Former Commerce Minister Pichai Naripthaphan praised the Bank of Thailand under Governor Vittaya Ratanakorn for taking the right path, stressing that stability must be accompanied by economic growth. He believes addressing shadow capital and corruption will help Thailand move toward becoming a high-income country, enhancing the economy.
On 7 Sep 2026 GMT+7, Pichai Naripthaphan, former Minister of Commerce, said there may have been misunderstandings in the past that he opposed the Bank of Thailand (BOT) due to his criticisms of the baht exchange rate, interest rates, and net interest margin (NIM) of commercial banks. However, these were principled views aimed at promoting strong Thai economic growth and were not directed against the institution itself. He noted that the baht exchange rate affects exports, income, and employment, while interest rates influence household expenses and business costs.
Pichai said today he commends Governor Vittaya Ratanakorn of the Bank of Thailand for prioritizing economic growth. He observed that if the BOT achieves stability goals but the economy worsens, businesses close, and people become poorer, that outcome is undesirable. He believes this approach should be a core principle for the BOT going forward.
He emphasized that financial stability must proceed alongside economic growth, business survival, and improved quality of life for citizens. Moreover, monetary policy should be coordinated with fiscal policy to revive the economy effectively.
Pichai stated that solving Thailand's economic problems requires addressing structural issues deeply, especially shadow capital, illegal businesses, and corruption, which undermine governance and divert funds to unproductive activities. Meanwhile, legitimate businesses and SMEs struggle to access capital.
Economic recovery should not rely solely on interest rates or stimulus measures; funds must be allocated to capable businesses that enhance productivity and investment. At the same time, loopholes for shadow capital and corruption must be closed to ensure fair competition and quality growth.
Pichai expressed support for Governor Vittaya Ratanakorn to uphold these principles and make them a guiding framework for the Bank of Thailand. He said that if Thailand aims to become a high-income country and improve citizens’ well-being, the BOT’s operations and philosophy are critically important.