SINGAPORE – Monetary Authority of Singapore (MAS) chief Ravi Menon will step down as the central bank's managing director, in a development that comes just over three months after he was reappointed for a two-year term.
In a statement on Monday (4 September), MAS said he will be retiring "from the Singapore Public Service and step down as Managing Director, MAS as well as from the MAS Board on 31 December 2023".
MAS also announced that "the President of the Republic of Singapore has appointed Mr Chia Der Jiun as Managing Director (Designate), MAS from 1 November 2023 to 31 December 2023, and as Managing Director, MAS from 1 January 2024 to 31 May 2026". Chia will also be appointed a director on the MAS Board on 1 January.
Chia is currently Permanent Secretary (Development) at the Ministry of Manpower (MOM). He "had previously spent 18 years at MAS, where he played a leadership role across MAS' major functions, including monetary policy implementation, reserve management, banking supervision, prudential policy, and macroeconomic surveillance", the central bank said.
In 2011, Chia was seconded to the International Monetary Fund (IMF) for two years as Executive Director for Southeast Asia. In that role, he contributed to board discussions and decisions on issues such as capital flow management, IMF financing programmes, and financial stability assessments, MAS said.
The central bank also thanked Menon for his contributions.
"The board of directors, management and staff of MAS thank Mr Menon for his visionary leadership as MAS' Managing Director since 2011 and outstanding contributions during his 29 years with MAS."