Mr Vitai is set to take office from Oct 1, according to a Royal Gazette notification issued Sunday. Incumbent Governor Sethaput Suthiwartnarueput is due to complete his five-year term on Sept 30.

Mr Vitai has publicly favoured significant cuts to the central bank’s policy rate for a sustained period to revive the stagnant economy. In contrast, Mr Sethaput resisted government calls for lower borrowing costs and a higher inflation target.