Monetary Authority of Singapore chief Ravi Menon set to step down after 12 years in charge

Menon has been at the helm of Singapore’s central bank since 2011, helping steer the city state’s economy for the past 12 years

Chia Der Jiun, one of Menon’s former deputies, is tipped to be his successor, sources say. Menon’s current term in charge ends on May 31

2-MIN READ2-MIN

Ravi Menon, managing director of the Monetary Authority of Singapore, is poised to leave the central bank this year. He said in 2021 that he has “absolutely no intention to enter politics”. Photo: Bloomberg

Published: 1:03pm, 18 Apr 2023Updated: 2:46pm, 18 Apr 2023

Ravi Menon, the Monetary Authority of Singapore’s longest-serving chief, is poised to leave the central bank this year, according to people familiar with the matter.

Menon, who turns 59 this year, has been at the helm of the MAS since 2011 and his current term ends on May 31. Chia Der Jiun, one of his former deputies, is tipped to be his successor, the people said, declining to be identified discussing a private matter.

Chia, 52, is currently the Ministry of Manpower’s permanent secretary for development. His new role would mark a return for MAS’s former deputy managing director for corporate development. Chia was a 16-year veteran of the MAS before he joined the manpower ministry in 2020.

Singapore’s Public Service Division, which appoints top leaders across the city’s public agencies, didn’t immediately provide a comment. It later said said it had no information to provide at present and “will announce any upcoming changes to the appointment of permanent secretaries through official channels”.

The headquarters of the Monetary Authority of Singapore, the city state’s central bank. Menon has been at the helm of the MAS since 2011. Photo: Bloomberg

It’s unclear what will be Menon’s next step. His predecessors including Heng Swee Keat, Tharman Shanmugaratnam and Richard Hu joined politics and served as finance ministers after leaving the central bank.