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Information about currency: Ringgit

Currency nameRinggit
CountryMalaysia
Dates1967 -
System

Description

The Malaysian ringgit (plural: ringgit; symbol: RM; currency code: MYR; formerly the Malaysian dollar) is the currency of Malaysia. It is divided into 100 sen (cents). The ringgit is issued by the Bank Negara Malaysia.

On 12 June 1967, the Malaysian dollar, issued by the new central bank, Bank Negara Malaysia, replaced the Malaya and British Borneo dollar at par. The new currency retained all denominations of its predecessor except the $10,000 denomination, and also brought over the colour schemes of the old dollar. Over the course of the following decades, minor changes were made on the notes and coins issued, from the introduction of the M$1 coin in 1967, to the demonetisation of RM500 and RM1000 notes during the 1990s.

As the Malaysian dollar replaced the Malaya and British Borneo dollar at par, the new dollar was originally valued at 8.57 dollars per 1 British Pound sterling. In November 1967, five months of the introduction of the dollar, the pound was devalued by 14.3%. The new currency was not affected but earlier notes of the Malaya and British Borneo dollar were still pegged at 8.57 dollars per 1 pound; consequently these notes were reduced in value to 85 cents per dollar.

Despite the emergence of new currencies in Malaysia, Singapore and Brunei, the Interchangeability Agreement which the three countries adhered to as originally members of a currency union, meant the Malaysian dollar was exchangeable at par with the Singapore dollar and Brunei dollar. This ended on 8 May 1973, when the Malaysian government withdrew from the agreement.

In 1993, the currency symbol "RM" (Ringgit Malaysia) was introduced to replace the use of the dollar sign "$" (or "M$").

Currency Ringgit was used:
Country From To
Malaysia Malaysian Ringgit 1967