SINGAPORE - Mr Ravi Menon has been reappointed as managing director of the Monetary Authority of Singapore (MAS) for another two years.

Mr 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.

MAS said in a statement on Friday that it had extended its longest-serving chief’s tenure as managing director until May 31, 2025, or until his retirement from the public service, whichever is earlier.

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 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.