Malaysia Currency - The Ringgit

Image Courtesy: https://www.pixabay.com

The Malaysian ringgit is the currency of Malaysia. It is divided into 100 sen. These two names (Ringgit and Sen) were officially adopted in August 1975.

Today, Ringgit coins and bills are issued by the Central Bank of Malaysia (Bank Negara Malaysia). The word "ringgit" means jagged in Malay and refers to the serrated edges of the Castilian reales that circulated in the area during the sixteenth and seventeenth centuries.

When Malaysia gained independence from Great Britain in 1957, they decided on adopting their own currency - the Malaysian dollar (now known as the ringgit). The Malaysian ringgit was introduced by the newly established Central Bank of Malaysia (Bank Negara Malaysia) in 1967, replacing the Malaya and British Borneo dollar at a rate of 2 to 1. This currency is also called "the new dollar" in some countries, despite the fact that it is not a dollar. Nowadays, the Malaysian ringgit is not pegged to any other currencies, but it has been closely tied to the Singapore dollar for some time due to close trade relations with Singapore.

Few Important Points of the Malaysian Ringgit (MYR)

Symbol: RM

ISO code: MYR

Central Bank: Central Bank of Malaysia

Currency Subunit: Sen = 1/100

Denominations: Banknotes: RM1,RM5,RM10,RM20,RM50,RM100

Coins: 5 sen,10 sen, 20 sen, 50 sen,

Value of the Malaysian Ringgit (As on 26/04/2022)

1 Malaysian Ringgit = INR 17.54 (Indian Rupees)

1 Malaysian Ringgit = PKR 43.41 (Pakistani Rupees)

1 Malaysian Ringgit = BDT 20.01 (Bangladeshi Taka)

1 Malaysian Ringgit = USD 0.23 (United States Dollar)

1 Malaysian Ringgit = EURO 0.21 (Euro)

You can watch the following videos in YouTube in my channel "CURRENCY UNIVERSE" to know more about the Singapore Dollar. Please note that the videos are in Hindi.

MALAYSIA CURRENCY - THE RINGGIT