chair cannot direct interest rate policy, the board selects the Monetary Policy Committee, comprising the governor, two deputy governors and four outside experts.
The chairman will also have some influence on the selection of the next central bank chief when the incumbent, Sethaput Suthiwartnarueput, completes his term in September 2025.
Mr Kittiratt, a former president of the Stock Exchange of Thailand, last week said he would perform the duty of chairman well if selected, but stressed the holder had no power to influence monetary policy and would only “intervene with thoughts”.
