Ravi Menon will be stepping down as the Managing Director of the Monetary Authority of Singapore (MAS) after 36 years in public service.
The Public Service Division (PSD) revealed the news via a press release on Monday (4 Sep).
Having started his career at MAS back in 1987, Mr Menon is the authority’s longest-serving managing director.
In a press release on Monday (4 Sep), PSD revealed the news of Mr Menon’s retirement.
Source: Bloomberg
Effective from 1 Jan 2024, he would be stepping down after a 36-year career in the public service.
Chia Der Jiun will be replacing him, resigning as Permanent Secretary (Development) of the Ministry of Manpower (MOM) on the same day.
PSD also announced the retirement of two other senior leaders from the public sector.
Chan Lai Fung, the Permanent Secretary of National Research and Development (NRD) and Public Sector Science and Technology Policy and Plans Office (S&TPPO), Prime Minister’s Office (PMO) and Chairman of the Agency for Science, Technology and Research (A*STAR), will retire on 1 Oct after 36 years in the service.
Professor Tan Chorh Chuan will take up the positions in her place.
In addition, after 33 years in the service, Loh Khum Yean will step down from his position as PSD’s Permanent Secretary on 1 Oct, with Tan Gee Keow as his successor.
Minister-in-charge of the Public Service, Mr Chan Chun Sing, expressed his gratitude towards the senior leaders for their leadership and significant contributions.
“They have served with excellence in a wide range of sectors over many decades of dedicated service,” he said.
PSD added that Mr Menon, 59, began working for the MAS in 1987.
In his first 16 years in MAS, he contributed to key economic aspects such as monetary policy.
Source: Tatler Asia
After becoming Deputy Secretary of the Ministry of Finance (MOF) in 2003, he had a key role in issues such as the development of budget policies.
In 2007 and 2009, Mr Menon became the Second Permanent Secretary and Permanent Secretary of the Ministry of Trade and Industry (MTI) respectively.
He was also instrumental in supporting Singapore’s economy through the 2008/2009 global financial crisis.
Mr Menon eventually returned to MAS in 2011 and went on to become its longest-serving managing director.
Source: Reuters
Among the measures he implemented were reforms to Singapore’s financial regulatory framework.
With his strategies in place, he was able to position Singapore as a leading FinTech hub, PSD said.
He also oversaw the introduction of digital banking in the country and was vital in imposing Covid-19 response measures.
For his contributions to the public service, Mr Menon received the Public Administration Medal (Gold) in 2007 and the Meritorious Service Medal in 2017.
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Featured image adapted from Bloomberg.
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