Bangkok: Seventeen independent academics have submitted an open letter to the Prime Minister and Cabinet, advocating for the appointment of an independent Governor of the Bank of Thailand (BOT). The letter emphasizes that the new governor must not be influenced to alter interest rates due to external pressures.
According to Thai News Agency, the open letter was posted on the "Jemsak Pinthong" Facebook page and addressed concerns regarding the nomination process for the BOT Governor, which the Cabinet is set to consider on Tuesday, July 22, 2025. The academics urge the government to appoint a governor who prioritizes long-term economic stability over short-term growth, which may be influenced by political agendas.
The letter elaborates on the necessity for the BOT Governor to operate independently from political and financial pressures. It warns against the manipulation of interest and exchange rates to benefit certain groups, which could harm the nation's economy. Furthermore, the governor should have international recognition to instill confidence in foreign investors and maintain commitments.
Additionally, the letter outlines that the ideal candidate should possess a macro-level understanding of national development and be recognized by international financial organizations. This would help bridge economic disparities and foster competitive potential within the country.
The academics recommend that the new governor be someone with prior experience at the Bank of Thailand, possessing qualities acknowledged both locally and internationally. Such a candidate would encourage internal development and contribute significantly to the nation's financial stability.
The letter concludes with the signatures of 17 notable economists, including Assoc. Prof. Dr. Atchana Waikhamdee, former deputy governor of the Bank of Thailand, and Assoc. Prof. Dr. Jemsak Pinthong, among others from various academic institutions. These signatories emphasize the importance of selecting a governor who can leverage their expertise for the country's long-term benefit.