Transportation Minister Santi Prompat said that the resignation will take effect at the beginning of August.

He declined to disclose details of Gen. Chana’s successor.

A source involved in the board meeting disclosed that Gen. Chana has filed a resignation over health problem but insiders believe it is political issue.

Gen. Chana was appointed as AOT chairman by military-installed government after coup de’ete on September 19, 2007.

He was forced to resign in the board’s mid-year evaluation of the state enterprise’s performance.

Gen. Chana will receive around six million baht as remuneration for his service.

Treasury permanent secretary Sathit Limpongpan said the board has approved on agreement to appoint Mr. Boontak succeeding Mr. Supak Sivarak, whose agreement will be terminated in September, as its new MD.

Mr. Boontak said he will form up a team of 3-4 managerial professional to assist his routine, and it may include Mr. Supak.

A new source involved in the company’s top management said Mr. Boontak first task would be reducing its shares’ par value and pay out dividends to persuade investors.

Mr. Boontak has been endorsed by AIG Group, the second largest shareholder of Thai Military Bank, for his professional management in finance and loan.

Mr. Pisal noted that the banks are normally revising interest rate every six months in order to catch up with inflation.

“If the rate of inflation reached 10 per cent, we will see both deposit and loan interests go up by 1 to 1.5 per cent,” he said.

“If the gap between interest and inflation wider, depositors will have a feeling of being squashed and move their money to the markets that pay out higher yield,” Mr. Pisal said. “The current rate of 12-months fixed deposit is around 4 to 5 per cent at small banks and 3.5 to 4 per cent at larger banks while the rate of current inflation is around 8 to 9 per cent.”

A news source involved in Thai Military Bank said that the rate of loan interest is likely to reach double digit figure by 2009; if the rate of inflation stayed at around 7 to 8 per cent and the oil prices continued to rise in 2008.

According to former deputy Prime Minister Virabongsa Ramangkura, with the oil price stays at $150 a barrel level, rising of inflation has crushed all the industries’ revenues and depletion in supply is also likely as small enterprises drastically struggle to survive.

“I believe that the inflation will continue to rise and stay at the double-digit figure for years to come,” Mr. Virabongsa said. “It might be ten per cent or slightly above.”

Pornwut Sarasin, vice president of Thai Namthip, a local maker of Coca-Cola, remarked that higher inflation has compelled businesses to embark restructuring in order to cope with higher materials and operation costs.

“It’ll be no good for striving companies, which would need to cut cost,” he said. “We have seen that airlines had already grounded flights.”

“The soft drink industry was hit hard by higher prices of sugar and transportation,” Mr. Pornwut added—referring to materials and transportation prices that are highly influenced by inflation.

The price of sugar went up by 38 per cent year on year.

However, Tos Chirathivat, CEO of Central Retail Corp viewed inflation at the different angle.

“My feeling is that inflation is better than deflation,” he said.  “I agreed with the rise of agriculture products prices, which would yield great benefit to farmers.”

Thai conglomerate Saha Group’s chairman Boonsithi Chokwattana commented that the government mismanagement by raising the interest rate to fight inflation has pushed up costs and undermined the buying powers.

“I will be happy if we can achieve a growth of 5 or 6 per cent this year,” he concluded.

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