ID :
131645
Tue, 07/06/2010 - 17:35
Auther :
Shortlink :
http://m.oananews.org//node/131645
The shortlink copeid
Thai central bank gets new governor
BANGKOK, June 6 - Thailand's Cabinet on Tuesday endorsed the nomination of the country's top banker Dr Prasarn Trairatvorakul as new governor of the Bank of Thailand (BoT).
Finance Minister Korn Chatikavanij said Mr Prasarn has all the qualifications needed for the central bank's top job. He is a well-respected person who is capable in the banking business and also previously served as executive at other leading Thai financial institutions.
"The new governor needs to protect the country's international reserves and ensure that the public can have access to proper sources of investment funds in the system," Mr Korn said, "as there are now many Thais depending on debt services outside the legalised financial system".
Mr Prasarn must keep tabs on commercial banks to not overcharge their interest rates, but their earnings must be sufficient [for them] to stay financially viable.
The minister also said the new BoT governor must be independent and remain unperturbed amid political pressure and keep balanced from any politicians who may want to issue short-term measures to serve the economy and the public, while the bank must take into account long-term consequences to maintain economic stability.
Harvard-educated Dr Prasarn, 58, will succeed Tarisa Watanagase, who completes her term in September.
The BoT incumbent said she is not overly concerned regarding the new governor but urged him to continue to develop Thailand's payments system.
"I'm not worried, but the important thing is that the new BoT governor must be honest and [emphasise] placing national interest above all else with a down-to-earth attitude, and his independence must not be doubted by
others," said Mrs Tarisa.
Dr Prasarn earned his undergraduate and graduate degrees in engineering at Chulalongkorn University and the Asian Institute of Technology. He later was awarded an MBA and a Ph.D. from Harvard University, in Cambridge, Massachusetts, USA, on an Ananda Mahidol scholarship.
Having served since 2004 as president of KBank (Kasikornbank), Thailand's third largest commerical bank, Dr Prasarn once worked for BoT in its Economic Research Department in 1983-1992. He then left for the Securities and Exchange Commission (SEC) as deputy director-general, and in 1999 became its chief executive. (MCOT online news)
Finance Minister Korn Chatikavanij said Mr Prasarn has all the qualifications needed for the central bank's top job. He is a well-respected person who is capable in the banking business and also previously served as executive at other leading Thai financial institutions.
"The new governor needs to protect the country's international reserves and ensure that the public can have access to proper sources of investment funds in the system," Mr Korn said, "as there are now many Thais depending on debt services outside the legalised financial system".
Mr Prasarn must keep tabs on commercial banks to not overcharge their interest rates, but their earnings must be sufficient [for them] to stay financially viable.
The minister also said the new BoT governor must be independent and remain unperturbed amid political pressure and keep balanced from any politicians who may want to issue short-term measures to serve the economy and the public, while the bank must take into account long-term consequences to maintain economic stability.
Harvard-educated Dr Prasarn, 58, will succeed Tarisa Watanagase, who completes her term in September.
The BoT incumbent said she is not overly concerned regarding the new governor but urged him to continue to develop Thailand's payments system.
"I'm not worried, but the important thing is that the new BoT governor must be honest and [emphasise] placing national interest above all else with a down-to-earth attitude, and his independence must not be doubted by
others," said Mrs Tarisa.
Dr Prasarn earned his undergraduate and graduate degrees in engineering at Chulalongkorn University and the Asian Institute of Technology. He later was awarded an MBA and a Ph.D. from Harvard University, in Cambridge, Massachusetts, USA, on an Ananda Mahidol scholarship.
Having served since 2004 as president of KBank (Kasikornbank), Thailand's third largest commerical bank, Dr Prasarn once worked for BoT in its Economic Research Department in 1983-1992. He then left for the Securities and Exchange Commission (SEC) as deputy director-general, and in 1999 became its chief executive. (MCOT online news)
