One year after Thailand's latest coup, the country's usually fraught politics may have stabilized, but investors are holding back amid uncertainty over when the military junta might relinquish power.
"Political stability at the moment, compared with, say, last year, is better," Prasarn Trairatvorakul, governor of the Bank of Thailand, told CNBC. "But looking further [ahead], certainly people want more continuity. They want a political system to come to a model that people are more familiar with."
In May 2014, after more than seven months of political protests against the democratically elected government, Thailand's army chief, General Prayuth Chan-ocha, declared the military had seized power in a coup and later declared himself prime minister. The timeline for a return to democratic elections has been pushed back repeatedly and now don't appear likely before the tail-end of 2016, if the country approves the draft constitution in a referendum planned for January.
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Prasarn isn't concerned about the delay.
"That doesn't make much difference in terms of time frame," he said. "You'd rather have something more acceptable, sustainable. It's much better than something [where] people will quarrel and be divisive."
Of course, if the country rejects the constitutional rewrite – which appears aimed at ensuring the Shinawatra family, which has produced two prime ministers who were unseated in military coups – elections likely wouldn't be held before the latter end of 2017, at the earliest, analysts said.
"The delay in the general election is bad news for the market, although it is a win-win situation for the government," as no matter the referendum's outcome, it will stay in power longer, Kasem Prunratanamala, an analyst at CIMB, said in a note Wednesday. He expects that even if the referendum is approved, the new constitution's call for a non-elected prime minister is likely to mean Prayuth will return as the government leader.