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Thailand appoints new finance minister in cabinet reshuffle



Thai Prime Minister Srettha Thavisin has named Pichai Chunhavajira, a seasoned capital markets expert, as the country's new finance minister and deputy prime minister. This move comes as part of a cabinet reshuffle that aims to mitigate the friction between the government and the central bank regarding monetary policy. Previously, Srettha managed both the prime ministerial and finance roles. Pichai faces the challenge of reducing tensions over the central bank's hesitancy to cut interest rates to foster economic growth. The reshuffle also sees other significant role exchanges and a resignation from the foreign minister, reflecting internal governmental discord. Amid these political changes, Thailand is confronting economic sluggishness, with its growth projections trailing its regional peers. Foreign investors are also retreating and the currency depreciating.

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