Bank of Thailand Governor Sethaput Suthiwartnarueput said it’s crucial for central banks to have independence in setting monetary policy, capping a week that saw the government resume calls for rate cuts and currency intervention.

The Bank of Thailand's governor on Friday stressed the need for central bank independence in setting monetary policy amid a lengthy disagreement with the government over whether or not interest rates should be cut to support the economy.

Ranong, a critic of the central bank’s hawkish monetary policy and a loyalist of the ruling party, to become the new chairman of the Bank of Thailand, according to people familiar with the matter.

Thailand’s new government has revived calls for the central bank to reduce borrowing costs, with Prime Minister Paetongtarn Shinawatra’s commerce chief calling on policymakers to help spur Southeast Asia’s second-biggest economy.

Thailand's household financial conditions are fragile amid high debt levels, the central bank chief said on Friday. Investment has also been low, Bank of Thailand Governor Sethaput Suthiwartnarueput told a symposium.