Thai doctor Dr. Roong reportedly poised for Bank of Thailand's governorship, spurring rumors and anticipation
Dr. Roong Poshyananda Mallikamas: A Visionary Deputy Governor for the Bank of Thailand
Dr. Roong Poshyananda Mallikamas, the Deputy Governor for Financial Institutions Stability at the Bank of Thailand (BOT), has emerged as a leading contender for the position of Governor. Known for her vision of monetary policy continuity, coordination with fiscal policy, and a cautious accommodative approach, Dr. Roong has been a strong advocate for economic stability during uncertain times.
Dr. Roong's academic background, with a Bachelor's degree from Harvard University and a Ph.D. from the Massachusetts Institute of Technology (MIT), coupled with her over 20 years of service at the BOT, has made her a formidable candidate. She has served in various capacities at the BOT, including Member of the Monetary Policy Committee, Deputy Governor for Management, Assistant Governor for Financial Institutions Policy Department, and Assistant Governor for Financial Stability and Corporate Strategy Department.
Prior to her current role, Dr. Roong also had a successful tenure in the private banking sector, serving as Deputy Managing Director and Head of Global Business and Strategy at Krungthai Bank from 2017 to 2019. Her extensive experience in the banking sector is being appreciated by political circles.
Dr. Roong's vision for economic reform centered on maintaining the BOT’s existing accommodative monetary stance, including the 75 basis points rate cuts since October, to anchor stability without introducing new uncertainties. She emphasized the need for proactive communication on interest rate trajectories and the enhanced effectiveness of policy tools through "close collaboration" between monetary and fiscal authorities, aiming for a cohesive policy direction to better support economic growth and avoid confrontation with stakeholders.
However, amid political pressure for more aggressive economic relief policies, Dr. Roong was viewed as representing the bank’s status quo. The Finance Ministry and Cabinet appeared to favor Vitai Ratanakorn, president of the Government Savings Bank, whose background in frontline banking and low-cost financial services aligned with government priorities on financial inclusion and debt management. The Cabinet officially appointed Vitai as BOT Governor effective October 1, 2025.
Despite not being appointed as the Governor, Dr. Roong's policy stances, such as her support for the establishment of virtual banks and the elevation of the National Credit Guarantee Agency (NaCGA) as a national infrastructure, align well with the government's agenda. She has also been a vocal proponent of sustainable household debt resolution strategies.
In a public statement, Dr. Roong emphasized the importance of the BOT returning to its foundational principles: "Stand tall, look far, reach out, stay grounded." This statement reflects her commitment to maintaining the BOT's integrity and stability, even in the face of political pressure.
The ruling Pheu Thai Party is exercising caution, aware that selecting a candidate too overtly linked to politics could provoke backlash. As the BOT prepares for Thailand's role as host for the annual meetings of the World Bank Group and the International Monetary Fund (IMF) in October 2026, the presence of a "central bank governor" with long-standing tenure and deep roots within the Bank of Thailand is expected to significantly bolster the nation's international image.
| Aspect | Dr. Roong Poshyananda Mallikamas | Vitai Ratanakorn | |----------------------|-----------------------------------------------------------|--------------------------------------------------| | Vision for Reform | Monetary policy continuity, accommodative stance, coordinated fiscal-monetary policy, proactive communication | Fiscal-monetary coordination, low-cost loans, focus on financial inclusion and household debt reduction | | Political Acumen | Career central banker, cautious, consensus builder, seen as continuation of current BOT leadership | Experienced banker with strong government ties, seen to support government economic priorities | | Outcome | Finalist for BOT Governor position but not appointed | Selected as next BOT Governor by Cabinet, effective Oct 1, 2025 |
- Dr. Roong Poshyananda Mallikamas's vision for reform includes maintaining the Bank of Thailand's current accommodative monetary stance and collaborating closely with fiscal authorities for cohesive policy direction.
- Vitai Ratanakorn, on the other hand, is regarded as favoring fiscal-monetary coordination, low-cost loans, and focusing on financial inclusion and household debt reduction.
- Dr. Roong's extensive career at the Bank of Thailand, complemented by her time in the private banking sector, has earned her a reputation for political acumen, being seen as a continuation of the existing BOT leadership.
- In contrast, Vitai Ratanakorn's extensive government ties are appreciated for his ability to support government economic priorities.
- Despite not being appointed as the BOT Governor, Dr. Roong's policy stances, such as supporting the establishment of virtual banks and elevating the National Credit Guarantee Agency as a national infrastructure, align well with the government's agenda.
- The race for the BOT Governor position is fraught with political pressure, and the ruling Pheu Thai Party is exercising caution to avoid provoking backlash, recognizing the importance of maintaining the BOT's integrity and stability for Thailand's international image during its role as host for the World Bank Group and International Monetary Fund meetings in October 2026.
