Ravi Menon, longest-serving chief of MAS set to step down; former deputy tipped as successor

Ravi Menon, longest-serving chief of MAS set to step down; former deputy tipped as successor

On Tuesday (18 Apr), Bloomberg reported that the Monetary Authority of Singapore (MAS)’s chief Ravi Menon, is set to leave MAS this year.

Bloomberg noted that the “people familiar with the matter” said Chia Der Jiun (谢啇真), one of his former deputies, is tipped to be his successor.

Menon has led MAS since 2011 and is currently the longest-serving chief of Singapore’s central bank. His term is set to end on May 31. He first joined MAS in 1987.

Mr Chia is currently serving as the permanent secretary for development at the Ministry of Manpower. He served in MAS for 16 years and was appointed Deputy Managing Director (Corporate Development) MAS in May 2019 before joining the manpower ministry in 2020.

According to Bloomberg, Singapore’s Public Service Division (PSC) did not immediately comment on the matter.

The Strait Times also reported that MAS declined to comment on it.

PSC told ST: “We have no information to provide at this moment. The Public Service Division will announce any upcoming changes to the appointment of permanent secretaries through official channels and media releases.”

Menon told Bloomberg in 2021 that he has “absolutely no intention to enter politics”

Ravi Menon describes himself as “an optimist and an idealist”. Before MAS, he also served in the trade and industry ministry as well as the Bank for International Settlements.

Under his helm, Mr Menon played a key role in steering Singapore’s economy through the post-global financial crisis era. In the wake of the pandemic, MAS was among the first to begin tightening monetary policy. Additionally, Mr Menon pushed Singapore’s banks to develop financial technology early on.

In 2018, Mr Menon was a contender to lead the Financial Stability Board based in Basel, Switzerland. The following year, his name was floated as a potential candidate to head the Bank of England, a testament to his global reputation among central bankers.

In a 2021 interview with Bloomberg News, Menon stated that he has “absolutely no intention to enter politics.”

However, previous chiefs of MAS, including Heng Swee Keat, Tharman Shanmugaratnam, and Richard Hu, have gone on to serve as finance ministers after leaving their positions at MAS.

Chia Der Jiun served in MAS for 16 years

According to info available on PSC, Mr Chia joined MAS in 2004 and helmed various management appointments in MAS covering Prudential Policy, Macroeconomic Surveillance, Banking Supervision, Markets and Investment, Corporate Services, Human Resources and Information Technology.

He also served for two years as Executive Director for Southeast Asia at the International Monetary Fund.

Prior to MAS, Mr Chia was in the Administrative Service for ten years and served in the Ministry of Trade and Industry, Public Service Division and Ministry of the Environment and Water Resources.

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