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Ravi Menon, long-serving Managing Director of the Monetary Authority of Singapore (MAS), will step down from his post, Bloomberg reported on Apr. 18.

According to the U.S.-based media outlet, Menon will leave the central bank and financial regulator within 2023.

Bloomberg cited unnamed persons "familiar with the matter", but did not suggest a reason for Menon's departure.

MAS managing director

Menon was appointed as MAS chief in April 2011, replacing none other than Heng Swee Keat, current Deputy Prime Minister.

Heng would stand in the general election as a PAP candidate just a month later, winning a seat in Parliament and eventually rising to Finance Minister, Deputy Prime Minister and PM Lee's heir-apparent before stepping aside as 4G leader.

Menon previously served as Deputy Secretary of the Ministry of Finance, and the Permanent Secretary for the Ministry of Trade and Industry.

He often publicly discussed economic trends, such as cryptocurrency and the participation of women in the workforce.

Bloomberg did not indicate Menon's possible plans for the future, although it added that Menon himself had told the publication in 2021 that he had no intention to enter politics.

Possible replacement?

Also citing unnamed persons familiar with the matter, Bloomberg added that Chia Der Jiun, a former Deputy Managing Director at MAS, is poised to take over as MAS chief.

Chia was the Deputy Managing Director of Corporate Development before his appointment as the Second Permanent Secretary for the Ministry of Manpower (MOM) in Oct. 2020.

In Feb. 2022, the Public Service Division announced that Chia would be re-designated as Permanent Secretary for MOM.

Mothership contacted MAS and PSD for comment. A PSD spokesperson said:

"We have no information to provide at this moment. The Public Service Division will announce any upcoming changes to the appointment of Permanent Secretaries through official channels and media releases."

Top image from MAS YouTube.