Mr Ravi Menon's term as managing director of the Monetary Authority of Singapore (MAS) has been extended for another two years, providing stability at the central bank at a time of growing economic risks.
Mr Menon's new term takes effect on Saturday, the MAS said in a statement yesterday. He was also reappointed to the MAS board for two years.
First appointed as head of the MAS in 2011, Mr Menon, 55, has helped steer the economy through the aftermath of the global financial crisis.
A former permanent secretary at the Ministry of Trade and Industry and deputy secretary at the Ministry of Finance, Mr Menon has been building credibility in the international central banking community. His name was floated as a potential successor to the Bank of England's Mr Mark Carney and as a new chief of the Financial Stability Board.
Mr Menon's term extension comes as the trade war between the United States and China as well as weaker global demand cloud the outlook for Singapore, which this month narrowed its economic growth forecast range for the year to 1.5 per cent to 2.5 per cent from 1.5 per cent to 3.5 per cent previously.
The MAS, which uses the exchange rate as its main tool, left its policy stance unchanged last month. The central bank and financial regulatory authority is led by Mr Tharman Shanmugaratnam, Senior Minister and Coordinating Minister for Social Policies.