Thai Cabinet approves new BOT governor

BANGKOK, July 7 (TNA) - The Cabinet has approved a former economist at the US-based International Monetary Fund (IMF) to be the new governor of the Bank of Thailand (BOT), replacing incumbent BOT Governor Dr. Prasarn Trairatvorakul, who retires on September 30, 2015. The Thai Cabinet approved the appointment of Dr. Veerathai Santiprapob as the new BOT governor at its weekly meeting in Bangkok on Tuesday. 45-year-old Dr. Veerathai would become the second youngest BOT governor, after Dr. Puey Ungpakorn. Graduated with the Master and PhD Degrees on Economics from Harvard University, one of the United States' Ivy league schools, Dr. Veerathai first worked as an economist at IMF and later returned home to work for the Thai Ministry of Finance, where he helped solve the country's economic crisis in 1997. Presently, the would-be BOT governor is an advisor at the Thailand Development Research Institute (TRDI), as well as a member of the BOT's Monetary Policy Committee (MPC) and the State Enterprise Policy Committee, known as the "Superboard". Each BOT governor has a five year-tenure and can retain the position for only two consecutive terms. Dr. Veerathai will officially take his new office at the BOT headquarters in Bangkok on October 1, 2015. (TNA)