SINGAPORE - Singapore named Chia Der Jiun as the new chief of its central bank on Monday, replacing Ravi Menon, the city state's longest-serving central banker, the Monetary Authority of Singapore (MAS) said.

The appointment will take effect from Jan 1. next year, the bank said in a statement.

Chia, a permanent secretary at the manpower ministry, had previously spent 18 years at MAS, and led major functions from implementing monetary policy to managing reserves.

Menon will retire from public service after more than a decade at the central bank, MAS said. Re-appointed in May for two more years in his role, Menon turns 59 this year.

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 had tightened monetary policy for five rounds since October 2021 but in April left levers unchanged.

(Reporting by Chen Lin in Singapore; Editing by Kanupriya Kapoor and Clarence Fernandez)