Singapore Monetary Authority names Chia Der Jiun as Ravi Menon’s successor as central bank chief

Chia Der Jiun’s appointment will take effect from January 1 the bank said in a statement. Chia is currently a permanent secretary at the manpower ministry

Ravi Menon has been at the helm of the MAS since 2011 and his term was extended earlier this year

2-MIN READ2-MIN

Singapore named Chia Der Jiun as the new chief of its central bank on Monday, replacing Ravi Menon. Photo: Bloomberg

Published: 6:19pm, 4 Sep 2023Updated: 10:06pm, 4 Sep 2023

Ravi Menon, the Monetary Authority of Singapore’s longest-serving chief, will leave the central bank at the end of the year, to be succeeded by his former deputy Chia Der Jiun.

Chia, 52, who is currently the Ministry of Manpower’s permanent secretary for development, will become managing director-designate of the MAS from November 1, the authority said on Monday in an emailed statement. His term runs from January through May 31, 2026, according to the statement.

Menon, the outgoing chief, has been at the helm of the MAS since 2011 and his term was extended from June 1, for up to two years. He will retire from public service on December 31, according to MAS. Bloomberg News reported in April that Chia had been picked to take the baton from the 59-year-old Menon when he leaves the central bank and financial regulator this year.

Chia Der Jiun. Chia, currently the Ministry of Manpower’s permanent secretary for development, will become managing director-designate of the MAS. Photo: Handout

As head of the MAS, which uses the exchange rate as the main policy tool instead of borrowing costs, Chia will need to ensure Singapore’s export competitiveness by keeping the local dollar from strengthening too much, and check imported inflation by not letting it weaken a lot.

With the global economy slowing due to tighter financial conditions and the outlook threatened by China’s faltering recovery, Chia has much heavy lifting to do to support the trade-reliant city state’s growing stature as a financial and wealth hub.

The fact that he previously spent 18 years at the MAS and was a deputy to Menon is likely to help. While the MAS is due to review monetary settings in October, Chia’s first scheduled major policy decision as central bank chief will happen in April when the next announcement is expected.

When he was previously at the MAS, Chia helped to improve the risk sensitivity of the authority’s regulatory frameworks. He also oversaw the implementation of monetary policy and investment of central bank’s official foreign reserves. In 2011, he was seconded to the International Monetary Fund for two years as executive director for Southeast Asia.

Ravi Menon will retire from public service after more than a decade at the central bank, MAS said. Photo: Bloomberg