(Bloomberg) -- Thai Prime Minister Srettha Thavisin’s administration is discussing ways to exert more control over the country’s central bank after...
-- Thai Prime Minister Srettha Thavisin’s administration is discussing ways to exert more control over the country’s central bank after repeatedly clashing with the monetary authority on economic policy, according to people familiar with the matter.One of the measures under discussion focuses on the Bank of Thailand’s board chairman role, which will open up in September, the people said.
Thai government spokesman Chai Wacharonke said he couldn’t comment on the issue as he wasn’t aware of the move, while a BOT representative declined to comment. Kittiratt and Supavud didn’t respond to phone calls and text messages seeking comments.The discussions on gaining more influence over the central bank follow growing differences between Srettha and Sethaput on approaches to revive the $500 billion economy, which has grown an average 1.
The latest dispute has weighed on Thailand’s financial markets with foreign investors offloading the nation’s currency and equities. Global funds have pulled out almost $3 billion from local stocks and bonds so far this year, while the baht is among the biggest losers during the period, in part due to the dollar’s strength.
In the absence of monetary policy support, the government is pressing ahead with fiscal measures to stimulate the economy, including an about $14 billion digital wallet program to handout 10,000 baht in cash each to some 50 million adult Thais for them to spend on a range of goods and services. The finance ministry has also floated the idea of shifting about 570 billion baht of liability on the government account — incurred from bailing out financial institutions after the Asian financial crisis — to the central bank. Such a move will lower the ratio of public debt-to-GDP, currently capped at 70%, and allow the government to borrow more and stimulate the economy.
Monetary Policy Bank Of Thailand Sethaput Suthiwartnaruep Central Bank Finance Minister Thai Prime Minister Pheu Thai Paetongtarn Shinawatra
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