September 6, 2023: On Monday, Monetary Authority of Singapore chief Ravi Menon set to step down after 12 years in charge.

Menon, who turns 59 this year, had been re-appointed as in May for two more years in his role but will retire from public service after more than a decade at the central bank, MAS said. It gave no reason for his earlier-than-anticipated departure.

Chia was a permanent secretary at Singapore’s workforce ministry who had spent 18 years at the MAS and conducted primary functions from implementing monetary policy to managing reserves.

His appointment will take effect from January 2024, the MAS stated.

Singapore’s central bank was one of the earliest to tighten monetary policy as the country of 5.6 million exited the COVID-19 pandemic.

It has tightened policy five times in a row since October 2021 but, in April, left policy settings unchanged.

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 significant change in MAS’s policy direction as Chia takes over.

“He is very experienced and has previously spent many years at the MAS. 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.