GEIS-新闻详情

MAS chief Ravi Menon retiring on Jan 1, seven months after reappointment

2023-09-08 00:00:00.0 海峡时报-新加坡原网页

SINGAPORE – Mr Ravi Menon will retire on Jan 1, 2024, as managing director of the Monetary Authority of Singapore (MAS), seven months after his reappointment for two more years.

His last day at MAS will be on Dec 31. He will have spent 36 years in public service, said the Public Service Division (PSD) on Monday.

Mr Menon, 59, is the longest-serving chief at MAS. He has been at the helm since 2011, managing Singapore’s foreign reserves, enforcing monetary policy, supervising the financial sector and developing the city-state as a financial hub.

Mr Chia Der Jiun, 52, one of his former deputies who is currently Permanent Secretary (Development) at the Ministry of Manpower, has been appointed as his successor, one of several changes in permanent secretary appointments announced on Monday.

MAS said in a separate statement that Mr Chia will be managing director (designate) of the authority from Nov 1 to Dec 31, and will be managing director from Jan 1, 2024, to May 31, 2026. He will also be appointed a director on the MAS board on Jan 1.

The news comes after MAS had on May 12 said that Mr Menon would continue to serve in his role and as a member of the MAS board. MAS had said his reappointment was effective from June 1, 2023, to May 31, 2025, or until his retirement from the public service, whichever is earlier.

Mr Menon began his career at MAS in 1987, and went on to serve as a deputy secretary at the Ministry of Finance and as permanent secretary at the Ministry of Trade and Industry before rejoining the central bank in 2011.

He led the reform of Singapore’s financial regulatory framework following the global financial crisis, strengthened the enforcement regime against money laundering and market misconduct, and developed MAS’ policies to ensure a sustainable property market.

He also played a pivotal role in positioning Singapore as a leading fintech hub, steering the growth of its electronic payment ecosystem, initiated a regulatory sandbox to promote experimentation, and oversaw the introduction of digital banking licences.

MAS issued its first four digital banking licences in 2020. Under his leadership, MAS actively promotes innovative and responsible use of digital assets.

He was named Central Bank Governor of the Year in 2018 in the Asia-Pacific by British financial magazine The Banker. The magazine said MAS stood out for its cutting-edge regulatory approach to fintech while maintaining macro-economic stability.

During the Covid-19 pandemic, MAS played a crucial role in supporting workers and households, sustaining them through the period and laying the foundations for a strong economic recovery post-crisis.

Among the slew of measures ranging from wage subsidies for businesses, cash transfers for households and training for the future, the centrepiece of the Singapore Government’s response to Covid-19 had been fiscal policy.

MAS eased its monetary policy in line with the slowdown in the economy. It ensured the smooth functioning of the funding markets, and facilitated the flow of credit to the economy.

On the monetary front, the MAS assumed an accommodative and supportive policy stance.