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Your Financial Window

The Bank of Thailand's annual symposium this year attracted spectators who expected to witness heated academic disŽcussions among economists from different schools of thought. But all of them evenŽtually found the truth of life - that the only certainty is uncerŽtainty. It is not an easy task to conŽvince the wellknown economic guru Virabongsa Ramangkura to join any seminar, particularŽly one costaged by econoŽmists from the central bank, which he has criticised.



 However, Virabongsa surŽprised many of us by acceptŽing an invitaŽtion from the BOT to particiŽpate in a semiŽnar in this year's sympoŽsium.

The central bank invited him in March. As usual, he declined the invitation. We have no clue whether he gave any strong reason for doing so.

As a result, the central bank asked former finance minister Chalongphob Sussangkarn to replace him. But Chalongphob, who wanted to keep a low proŽfile after his political path, declined the invitation.

In a witty tactic, the BOT then invited Virabongsa again, by sending the assistant governor, Suchada Kirakul, who is a forŽmer student of Virabongsa, to act as an intermediary.

Finally, the central bank's dream was fulfilled when the economic guru accepted the invitation. At that time, he was already appointed the governŽment's chief economic adviser.

Yesterday, when Virabongsa was scheduled to come to the seminar as speaker, the central bank was stunned when Virabongsa made a phone call to senior director Amara Sriphayak, another former stuŽdent of his, to say that he could not join them. He gave no reaŽson for his decision.

His phone call occurred while the guests and host were havŽing lunch before the second session of the twoday seminar was due to start. So, the cenŽtral bank had no time to seek anyone to replace him.

Among a group of reporters, BOT Deputy Governor Atchana Waiquamdee mentioned Virabongsa's absence.

Narongchai Akrasanee, the government's economic advisŽer, who was apparently in the group, said that he had acknowledged Virabongsa's absence yesterday morning.

Interpreting from Narongchai's words, we can guess that Virabongsa no longer wants to be the chief economic adviser and wants to "consume less, spend less".

Asked if he has given any advice to the government durŽing the current political turŽmoil, Narongchai said he already ceased his advisory task because the office (Government House) was closed. And he himself wanted to consume less, spend less.


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