The Bank of Thailand (BoT) has found itself under intense public and expert scrutiny following a series of high-stakes decisions and policy shifts that have rippled across the nation’s financial landscape. On September 13, 2025, the BoT’s Monetary Policy Committee (MPC) voted to raise the policy interest rate to 1.75 percent per annum—a move that signals growing concern over inflation and the stability of Thailand’s economy, according to the BoT’s official announcement published the following day.
The decision, reached after a closely watched MPC meeting, was not unanimous. Out of the committee, two members voted in favor of the increase, while one preferred to keep the rate unchanged. This split reflects the delicate balancing act the central bank faces: taming inflation without stifling economic recovery. According to the BoT, the rate hike was prompted by “inflationary pressures and the need to maintain economic stability.” The announcement, which landed on September 14, 2025, has been met with both support and skepticism from various sectors.
The policy shift comes at a time when the BoT is also grappling with widespread public anxiety over the recent surge in bank account freezes—an issue that has left many ordinary Thais unable to access their funds, sometimes even resulting in negative balances. The Bank of Thailand’s Facebook page, quoting Daranee Saeju, Assistant Governor for Payment Systems Supervision and Financial Consumer Protection, clarified the scope of the problem: “Accounts affected are only those found in the money trail connected to mule accounts.” Over recent months, the Anti-Online Crime Center (AOC) and commercial banks have broadened their efforts to track and freeze accounts linked to illicit transfers, aiming to return as much money as possible to fraud victims. But this well-intentioned crackdown has inadvertently swept up a growing number of innocent account holders.
“The expansion of monitoring has meant that more people are being affected,” Daranee explained, acknowledging the unintended consequences of these measures. She further noted that the BoT has already met with both the AOC and commercial banks to discuss a revised approach that would minimize the impact on honest citizens. “We have agreed in principle to accelerate the process for lifting account freezes and to adjust procedures to ease the burden on law-abiding people,” she said. A follow-up meeting was scheduled for September 14, 2025, with the aim of implementing these changes immediately.
For those who suddenly found their accounts in the red, Daranee pointed out two main causes. The first was a technical glitch: on September 1, 2025, some banks failed to update end-of-day balance information correctly, resulting in inaccurate, often negative, balances. This issue, she said, was fixed by September 2, and the BoT ordered banks to compensate all affected customers and to strengthen safeguards against future mishaps. The second cause stemmed from police requests to freeze suspicious accounts. If the frozen amount exceeded the balance, some banks’ systems displayed a negative figure. Daranee emphasized that banks have now been instructed to communicate more clearly with customers about these discrepancies.
The Ministry of Digital Economy and Society also weighed in, underscoring that the temporary freezing of accounts is a crucial tool in the fight against online crime. “This approach has already helped block illegal funds,” the Ministry stated via its official page. However, it acknowledged the collateral damage to those not involved in wrongdoing. For those who believe they’ve been wrongly targeted, the Ministry advised contacting the AOC’s hotline at 1441, option 2, for assistance with the unfreezing process.
While the BoT’s technical fixes and promises of better communication may offer some immediate relief, the broader debate over the bank’s role and vision has taken on new urgency. Somphrawin Manprasert, a leading Thai economist and former BoT governor candidate, recently shared a candid account of his unsuccessful bid for the top job. In a widely discussed Facebook post, he outlined his vision for transforming the BoT from a “guardian of stability” into a “designer of Thailand’s financial and economic system.” This vision, he argued, is essential if the nation hopes to break free from the traps of low growth, severe inequality, and unequal access to economic opportunities.
“I decided to apply not because I wanted the position, but because I wanted to do what I believe would help improve Thailand’s economy structurally,” Somphrawin wrote. He described how, after leaving his post at SCB on March 31, 2025, he and a small team spent two months developing a comprehensive policy proposal. The plan focused on three pillars: inclusion (such as tiered account services and commercial credit reference projects to help SMEs and individuals access safe, appropriate financial services), efficiency (including a credit mediator mechanism to bridge information gaps between businesses and financial institutions), and stability (such as flexible countercyclical capital buffers and improved bad debt management).
“All of these proposals are designed to be actionable under the BoT’s mandate, not just abstract ideas,” he emphasized. Somphrawin’s approach drew on international case studies and included detailed execution plans for each initiative. Although his presentation to the selection committee was limited to a mere ten minutes, he used the opportunity to argue for a proactive, hands-on central bank deeply engaged with the real economy and the lives of ordinary Thais.
Reflecting on the outcome, Somphrawin acknowledged, “I knew the result might not be what I hoped for, and in the end, another candidate was chosen. But what I gained was invaluable—friendship, advice, hope, and support from people who saw the substance of my proposals.” He described a lighthearted dinner with friends after the announcement, where the mood was more about camaraderie than disappointment. “The real network is everyone who still believes Thailand’s economic system can change,” he wrote. “Even if I didn’t get to do the job, I’ve already started, and I hope my efforts inspire others to do what they can for Thailand’s economy.”
As the BoT moves forward with its new interest rate policy and works to resolve the account freezing crisis, it faces a critical test of public trust and institutional adaptability. The central bank’s challenge is to balance the demands of stability, efficiency, and inclusion—while ensuring that well-meaning measures do not unintentionally harm the very people they are supposed to protect. The coming months will reveal whether the BoT can deliver on its promises and whether alternative visions like Somphrawin’s will gain traction in shaping the future of Thailand’s financial system.
For now, the nation waits—watching closely as the BoT navigates this pivotal moment in its history, where every decision carries weighty consequences for both the economy and the everyday lives of Thai citizens.
