Ravi Menon reappointed as Singapore’s central banker for two more years

Singapore: Indian-origin Singaporean Ravi Menon has been reappointed as the central banker of the prosperous city state for two more years, an official announcement said on Friday.

The Monetary Authority of Singapore (MAS) re-appointed Menon as its Managing Director for a further term of two years, from 1 June 2023 to 31 May 2025. He will serve as Managing Director until May 31, 2025 or his retirement from the Singapore Public Service, whichever is earlier, the announcement said.

Menon, who turns 59 this year, has been at the helm of the central bank since 2011 and was rumoured to leave MAS this year when his term ends on May 31, reported The Straits Times newspaper.

In his 12 years as MAS chief, Mr Menon helped steer Singapore’s economy through the post-global financial crisis era. He has also been credited with pushing Singapore banks to develop financial technology early.

The MAS statement added that Mr Menon has been reappointed as a member of the MAS board from June 1, 2023, to May 31, 2025.

Attorney-General Lucien Wong and Mr Chaly Mah, who is chairman of network infrastructure firm NetLink NBN Management, will be also be reappointed to the MAS Board.

Their term of three years will run from June 1, 2023, to May 31, 2026.

Mr Mah will also be reappointed for the same period as chairman of the audit committee, which provides independent assessments of the central bank’s internal controls and financial reporting processes.

Meanwhile, Emeritus Senior Minister Goh Chok Tong will step down from his position as senior adviser to MAS from May 21.

MAS said: “Since his appointment to this role in May 2011, he has advised the MAS board and lent his expertise across a wide range of matters. Prior to this, he served as chairman of the MAS board from Aug 20, 2004.”

Other members of the new MAS board of directors include Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam and Deputy Prime Minister and Finance Minister Lawrence Wong.