Ex-central bank governor Sethaput joins Privy Council

His Majesty the King has appointed Sethaput Suthiwartnarueput, a former central bank governor, as a privy councillor.

According to the Royal Gazette released on March 26, the King issued a royal command appointing Sethaput as an additional privy councillor, effective immediately.

Sethaput, 61, previously served as Governor of the Bank of Thailand from 2020 to 2025, before becoming an advisor to the Crown Property Bureau on October 1, 2025.

Sethaput’s educational background is as distinguished as his career trajectory. He graduated with a BA with Highest Honors in Economics from Swarthmore College in the United States.

He later continued his studies at Yale University, earning both a Master of Philosophy in Economics and a PhD in Economics.

His early career began in New York, where he worked as an analyst at McKinsey and later as an economist at the World Bank.

The Asian financial crisis of 1997, triggered by the collapse of the baht, dramatically altered Sethaput’s career path.

Sommai Phasee, then director-general of the Fiscal Policy Office, and MR Chatu Mongol Sonakul, then permanent secretary for finance, recognised the pressing need for fresh expertise in crisis management.

They proposed to the finance minister the recruitment of Sethaput and Veerathai Santiprabhob—who was then serving as an economist at the IMF—to strengthen the ministry.

Sethaput and Veerathai were appointed co-directors of a newly established research unit, working closely with the IMF on the emergency rescue package.

After his tenure at the Finance Ministry, Sethaput joined the Stock Exchange of Thailand as a senior vice president.

He later moved to the Siam Commercial Bank Group, serving as managing director and head of research at SCB Securities, a group subsidiary.

Between 2009 and 2011, he served as executive vice president at SCB, helping steer the bank through challenging economic conditions.

The pinnacle of Sethaput’s career came with his appointment as central bank governor under the administration of Prayut Chan-o-cha.

Political uncertainty and pressure from successive governments over interest rate policy posed significant challenges.

Despite calls from former prime ministers Srettha Thavisin and Paetongtarn Shinawatra to lower interest rates, Sethaput stood firm, maintaining the central bank’s independence.

Over his five-year term, Thailand had four different prime ministers. Throughout, Sethaput faced challenges and criticism—particularly over the timing of rate hikes and cuts.

Nonetheless, under his leadership, the Bank of Thailand preserved its reputation for independence. The country maintained relatively low inflation, even during the COVID-19 pandemic, and kept ample international reserves as a buffer against financial shocks.