Pridiyathorn Devakula
Pridiyathorn Devakula | |
|---|---|
| Born | July 15, 1947 Thailand |
| Other names | Mom Rajawongse Pridiyathorn Devakula, Mom Ui |
| Occupation(s) | Economist, politician |
| Years active | 1971–present |
| Known for | Governor of the Bank of Thailand (2001–2006), Minister of Finance, Deputy Prime Minister of Thailand |
Mom Rajawongse Pridiyathorn Devakula (; ; born 15 July 1947) is a distinguished Thai economist and former central bank official. He held the position of Governor at the Bank of Thailand from 2001 until 2006. Following the 2006 Thai coup d'état, he was appointed as Minister of Finance and Deputy Prime Minister in the interim civilian administration headed by Prime Minister Surayud Chulanont. After the 2014 Thai coup d'état, he resumed a role as Deputy Prime Minister within the military-appointed cabinet under General Prayut Chan-o-cha. Before this latter appointment, he stepped down as chairman of Post Publishing PLC, the company responsible for publishing Thailand's premier English-language newspaper, the Bangkok Post.
Early life and education
Pridiyathorn descends from royal lineage as the son of Prince Priditheppong Devakula, grandson of Prince Devawongse Varopakarn, and great-grandson of King Rama IV. Reflecting his aristocratic heritage, Thai media commonly address him as Mom Ui (; "Lord Ui"), employing his personal nickname, "Ui".
His formative years were spent at Saint Gabriel's College, where he consistently achieved top academic rankings throughout primary and secondary schooling. He obtained a bachelor's degree in economics from Thammasat University and later earned an MBA from the Wharton School at the University of Pennsylvania in 1970.
Career
Between 1971 and 1990, Pridiyathorn advanced through the ranks at Thai Farmers Bank, ultimately serving as senior executive vice president. In 1990, he took on the role of spokesperson for Prime Minister Chatichai Choonhavan. During the administrations of Anand Panyarachun and Suchinda Kraprayoon (1991–92), he acted as deputy minister of commerce. From 1992 to 1993, he was a member of the Thai Senate, before assuming presidency of the Export-Import Bank of Thailand in 1993. Additionally, he chaired the NIST International School Foundation from 2009 through 2017.
Bank of Thailand Governor
Appointed as Governor of the Bank of Thailand in May 2001, Pridiyathorn concurrently held board positions on both the Civil Service Commission and the Thammasat University Council. He emerged as a prominent critic of Prime Minister Thaksin Shinawatra, particularly opposing Thaksin's expansionary fiscal policies which Pridiyathorn believed contributed to inflationary pressures.
In 2004, when state-owned Krung Thai Bank (KTB) reclassified approximately 40 billion baht as non-performing loans, Pridiyathorn demanded the resignation of KTB’s CEO, Viroj Nualkhair. Viroj had previously served as financial advisor to media tycoon Sondhi Limthongkul and had forgiven substantial debts owed by Sondhi. In response, Sondhi utilized his media outlets to launch attacks against Pridiyathorn while defending Viroj. Ultimately, Viroj was removed from his position at KTB. This episode played a significant role in Sondhi’s growing opposition to Thaksin, eventually leading to the establishment of the People's Alliance for Democracy.
Deputy Prime Minister and Minister of Finance
Following the coup that deposed Prime Minister Thaksin Shinawatra, business leaders promptly urged the military junta (Council for Democratic Reform under Constitutional Monarchy) to appoint Pridiyathorn as interim prime minister. Among his notable supporters was Chatri Sophonpanich, chairman of Bangkok Bank.<ref> However, retired general Surayud Chulanont was ultimately selected as interim prime minister; he appointed Pridiyathorn as finance minister—a decision welcomed by the business community.<ref> Pridiyathorn’s successor at the Bank of Thailand was Tarisa Watanagase, marking the first time a woman led the institution.<ref>
During his tenure as finance minister, Pridiyathorn implemented several key policies:
- Budget deficits: Oversaw a fiscal deficit amounting to 147 billion baht for fiscal year 2007—the first deficit since 2003—with expectations for continued deficits into 2008.<ref>
- Suvarnabhumi City proposal: Opposed plans to create a new province encompassing Suvarnabhumi Airport, citing concerns over flood risks due to impeded waterways.<ref>
- Capital controls: Introduced measures aimed at limiting baht appreciation but reversed these controls following a stock market crash that erased US$20 billion in one day. Despite criticism from investors and institutions such as the Export-Import Bank of Thailand, Pridiyathorn defended his swift policy reversal.<ref><ref><ref>
- Foreign ownership restrictions: Suggested capping foreign shareholding at 50% in List I and II sectors (media, telecommunications, aviation), while exempting List III sectors like retail and hotels. Subsequently, he narrowed these restrictions primarily to telecommunications, alleviating investor concerns and sparing major retailers such as Tesco PLC and Carrefour SA.<ref><ref><ref>
- Corruption probes into Thaksin Shinawatra: Engaged in disputes with Assets Examination Committee chair Jaruvan Maintaka regarding land purchase allegations involving Thaksin’s spouse. Pridiyathorn maintained that actions were lawful and rejected charges, accusing Jaruvan of harming his reputation.<ref>
- Monetary policy stance: Advocated for a 0.5% interest rate reduction by the Bank of Thailand (BOT), exceeding market expectations; however, BOT declined this request. Pridiyathorn resigned shortly thereafter.<ref><ref>
On 28 February 2007, Pridiyathorn tendered his resignation, citing Premier Surayud’s appointment of his rival, former finance minister Somkid Jatusripitak, as an envoy for "self-sufficiency economy" initiatives—who resigned within one week—and alleging favoritism by Minister Thirapat Serirangsan toward private media interests. Analysts interpreted this move as linked to preferential treatment favoring anti-Thaksin critic Sondhi Limthongkul.<ref><ref>
His departure surprised many within political and business circles; Pornsilp Patcharinpanakul from the Board of Trade described his reasons as "quite strange."<ref> He was succeeded by Chalongphob Sussangkarn.Junta leader General Saprang Kalayanamitr was implicated in events surrounding his exit amid reports that Pridiyathorn resigned in protest after pressure to sell shares of IRPC (formerly Thai Petrochemical Industry or TPI) back to a former shareholder linked to Saprang’s brother, Chienchuan—a principal advisor to TPI’s estranged founder.<ref><ref>
Economic Advisor to the 2014 Military Government
Pridiyathorn was an outspoken opponent of Yingluck Shinawatra's administration, particularly criticizing its policy of setting a fixed minimum price for rice, which he projected would incur expenses of approximately 425 billion baht. In February 2014, he condemned Yingluck's economic strategies as unsuccessful and called for her to step down, proposing instead the establishment of a "neutral" government without electoral mandate.
After the May 22, 2014 coup, the military regime known as the National Council for Peace and Order appointed Pridiyathorn to serve on its economic advisory committee. Subsequently, on August 31, he assumed the role of deputy prime minister within the initial cabinet formed under General Prayut Chan-o-cha's leadership.
Financial Standing
According to disclosures submitted to the National Counter Corruption Commission, Pridiyathorn possessed assets valued at 730 million baht one month after leaving office in March 2007, representing a slight decrease from 754 million baht reported in October 2006. His spouse, Praphaphan, declared assets amounting to 283 million baht, while their daughter Pudjeep held assets totaling seven million baht.
In October 2014, the National Anti-Corruption Commission released declarations of cabinet members' wealth, identifying Pridiyathorn as the wealthiest minister with total assets estimated at 1.38 billion baht.
Honors and Decorations
- Knight Grand Cordon (Special Class) of the Most Exalted Order of the White Elephant (2007)
- Knight Grand Cordon (Special Class) of the Most Noble Order of the Crown of Thailand (2003)
- Grand Companion (Third Class, upper grade) of the Most Illustrious Order of Chula Chom Klao (2004)
- King Rama IX Coronation Medal (1950)
See also
External links
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- 1947 births
- Living people
- 20th-century Thai economists
- Governors of the Bank of Thailand
- Wharton School alumni
- Mom Rajawongse
- Devakula family
- Ministers of finance of Thailand
- Deputy prime ministers of Thailand
- Thammasat University alumni
- Government spokespersons of Thailand
- Prayut I cabinet
- 21st-century Thai economists