Bangkok: The Cabinet has approved Vitai Ratanakorn as the new Governor of the Bank of Thailand (BOT), marking a significant step in aligning monetary and fiscal policies to bolster the nation's economy.

According to Thai News Agency, Mr. Jirayu Huangsap, spokesman of the Prime Minister's Office, announced that the Cabinet meeting endorsed Mr. Vitai Ratanakorn's appointment as the new BOT Governor. This decision follows the expiration of Mr. Sethaput Suthiwatanaruput's term on September 30, 2025, with Mr. Vitai's tenure commencing on October 1, 2025. Mr. Sethaput had served as the Governor since August 21, 2020, following a royal appointment. Recently, the Cabinet Secretariat initiated a thorough review of Mr. Vitai's qualifications by consulting the Anti-Money Laundering Office and the National Anti-Corruption Commission, as mandated by law.

The Cabinet Secretariat highlighted that the Minister of Finance recommended Mr. Vitai Ratanakorn's appointment due to his expertise in economics, banking, and finance, and his compliance with legal qualifications. The Cabinet has also empowered the Prime Minister to provide his approval, deeming the proposal suitable. Consequently, the Cabinet endorsed the Minister of Finance's recommendation, and the matter will be forwarded to the Office of the Privy Council for royal approval.

Mr. Vitai Ratanakorn, aged 54, holds a Bachelor's degree in Economics from Thammasat University, a Master's degree in Political Economy and Business Law from Chulalongkorn University, and a Master's degree in Finance from Drexel University in the USA. His career includes roles at Phatra Securities, the Government Pension Fund, and Nok Airlines, among others. He has also served as Deputy Managing Director of the Government Savings Bank and Acting Manager of the Islamic Bank of Thailand. Most recently, he was the President of the Government Savings Bank.