July 24, 2020 / 5:40 PM / 15 days ago

Potential finance minister Predee Daochai resigns from Kasikornbank

BANGKOK, July 24 (Reuters) - The co-president of Thailand’s Kasikornbank, who has been tipped to become the next finance minister, resigned on Friday, the bank said in a statement.

Predee Daochai, 61, also chairman of the Thai Bankers’ Association, is widely expected to replace Uttama Savanayana in a cabinet shake-up that saw a number of ministerial resignations last week.

Prime Minister Prayuth Chan-ocha has previously said that a cabinet reshuffle would take place by next month and that he had asked Predee to join.

The sudden changes in the economic team come at a critical time for Southeast Asia’s worst-performing economy and add to uncertainty over policymaking as the country struggles to recover from the impact of the COVID-19 pandemic.

The central bank predicts that the Thai economy will shrink by a record 8.1% this year.

Reporting by Orathai Sriring Editing by David Goodman

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