Chia Der Jiun

Chia Der Jiun became Managing Director of the Monetary Authority of Singapore (MAS) in January 2023, succeeding Ravi Menon. He rose through the ranks of Singapore's civil service, serving as Second Permanent Secretary at the Ministry of Manpower and holding senior roles at the Ministry of Trade and Industry, bringing broad economic policy experience to the role. Singapore's monetary framework is unique among major economies: rather than setting interest rates, MAS manages the Singapore dollar nominal effective exchange rate (S$NEER) against a trade-weighted basket of currencies. Policy tightening means allowing a steeper appreciation slope for the Singapore dollar, while easing means a flatter or wider band. This framework reflects Singapore's extreme trade openness — total trade exceeds 300% of GDP. Under Chia, MAS has maintained a tight policy stance following the global inflation shock, keeping the S$NEER appreciation band steep to contain imported inflation in one of the world's most trade-dependent economies. His policy signals directly influence Singapore government bond (SGS) yields, the Singapore dollar exchange rate, and the city-state's role as a regional benchmark for Asian fixed income pricing. As one of the world's leading financial centers, MAS's policy stance also has outsized influence on regional capital flows across ASEAN.