Will Sethaput meet the fate of BOT governors defying the government?

14 Sept 01:12 Key points summarised by AI

Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput is resisting Prime Minister Srettha Thavisin's pressure to lower the interest rate from 2.5%, despite slowing economic growth (1.9% in 2023).
PM Srettha, supported by the National Economic and Social Development Council (NESDC), advocates for an emergency rate cut to stimulate the economy and ease the cost of living, also suggesting relaxed credit card payment rules.
Sethaput defends the central bank's position, arguing that a rate cut would not address Thailand's fundamental supply-side economic issues and would not effectively boost tourism, exports, or government spending dispersal.
The standoff revives historical concerns about central bank independence, as previous BOT governors have faced removal for defying government monetary policy, particularly under Pheu Thai-linked administrations.
Experts warn that compromising the central bank's independence could lead to a loss of market confidence, currency depreciation, and rising inflation, emphasizing the importance of an autonomous monetary policy.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.