The Malaysian ringgit, symbol RM, code MYR, is the official currency of the country of Malaysia, a Southeastern Asian nation of over 28 million. The name ringgit’s meaning in Malay, “ragged,” is derived from the rough edges of the Spanish dollar, a widely used currency in the area during the 16th and 17th century. The ringgit is subdivided into 100 sen, also commonly referred to as cents. The ringgit is managed by the Bank Negara Malaysia in Kuala Lumpur.
The Malaysian dollar replaced the Malaya and British Borneo dollar at par in 1967, at a rate of 8.57 MYR to 1 GBP. The ringgit and sen became the official currency names of the Malaysian currency in 1975. In 1993, the symbol RM replaced the $ and M$ symbols. From 1995 to 1997, the ringgit was allowed to float, and eventually fell to a value of 3.80 MYR to 1 USD by late 1997, due in part to the East Asian Financial Crisis. The peg to the USD was terminated in 2005 in response to the end of the renminbi yuan peg earlier that year. The Malaysian ringgit now floats against several countries. For most of 2008, the ringgit was one of the worst perfoming currencies in Southeast Asia, but by late 2012, the ringgit was valued at a rate of 2.05 MYR equal to 1 USD, up from 2007’s 3.43 MYR to each 1 USD rate.
Malaysia became the 12th country in the world to issue gold bullion coin. These are gold coins are termed as the, ‘Kijang Emas,’ for a species of deer that serves as a part of the logo of Bank Negara Malaysia.
Name: Malaysian ringgit
Decimal Unit: 100 sen
Nicknames: 5, 10, 20, 50, 100 sen
Coins: RM1, 5, 10, 20, 50, 100
Central Bank: Bank Negara Malaysia
Malaysian ringgit coins are currently circulated in the values of 5, 10, 20, and 50 sen, while ringgit banknotes are circulated in values of RM1, 5, 10, 20, 50, and 100. Ringgit coins show the parliament house on their obverse side, and their value and year of mint on their reverse side. The first prime minister of Malaysia appears on the front side of all banknotes, while the reverse side features national symbols and native Malaysian flora and fauna. Ringgit banknotes are printed in different sizes and colors according to their denomination of value.