The Thai cabinet on Tuesday approved Mr. Vitai Ratanakorn, Director of the Government Savings Bank, as the next governor of the Bank of Thailand, according to the Government Spokesperson. He will succeed Dr. Sethaput Suthiwartnarueput, the current governor who will step down after his term ends on September 30, 2025.
The shortlisted candidates were Mrs. Roong Poshyananda Mallikamas, Deputy Governor responsible for Financial Institution Stability at the BoT, and Mr. Vitai Ratanakorn.
Vitai Ratanakorn, 54, President and CEO of the Government Savings Bank, has been nominated for a five-year term starting October 1, pending royal endorsement.
Analysts believe Vitai’s selection could pave the way for smoother coordination between the central bank and the Pheu Thai-led party, which has previously been at odds with Governor Sethaput over interest rate policies and broader monetary strategy.
Mr. Vitai Ratanakorn has held the esteemed position of President & CEO of the Government Savings Bank (GSB) since 2020. He also serves as a Director, Secretary, and member of several key internal committees. His extensive career in finance includes prominent roles such as Secretary-General of the Government Pension Fund (2018–2020) and Director and Acting President of the Islamic Bank of Thailand (2017–2018).
Notably, he previously served at GSB as Senior Executive Vice President, CFO, and Head of the Business Sector Customers Group from 2015 to 2018. His earlier experience also includes the role of Chief Financial Officer at Nok Airlines Public Company Limited (2011–2014).
Beyond his leadership at GSB, Mr. Ratanakorn is actively involved in various organizations. He currently serves as Vice President of the Thammasat Economics Association, President of the Association of Thai Provident Fund, and Chairman of the Government Financial Institutions Association—reflecting his broad influence across the financial sector.
