Chatumongol Sonakul
Encyclopedia
Mom Ratchawongse Chatumongol Sonakul is a former Permanent Secretary of the Ministry of Finance of Thailand and former Governor of the Bank of Thailand
. Chatumongkol was the Permanent Secretary for finance from 1 October 1995 to 28 July 1997. He was the most senior civil servant in the Ministry of Finance during the flotation of the baht, which led to a massive devaluation
, the Asian Financial Crisis, and a long period of International Monetary Fund
intervention. He was dismissed by the Chavalit Yongchaiyudh government soon after the devaluation. During the Democrat
-led government that followed, Chatumongkol was appointed Governor of the Bank of Thailand, Thailand's central bank. He held this position from 1998 to 30 May 2001, when he was dismissed by the newly elected Thai Rak Thai
-led government. After his dismissal, Chatumongkol became a vocal critic of TRT leader Thaksin Shinawatra
. He denigrated Thaksin's populist job-creating policies, claiming that "Any attempt to create petty jobs is unnecessary.... Policies should focus on providing machines and know-how." Chatumongkol's son, race-car driver Apimongkol, became an Bangkok MP for the Democrat Party. After a military junta overthrew Thaksin's government and cancelled scheduled general elections in 2006, Chatumongkol was one of its favorites for the Premiership; eventually General Surayud Chulanont
was chosen by King Bhumibol. He hinted that if the Democrat Party won post-coup elections, he would enter the political arena in support of the Democrats. The Democrats suffered a staggering defeat in the elections. When the Democrat Party gained control of the government in 2008, it appointed Chatumongkol as Chairman of the Board of the Bank of Thailand
.
He noted that under Thaksin's populist policies, "people who got money did not think hard about how to use it. People who got motorcycles became motorcycle taxi drivers. Many got rich. But when more people became motorcycle taxi drivers, they ended up earning just 100 baht [approximately US$3] a day. I used to survey some of those drivers. Many said they would not vote for [Thaksin's] Thai Rak Thai
party anymore."
. He rose up through the civil service through the Finance Ministry, initially serving as Director-General of the Tax Department.
M.R. Chatumongol's next positions were as Deputy Permant Secretary then Permanent Secrtary of the Finance Ministry, the highest permanent position.
M.R. Chatumongkol had been reported as a leading candidate to be Prime Minister in the English language press after the September 2006 coup d'état against the Thaksin government.
His son, M.L. Apimongkol Sonakul, was elected to be a Democrat Party
M.P. in Bangkok in the former seat of Dr. Charoen Kantawongs.
Bank of Thailand
- History :The Bank of Thailand was first set up as the Thai National Banking Bureau. The Bank of Thailand Act was promulgated on 28 April 1942 vesting upon the Bank of Thailand the responsibility for all central banking functions...
. Chatumongkol was the Permanent Secretary for finance from 1 October 1995 to 28 July 1997. He was the most senior civil servant in the Ministry of Finance during the flotation of the baht, which led to a massive devaluation
Devaluation
Devaluation is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged....
, the Asian Financial Crisis, and a long period of International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
intervention. He was dismissed by the Chavalit Yongchaiyudh government soon after the devaluation. During the Democrat
Democrat Party (Thailand)
The Democrat Party is Thailand's oldest political party and was the main coalition government party of the 23rd House of Representatives of Thailand. The Democrat Party's current leader is Abhisit Vejjajiva, incumbent opposition leader and former Prime Minister. The party upholds a conservative...
-led government that followed, Chatumongkol was appointed Governor of the Bank of Thailand, Thailand's central bank. He held this position from 1998 to 30 May 2001, when he was dismissed by the newly elected Thai Rak Thai
Thai Rak Thai
The Thai Rak Thai Party was a Thai political party that was officially banned on May 30, 2007, by the Constitutional Court of Thailand due to violations of electoral laws during the 2006 legislative elections. From 2001 to 2006, it was the ruling party under Prime Minister and its founder Thaksin...
-led government. After his dismissal, Chatumongkol became a vocal critic of TRT leader Thaksin Shinawatra
Thaksin Shinawatra
Thaksin Shinawatra is a Thai businessman and politician, who was Prime Minister of Thailand from 2001 to 2006, when he was overthrown in a military coup....
. He denigrated Thaksin's populist job-creating policies, claiming that "Any attempt to create petty jobs is unnecessary.... Policies should focus on providing machines and know-how." Chatumongkol's son, race-car driver Apimongkol, became an Bangkok MP for the Democrat Party. After a military junta overthrew Thaksin's government and cancelled scheduled general elections in 2006, Chatumongkol was one of its favorites for the Premiership; eventually General Surayud Chulanont
Surayud Chulanont
General Surayud Chulanont is a Thai political figure. He was the Prime Minister of Thailand and head of Thailand's Interim Government between 2006 and 2008...
was chosen by King Bhumibol. He hinted that if the Democrat Party won post-coup elections, he would enter the political arena in support of the Democrats. The Democrats suffered a staggering defeat in the elections. When the Democrat Party gained control of the government in 2008, it appointed Chatumongkol as Chairman of the Board of the Bank of Thailand
Bank of Thailand
- History :The Bank of Thailand was first set up as the Thai National Banking Bureau. The Bank of Thailand Act was promulgated on 28 April 1942 vesting upon the Bank of Thailand the responsibility for all central banking functions...
.
He noted that under Thaksin's populist policies, "people who got money did not think hard about how to use it. People who got motorcycles became motorcycle taxi drivers. Many got rich. But when more people became motorcycle taxi drivers, they ended up earning just 100 baht [approximately US$3] a day. I used to survey some of those drivers. Many said they would not vote for [Thaksin's] Thai Rak Thai
Thai Rak Thai
The Thai Rak Thai Party was a Thai political party that was officially banned on May 30, 2007, by the Constitutional Court of Thailand due to violations of electoral laws during the 2006 legislative elections. From 2001 to 2006, it was the ruling party under Prime Minister and its founder Thaksin...
party anymore."
Family history
Nicknamed "Tao" (turtle), Chatumongkol is a second generation prince from one of Thailand's most noble families (Sonakul). He is an honors graduate of Cambridge University in England and Harvard UniversityHarvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
. He rose up through the civil service through the Finance Ministry, initially serving as Director-General of the Tax Department.
M.R. Chatumongol's next positions were as Deputy Permant Secretary then Permanent Secrtary of the Finance Ministry, the highest permanent position.
M.R. Chatumongkol had been reported as a leading candidate to be Prime Minister in the English language press after the September 2006 coup d'état against the Thaksin government.
His son, M.L. Apimongkol Sonakul, was elected to be a Democrat Party
Democrat Party (Thailand)
The Democrat Party is Thailand's oldest political party and was the main coalition government party of the 23rd House of Representatives of Thailand. The Democrat Party's current leader is Abhisit Vejjajiva, incumbent opposition leader and former Prime Minister. The party upholds a conservative...
M.P. in Bangkok in the former seat of Dr. Charoen Kantawongs.