(Nov 15): Bank of Thailand chairman Somchai Sujjapongse criticised the central bank’s slow progress on regulatory reform and called for action to reverse a prolonged contraction in lending to smaller businesses.

Somchai, who leads the central bank’s governing board while the governor runs its operations and monetary policy, said in his first letter to the media since becoming chairman in June 2025 that his biggest disappointment was the slow progress in updating financial laws. Only one proposed amendment has been submitted despite the board calling for a review about 18 months ago, he said.

He also urged stronger supervision of banks, saying lending to small and medium-sized enterprises has contracted for nearly 17 consecutive quarters while credit remains concentrated among large companies. Improving access to finance for viable smaller businesses is critical to strengthening Thailand’s broader economy, he said.

Governor Vitai Ratanakorn responded in a Facebook post Sunday that tackling structural problems requires sustained action by multiple agencies rather than a single initiative. He pointed to a more accommodative monetary policy and 18 initiatives launched over the past year to address structural challenge.

“We must take action, not just analyse or criticise others,” Vitai said, adding that there is still “a great deal of work ahead” before those problems can be resolved.

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