Vitai Ratanakorn formally assumed the governorship of the Bank of Thailand on 1 October 2025, beginning a five-year tenure at the helm of the country's central bank. The Thai cabinet had approved his appointment on 22 July 2025. He succeeds Sethaput Suthiwartnarueput.
Vitai comes to the role from the Government Savings Bank, Thailand's state-owned retail savings institution, where he served as President.
APPOINTMENT PROCESS
The appointment was briefly delayed: the nomination, expected at the 15 July 2025 cabinet meeting, was deferred by a week after the finance minister submitted the paperwork late, and the cabinet approved Vitai on 22 July. Sethaput's term ran until 30 September 2025.
The Bank of Thailand occupies a central role in managing monetary policy, maintaining financial stability, and overseeing the country's foreign exchange reserves.
Vitai's first full monetary policy meeting as governor was scheduled for October 2025.
Under the terms of his appointment, Vitai will serve a fixed five-year term as governor of the Bank of Thailand.