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

Chia, 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. He will assume the role from January and serve through May 31, 2026, according to the statement.

Menon 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, according to the statement. It gave no reason for his earlier than expected departure. Menon turns 59 this year.

When Chia was at the MAS, he helped to improve the risk sensitivity of the authority’s regulatory frameworks. He also oversaw the implementation of monetary policy and investment of MAS’s official foreign reserves.

Analysts said Chia will have to continue dealing with the challenge of balancing the weak economic outlook and still- elevated inflation, but were not expecting any major change in MAS’s policy direction as Chia takes over.

“He is very experienced and has spent many years at the MAS previously. Regardless of who is at the helm the independence and high standing of the central bank is unlikely to change,” said OCBC economist Selena Ling.

Additional reporting by Reuters