No presidential run on the cards for Ravi Menon for now; MAS extends chief’s term to 2025

SINGAPORE: The Monetary Authority of Singapore (MAS) announced yesterday (May 12) that it has re-appointed Ravi Menon as Managing Director for a further term of two years, quieting buzz that the central bank’s chief may run in the presidential election later this year once his current term at MAS ends this month.

MAS, which has also extended Mr Menon’s board member post for another two years, said that he will serve as Managing Director until May 31, 2025 or his retirement from the Singapore Public Service, whichever is earlier.

The announcement comes less than a month after American news conglomerate Bloomberg cited insiders and reported that Mr Menon’s former deputy Chia Der Jiun is expected to succeed him once Mr Menon’s current term ends on May 31.

A spokesperson for Singapore’s Public Service Division declined to comment at the time and said that any changes to the appointment of Permanent Secretaries would be announced through official channels and media releases.

The Bloomberg report sparked speculation that Mr Menon may contest the upcoming presidential election, especially since many of his predecessors, including Heng Swee Keat, Tharman Shanmugaratnam, and Richard Hu, went into politics after leaving the central bank.

The 59-year-old, who has been at the helm of the MAS since 2011, has previously stated that he has “absolutely no intention to enter politics.”

Aside from extending Mr Menon’s term, MAS has also re-appointed Attorney-General Lucien Wong and Chairman of NetLink NBN Management Pte Ltd Chaly Mah to its board for a further term of three years, from 1 June 2023 to 31 May 2026. Mr Mah will also be re-appointed as Chairman of the Audit Committee for the same duration.

Does Ravi Menon still not intend to enter politics as he prepares to vacate MAS chief post?