Country Name : Malaysia
Currency Name : Malaysian ringgit
ISO Code : MYR
Banknotes-Types : RM1¸ RM5¸ RM10¸ RM50¸ RM100
Coins-Types : 1¸ 5¸ 10¸ 20¸ 50 sen
Symbol : RM
Official Users : Malaysia
Website : www.bnm.gov.my
About the currency of Malaysia
The Malaysian ringgit is the official currency of Malaysia. The symbol of the currency is RM and the ISO 4217 code assigned to the currency is MYR. 1 Malaysian ringgit is divided into 100 sen. Bank Negara Malaysia issues the ringgit. In Malay language¸ the meaning of the word ringgit is jagged.
The Bank Negara Malaysia had issued the Malaysian dollar on 12 June 1967. The new currency issued by the new central bank replaced the previous Malaya and British Borneo dollar at same level. The new currency preserved all the denominations of the ancestor excluding the $10¸000 denomination. Later the notes and the coins underwent minor changes till the issuance of M$500 and M$1000 notes throughout 1990s.
Though the new currencies emerged in Malaysia¸ Singapore and Brunei¸ the three countries continued to adhere to the Interchangeability Agreement¸ as they were part of a currency union¸ which intended the Malaysian dollar could be exchanged with the Singapore dollar and Brunei dollar. The agreement discontinued when the government of Malaysia pulled out of the agreement in the year 1973.
Coinage in Malaysia
Coins in denominations of 1 sen¸ 5 sen¸ 10 sen¸ 20 sen and 50 sen were introduced in Malaysia in the year 1967. The 1-ringgit coin was produced in 1971. It was the largest coin of the series¸ which used the $ symbol. All the coin had different diameters but they were minted with near-consistent designs on obverse and reverse. The reverse of the coins consisted the then newly built Malaysian Houses of Parliament and the federal star and semi-circular moon resulting from the canton of the Malaysian flag.
All the other coins were produced from cupronickel¸ while the 1 sen coin was made of bronze first during 1967-72 and then it was composed of steel clad with copper in 1973 and afterward.
The 50 sen coin underwent redesign with a little change on its edge in 1971 with inclusion of Bank Negara Malaysia letterings.
The production of the first sen series coins was brought to an end in 1989 as the second series of coins were released in that year. However¸ the coins were used as the legal tender till 2010. But in 1990s the number of the coins gradually decreased and nowadays they are hardly in circulation.
With new design on both obverse and reverse the second sen series was circulated during late 1989. But the coins maintained the design of edges¸ measurement of diameters and composition of the earlier series coins. Only the 1 ringgit coin underwent a total revision in its size¸ design and composition.
Currently¸ the coins in circulation in Malaysia are 1¸ 5¸ 10¸ 20¸ 50 sen.
The Bank Negara Malaysia issued gold bullion coins known as¸ Kijang Emas in three denominations of RM 50¸ RM 100 and RM 200 in 2001. The kijang is a genus of deer and it is a part of Bank Negara Malaysia's logo.
The buying and reselling value of Kijang Emas is decided by the existing international gold market price.
Banknotes in Malaysia
The Bank Negara Malaysia has issued notes in four series till date. It had issued banknotes in denominations of $1¸ $5¸ $10¸ $50 and $100 in 1967 for the first time. In 1968¸ it released $1000 notes. The banknotes of Malaysia have always featured the portrait of Tuanku Abdul Rahman who was the first Yang di-Pertuan Agong of the South Asian country.
The first series of notes featured image of Tuanku Abdul Rahman on front and the back side displayed the conventional design of the Kijang Emas.
Afterward¸ Malaysian banknotes underwent number of changes in color¸ design¸ security features etc. and the latest series of notes are enriched with new security features like two color number fluorescents and safety fibers.
Currently¸ the banknotes in circulation in Malaysia are RM1¸ RM5¸ RM10¸ RM50 and RM100.
Official users of Malaysian ringgit
The people of Malaysia are the official users of Malaysian ringgit. www.bnm.gov.my is the official website of Bank Negara Malaysia¸ where one can get all the details of the currency.
Exchange rate of Malaysian ringgit
The exchange rate of Malaysian ringgit varies depending on the international market trend. However¸ the exchange rate of Malaysian ringgit as compared with other major countries¸ as on 3 March 2011 is:
1 US Dollar = 3.03700 Malaysian ringgit
1 United Kingdom Pound = 4.95313 Malaysian ringgit
1 Euro = 4.20007 Malaysian ringgit
ISO 4217 Code
|Anguilla||East Caribbean dollar||XCD|
|Antigua and Barbuda||East Caribbean dollar||XCD|