Malaysia has extended the term of its central bank governor Zeti Akhtar Aziz for another five years, effective from May, the finance ministry said Friday.

Zeti's appointment has been approved by Malaysia's King Tuanku Syed Sirajuddin, it said in a statement released through the state Bernama news agency.

Zeti has served as the governor of the central Bank Negara since May 2000, presiding over the lifting of Malaysia's ringgit peg to the US dollar last year and an ongoing liberalisation of the banking industry.