Singapore has extended the term of its central bank chief, Ravi Menon, by two years or until he retires from the city-state's public service. The reappointment is valid until May 31, 2025 or his retirement from the service, whichever comes first. Menon has held the post for a dozen years and has been at the forefront of global central bank efforts to understand digital currencies.
Menon, a career central banker, 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. As managing director and member of the board for an additional term starting June 1st and ending May 31st in 2025, this new contract will put him on track as one of Singapore's longest-serving Monetary Authority Managing Directors (MAS).
In addition to Mr. Menon's reappointment, Attorney-General Lucien Wong and Chaly Mah – Chairman of NetLink NBN Management Pte Ltd – will also be reappointed as chairman of MAS' Audit Committee.
Emeritus Senior Minister Goh Chok Tong will step down from his position as senior advisor to MAS effective May 21st but continues contributing valuable insights based on his extensive experience in public service.
"I am delighted that we are able to extend Ravi Menon’s tenure as Managing Director at such an important time," said Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS affairs. "His deep knowledge in financial regulation and strong commitment towards innovation have helped maintain stability during these challenging times while ensuring that our financial sector remains progressive."
As digital currencies continue gaining traction globally under Mr. Menon’s leadership Singapore remains well-positioned offering guidance regarding their adoption within regulated frameworks thus ensuring long-term stability growth opportunities