(Bloomberg) -- The Bank of Thailand is set for a new governor after its incumbent head Veerathai Santiprabhob decided against seeking a second term.

Veerathai for family reasons won’t apply for another five years at the head of the monetary authority, Assistant Governor Chantavarn Sucharitakul said in a statement on Monday.

Veerathai will ensure a smooth transition, she said. His term is due to expire at the end of September.

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