Singapore Central Banker Ravi Menon's Term Extended for 2 Years
Singapore Central Banker Ravi Menon's Term Set to Be Extended
(Bloomberg) -- Ravi Menon’s term as managing director of the Monetary Authority of Singapore was extended for another two years, providing stability at the central bank at a time of growing economic risks.
Menon’s new term takes effect from June 1, the MAS said in an emailed statement on Tuesday, confirming an earlier Bloomberg story. He was also reappointed to the MAS board for two years.
First appointed as head of the MAS in 2011, 55-year-old Menon has helped to steer the economy through the aftermath of the global financial crisis. He’s spearheaded efforts to build the city state into a financial technology hub and sought to restore the banking industry’s image after a number of anti-money laundering lapses in relation to fund flows tied to 1Malaysia Development Bhd.
A former permanent secretary at the Ministry of Trade & Industry and deputy secretary at the Ministry of Finance, 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 Mark Carney and as a new chief of the Financial Stability Board, though the FSB job eventually went to Randal Quarles.
Menon’s term extension comes as the U.S.-China trade war and weaker global demand clouds the outlook for Singapore, which this month narrowed its economic growth forecast range for 2019 to 1.5%-2.5% from 1.5%-3.5% previously. The MAS, which uses the exchange rate as its main tool, left its policy stance unchanged in April.
Education Minister Ong Ye Kung was also reappointed to the MAS board for three years. Lim Hng Kiang, special adviser to the Ministry of Trade and Industry, was given a three-year extension as deputy chairman of the board.
To contact the reporters on this story: Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net;Michelle Jamrisko in Singapore at mjamrisko@bloomberg.net
To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, ;Marcus Wright at mwright115@bloomberg.net, Joyce Koh
©2019 Bloomberg L.P.