BANGKOK — Although opposition to the appointment of Kittiratt Na-Ranong as chairman of the Bank of Thailand (BOT) delayed a meeting on November 4, Kittiratt finally secured the post in a nearly five-hour selection process on November 11.
Kittiratt received more support from the selection committee than the other two candidates nominated by the BOT: Kulit Sombatsiri, a former permanent secretary at the Ministry of Energy, and Surapol Nitikraipot, president of the Thammasat College Council and an independent director at PTT Plc.
Following his selection as the Bank of Thailand Chairman-elect, Kittiratt posted a message on November 12, saying “All voices of support serve as encouragement, while all voices of criticism serve as reminders to maintain good thoughts, good speech, and good actions.”
The Fifth BOT Chairman
Sathit Limpongpan, Chairman of the Bank of Thailand Board Chairman Selection Committee, confirmed that there was no political interference in the selection process. The next step is to submit Kittiratt’s name to the Minister of Finance, who will then propose it to the Cabinet for approval. Once the cabinet approves, the nomination will be submitted to the king for royal assent.
If all goes as planned, Kittiratt will become the fifth chairman of the Bank of Thailand since the 2008 BOT Act came into effect. His predecessors include M.R. Chatumongol Sonakul, Dr. Virabongsa Ramangkura, Mr. Ampon Kittiampon and Mr. Porametee Vimolsiri, whose term ends on September 11, 2024.
The opposition to Kittiratt is largely made up of groups that also oppose former Prime Minister Thaksin Shinawatra, the Pheu Thai Party, academics and four former BOT governors who are concerned about political influence on the central bank’s independence.
Kittiratt first made a name for himself in business before joining the Pheu Thai Party and serving as Minister of Finance under Prime Minister Yingluck Shinawatra.
National Football Team Manager
He was born on August 3, 1958 to Mr. Keng Na-Ranong and Mrs. Wilatda (née Harnpanich). He attended Assumption School for middle school and Triam Udom Suksa School for high school. Kittiratt graduated with a Bachelor’s degree in Economics from Chulalongkorn College in 1980, followed by a Master’s degree from Sasin Graduate Institute of Business Administration, Chulalongkorn College.
Throughout his career, Kittiratt has taught at the College and served as Sasin’s associate director of academic affairs from 2006-2010. He also served as president of Shinawatra College from 2010-2011.
He is known as a football enthusiast and once managed Thailand’s national soccer teams, including the U14 team in 2002, the Asian Games team in 2006 and the senior national team in 2008. He was chairman of the Prime Bangkok Soccer Club in the Thai league in 2023.
In his private life, he is married to wife Kesara (née Thanapoom), with whom he has three children: Mr. Ton, Mr. Tor and Mr. Tree Na-Ranong. His eldest son, Mr. Ton Na-Ranong, currently serves as an advisor to the Minister of Tourism and Sports.
From Business to Political Career
Kittiratt’s career began in business, eventually advancing to Managing Director of the Stock Exchange of Thailand (SET) from 2001-2006. He then served as a director at the Securities and Exchange Commission (SEC) from 2006-2008.
He joined the Pheu Thai Party in 2011 under Yingluck’s government, taking roles as Deputy Prime Minister of Finance and Minister of Commerce, later becoming Minister of Finance in 2012. His political career paused after the 2014 coup.
In 2020, he returned to politics and was elected deputy chairman of the Pheu Thai Party. After the Pheu Thai Party formed the government in 2023, Prime Minister Srettha Thavisin appointed him Chief Advisor.
Following Prime Minister Srettha’s resignation after a Constitutional Court ruling on August 14, 2024, Kittiratt re-emerged on the political scene as the Ministry of Finance’s candidate for BOT chairman, eventually winning the post alongside two other experts: Pongphan Svetarundra, former permanent secretary of the Ministry of Tourism and Sports, and Choonhajit Sangmai, former deputy permanent secretary of the Ministry of Finance.
Fear of Political Interference
The Board of Directors of the Bank of Thailand oversees the activities of the BOT, except those related to the Monetary Policy Committee, the Financial Institutions Committee and the Payment Systems Committee, as stipulated in the BOT Act.
The appointment of Kittiratt was met with opposition and concern over possible threats to the independence of the central bank, particularly due to previous disputes over interest rate cuts and the management of the baht during Srettha’s tenure as prime minister.
In addition, there is speculation over whether his leadership could lead to a change in the BOT Act, particularly with regard to transferring the Financial Institutions Development Fund (FIDF) debt to the BOT’s debt management arm instead of leaving it under the Ministry of Finance in case the government needs to borrow more to fund economic policies in the future.
A long-standing problem is the country’s international reserves, which have accumulated to over 200 billion dollars (6.96 trillion baht). Some economists, including the late Veerapong Ramangkura, have suggested using some of it to generate revenue for the country.
As someone close to politics, Kittiratt is likely to face opposition from various political groups and interest groups who fear the influence of the Pheu Thai Party and still have the image of Thaksin Shinawatra in their minds.
Kittiratt’s new role as BOT board chairman will undoubtedly be a challenge and come with significant obstacles.
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