Singapore’s longest-serving central bank chief Ravi Menon reappointed for 2 more years
- He will remain as MAS managing director until May 31, 2025 or his retirement from the Singapore Public Service, whichever is earlier
- 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 city state’s history
Menon’s term as managing director of the 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 May 31, 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 city state’s history. Singapore’s minimum retirement age is 63.
Maybank economist Chua Hak Bin said the decision showed that there were few candidates that could fill Menon’s shoes.
“Ravi is needed to steer Singapore through the current global macroeconomic uncertainties,” Chua said.
Menon, who has described himself as “an optimist and an idealist”, began his career at the MAS in 1987. He has also had stints at the trade and industry ministry as well as the Bank for International Settlements.
In his 12 years at the helm of MAS, Menon helped steer Singapore’s economy through the era following the Global Financial Crisis of 2007-2008.
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Singapore’s profile as an open, heavily trade-reliant city-state has meant Menon often puts policy decisions into the context of global economic developments while also closely monitoring unique domestic inflation effects.
Menon has also been at the forefront of global central bank efforts to make sense of digital currencies. He has advocated a “sandbox” approach with banks to encourage them to experiment within a safe regulatory space, while sounding more caution on retail use of cryptocurrencies.
In 2018, Menon was in the running to head the Basel-based Financial Stability Board. The following year, his name was floated to head the Bank of England – another sign of his global stature among central bankers.
On Friday, the MAS also announced two board members would 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.
