(Bloomberg) -- Pichai Chunhavajira resigned as the chairman of the Stock Exchange of Thailand, in a move widely seen as paving the way for his possible appointment as the country’s new finance minister.

Pichai’s departure from the bourse and its units is effective from Thursday, it said in a statement. The exchange did not state a reason for his resignation or plans to find his replacement. 

Pichai also quit as chairman of petroleum company Bangchak Corp. and renewable power-producer BCPG Pcl., according to separate exchange filings. He is set to take over as the finance minister, a job concurrently held by Prime Minister Srettha Thavisin, Thai-language newspaper Thansettakij reported.

The prime minister said earlier this week a cabinet reshuffle will happen at an “appropriate timing.”

Appointing capital markets veteran Pichai as finance minister may help ease tension between the government and the Bank of Thailand. Srettha has frequently clashed with Governor Sethaput Suthiwartnareuput on approaches to reviving Southeast Asia’s second-biggest economy. 

The BOT chief has snubbed Srettha’s call to cut the country’s policy rate as a quick-fix to spur growth, which has clocked a sub-2% average in the last decade. The central bank kept the key rate at a decade high in a decision on April 10, prompting the premier this week to meet with executives of the country’s biggest banks to nudge them to lower borrowing costs. 

The banks agreed to cut loan rates by quarter-point for vulnerable groups and small businesses earlier on Thursday.

--With assistance from Pathom Sangwongwanich, Janine Phakdeetham and Anuchit Nguyen.

(Updates with Stock Exchange of Thailand statement.)

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