Singapore’s longest-serving central banker Ravi Menon has been reappointed in his role for another two years, the Monetary Authority of Singapore (MAS) said on Friday.
Menon’s term as managing director of MAS was due to end on May 31. There had been earlier reports that he was to be replaced after the current term.
“Mr. Menon will serve as managing director until 31 May 2025 or his retirement from the Singapore Public Service, whichever is earlier,” the MAS said in a statement.
Menon, who turns 59 this year, has been at the helm of the MAS since 2011, the longest run in the top post in the Southeast Asian city-state’s history.
Maybank economist Chua Hak Bin said the decision shows that there were few candidates that can fill Menon’s shoes.
“Ravi is needed to steer Singapore through the current global macroeconomic uncertainties,” Chua said.
Before joining the central bank, Menon was trade ministry permanent secretary and deputy secretary at the finance ministry.
Singapore’s central bank was one of the earliest to tighten monetary policy as the country of 5.6 million people exited the pandemic. It had tightened monetary policy for five rounds since October 2021 but in April left levers unchanged.
The MAS also announced on Friday that two board members will be reappointed for another terms of three years until May 2026 – attorney general Lucien Wong and Chaly Mah, chairman of NetLink NBN Management Pte Ltd.
Former prime minister Goh Chok Tong will step down from his position as senior adviser to MAS later this month.
Reuters