Indian-origin Singaporean Ravi Menon has been reappointed as the central banker of the prosperous city state for two more years, an official announcement said on Friday.

The Monetary Authority of Singapore (MAS) re-appointed Menon as its Managing Director for a further term of two years, from 1 June 2023 to 31 May 2025. He will serve as Managing Director until May 31, 2025 or his retirement from the Singapore Public Service, whichever is earlier, the announcement said.

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, reported The Straits Times newspaper.

MAS has also announced the reappointment of three existing members to its Board of Directors including that of Menon who is also re-appointed as a member of the MAS board for another two years.

In his 12 years as MAS chief, Menon helped steer Singapore’s economy through the post-global financial crisis era and has been credited with pushing Singapore banks to develop financial technology early, the report said. MAS further announced that Attorney-General Lucien Wong and Chaly Mah, Chairman of NetLink NBN Management, would be reappointed to the board for further three-year terms from Jun 1 to May 31, 2026.

Mah also will be reappointed as chairman of the audit committee for the same duration.

Meanwhile, former Prime Minister Emeritus Senior Minister Goh Chok Tong, who is now Emeritus Senior Minister in the Government, will step down from his position as Senior Advisor to MAS on May 21.

“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,” said the financial regulator.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.