Bangkok: Four former governors of the Bank of Thailand (BOT), along with 227 academics from the Economics for Society group, have signed a petition opposing political interference in the BOT. The statement, issued by the Social Economics Group, raises concerns about the potential destabilization and loss of credibility that could result from political groups influencing the BOT for short-term gains.
According to Thai News Agency, the signatories include former BOT governors M.R. Pridiyathorn Devakula, Mr. Prasarn Trairatvorakul, Mr. Veerathai Santiprabhob, and Tarisa Watanagase. They collectively urge that the country’s monetary policies remain free from political domination, stressing that such interference would undermine the long-term stability of Thailand’s economic system.
The statement comes ahead of a crucial meeting scheduled for November 4, where the chairman and two qualified members of the BOT board will be selected. Concerns have been raised regarding the government’s intention to nominate a pol
itically affiliated individual for the chairman’s position, which many fear could compromise the BOT’s independence.
The group’s statement underscores the importance of the BOT’s mission to maintain economic stability and security, in alignment with international practices which advocate for central banks to operate without political constraints. It highlights that the BOT’s board is responsible for key functions, including internal management, international reserves management, and appointing qualified members to policy committees such as the Monetary Policy Committee (MPC) and the Financial Institutions Policy Committee (FIPC).
The statement warns that prioritizing short-term political interests over long-term economic stability could cause significant, potentially irreversible damage. It also suggests that successful political manipulation in the current selection process could set a precedent for future appointments, including that of the BOT governor.
The Social Economics Group calls on the selection
committee to execute its duties with integrity, transparency, and good governance, free from political pressure. They also invite other societal sectors to join in supporting the independence of the BOT, emphasizing the importance of preserving the institution’s credibility and the country’s economic stability.
