Thai Deputy Prime Minister and Finance Minister Pridiyathorn Devakul announced his resignation from the two posts Wednesday.

Pridiyathorn told a press conference at the Government House that he submitted his resignation letter to Prime Minister Surayud Chulanont in Bangkok Wednesday morning, and the Prime Minister approved the resignation.

The resignation is effective from March 1.

Pridiyathorn cited differences with Surayud over the handling of the Thai economy as one reason for his resignation.

Rumors about his possible resignation have been running in Bangkok for some days. The former Bank of Thailand (BOT) governor, who was appointed last October as Finance Minister and Deputy Prime Minister of the post-coup interim government, has been under pressure over some much-criticized monetary policies to curb currency speculation, including the BOT's decision to impose 30- percent reserve on foreign capital inflow since last December, which caused a 15 percent loss at the local stock market in a record one-day drop.

Surayud's recent decision to bring in Somkid Jatusripitak, former finance minister of the ousted Thaksin administration and a close aide to the deposed prime minister, as a special envoy to explain Thailand's "sufficiency economy" policy to the international community was also seen as a big blow to Pridiyathorn.

At the press conference Wednesday, Pridiyathorn also voiced his dissatisfaction over Somkid's appointment, saying that it was done in a manner showing lack of transparency in the government.

Another reason was that he was not happy with "a certain minister" who had acted in favor of a certain media disregarding the fact that the move was against the law, Pridiyathorn said.

Although Pridiyathorn did not name the minister in question, it was widely understood by political analysts that he was referring to Prime Minister's Office Minister Thirapat Serirangsan.

Thirapat reportedly had approved the running of a TV talk show program on the government-controlled TV 11 Channel, in which Sondhi Limthongkul, a media businessman known for his sharp criticism and demonstrations against the ousted premier Thaskin, has launched a new round of attacks against the current government, Pridiyathorn being the prime target.

Political sources said Pridiyathorn had been asking PM Surayud to move to shut down the program, but Surayud has not yet made the decision.

(Xinhua News Agency February 28, 2007)