The Lion City's central bank, the Monetary Authority of Singapore (MAS) will soon have a new managing director, former Permanent Secretary (Trade and Industry) Ravi Menon.
An MAS announcement said that Menon will take over from Heng Swee Keat, who will retire from Singapore's administrative service on Saturday, 2 April 2011, while will continuing as a director on the MAS Board.
Menon started his career in MAS in 1987 and became its Assistant Managing Director in 2002, spending a year at the Bank for International Settlements in Basel, Switzerland, as a member of the Secretariat to the Financial Stability Forum. This was established in 1999 by G7 Finance Ministers and Central Bank Governors to promote global financial stability.
Menon was seconded to the Ministry of Finance in 2003 where he was appointed Deputy Secretary (Policy). He joined the Administrative Service in 2005. In 2009. he was appointed Permanent Secretary (Trade and Industry).
Strengthened FIS supervision
The MAS statement said that under Heng's leadership, the Authority strengthened supervision of financial institutions in Singapore "as well as our financial stability, surveillance, research and risk management capabilities".
"MAS also expanded its engagement with international organisations such as the Bank for International Settlements, Financial Stability Board and International Monetary Fund, as well as with central banks in the region," the statement said.
Outgoing MAS MD Heng Swee Keat
It said that: "During the global financial crisis and recession, Heng led MAS in managing the impact of external shocks to the Singapore economy and financial system. MAS swiftly implemented a series of measures. Throughout this period, financial markets in Singapore functioned normally and confidence in Singapore's financial sector and the Singapore Dollar was maintained. As a result, the financial services sector experienced strong growth in 2010 and many new jobs were created."
The MAS also said that Koh Yong Guan, the Chairman of the Central Provident Fund Board, will step down tomorrow (Friday, 1 April 2011).
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