, Columnist
Pressuring a Central Bank Is Not Always Wrong
The tussle for control of the Bank of Thailand is worth a close look.
A struggle for economic policy.
Photographer: Sirachai Arunrugstichai/BloombergThis article is for subscribers only.
Appalled by Donald Trump’s attacks on the Federal Reserve when he was in the White House, and aghast at his desire to exercise some say over the price of money if elected again next week? Then you won’t love what’s been going on in Thailand.
Look beyond the Southeast Asian nation’s beaches, temples and frequent military coups, and there’s a classic struggle for economic policy. The two civilians who have led the kingdom since elections in 2023 are populists without a track record in office. Ministers lent heavily on the Bank of Thailand to pare interest rates, only to be rebuffed — until this month.