The Democrat Party spokesperson, Ramet Ratanachaweng, has dared the Pheu Thai-led government to sack Bank of Thailand Governor Sethaput Suthiwartnarueput over a disagreement concerning a digital wallet project. The project, initiated by Pheu Thai, plans to give 50 million Thai nationals a 10,000-baht digital wallet for shopping in their home district.
Gov Sethaput Suthiwartnarueput raised objections to the project, suggesting that it may lead to unnecessary public debt.
The governor’s remarks received criticism from Pheu Thai leader, Paetongtarn Shinawatra, accusing him of blocking national economic development.
The controversy sparked when the governor suggested scaling down the digital wallet recipients to state welfare cardholders and vulnerable groups only. This proposal would leave some financial cushion for emergencies, he argued.
Despite the disagreement, the Pheu Thai-led government has revealed plans to split the 500-billion-baht funding for the digital wallet project into three batches.
This includes 175 billion baht from the current fiscal year’s budget, 152.7 billion baht from next year’s budget, and 172.3 billion baht borrowed from the Bank for Agriculture & Agricultural Cooperatives (BAAC).
In response, Ratanachaweng raised concerns over apparent attempts by Pheu Thai to reduce the central bank governor’s powers.
He added the governor should freely express his views without political influence, honoring the international principle of central bank freedom. The opposition anticipates public outrage if the governor is dismissed.
TOP: Dr. Setthaput Suthiwatnarueput Governor of the Bank of Thailand (BoT). Picture courtesy of Thairath
— 2024-05-07
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