Tarisa Watanagase, Governor, The Bank of Thailand

In October 2006, Dr. Tarisa Watanagase was appointed Governor of The Bank of Thailand. She is a graduate of Keio University who finished Master of Arts in Economics in 1975.

A celebration party was held by Bangkok Mitakai on 16 February at Montienthip Ball Room of Montien Hotel. 59 Japanese and 11 Thai members of the Bangkok Mitakai and 6 guests attended the party.
At the opening of the celebration, a congratulatory message by President Prof. Yuichiro Anzai and Prof. Hiroshi Kato (Professor Emeritus of Keio University, presently President of Chiba University of Commerce) were introduced. Prof. Anzai sent congratulations to the birth of the first female Governor and wishes for her contribution to the development and stability of the economy of The Kingdom of Thailand. Prof. Kato offered encouragement for Dr. Watanagase who studied at “Kato seminar E This was followed by a congratulatory speech by Mr. Masashi Ono, president of Bangkok Mitakai, and a presentation of a bouquet of flowers. The party continued on with a speech of thanks by Dr. Watanagase, followed by a question and answer session, and those gathered listened attentively for about an hour to Dr. Watanagase’s special lecture.

Contents of Dr. Watanagase's special lecture are as follows;

This year marks the 120th anniversary of Japan-Thailand Diplomatic Relations, and Japan is a country indispensable for Thailand. Thanks to the transfer of various technology and management methods from Japan in the 1980s and 1990s, the economy of Thailand was able to achieve two-digit growth. However, economy growth in 2006 dropped to 5%, caused by the tsunami damage in 2004, oil crisis in 2005 and 2006 and also the recent political change in the country. In 2006, The Bank of Thailand introduced a monetary maneuver to decelerate influx of foreign currency in order to stop currency depreciation.
This lead to the introduction of the two-generation loan of foreign-capitalized companies which enables companies to receive funds directly from the parent company of the original country rather than going through banks. Now that the original purpose of halting currency depreciation is achieved, we announced a gradual deregulation of currency management policy that has merit to both Thai companies and foreign investors.
As for fiscal year 2007, due to the slowdown in the U.S. economy and rise of Thai currency, we estimate economic growth of 4-5%.

In addition, the present trend of the Thai economy can be summarized in the following 3 points;

• With the establishment of fundamentals of the Thai economy, low inflation rates, high capital inflow, and export show steady signs.
• Followed by the political change of last fall, political stabilization by the interim government is a priority, including coming elections to transit to civilian rule.
• It is also important to restore partnership with countries from around the world, especially with Japan which accounts for 20% of Thailand’s GDP. Coordination with emerging competitors such as China, India and Vietnam is also indispensable.

In the lecture, Dr. Watanagase also referred to her memories of Japan, such as the four changing seasons surrounded by beautiful nature, and that she could never forget that it snowed on January 30th, her first day in Japan.
After the lecture, the attendees gathered around Dr. Watanagase and sang “Wakakichi“ and sent cheers to Dr. Watanagase before the party finally came to a close.
Dr. Watanagase is the first female Governor of the Bank of Thailand in its 64 years of history. She is the second person to become Governor as a Keio graduate, and only the third female governor of a central bank of countries all over the world.

Bangkok Mitakai has a history of more than 50 years, with 182 Japanese members and 41 Thai members as of November 2006. Many activities are held to increase relationship of Keio graduates in Thailand and to contribute to the Thai economy and society.

This article was contributed by Mr. Masashi Ono, chairperson of Kikuya Siam Corp., and president of Bangkok Mitakai. (Graduate of Faculty of Economics, 1962)