Malaysian ringgit conversion

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Malaysian ringgit →

this page last updated:: Wed 04 Apr 2018

Malaysian ringgit

Abbreviation/Symbol:

Worldwide use:

Description:

The official currency of Malaysia is the Ringgit. One Ringgit is worth 100 Sen. Malaysian coinage is minted in five denominations: 1, 5, 10, 20 and 50 Sen. The Ringgit banknotes are issued in the following six denominations: RM1, RM2, RM5, RM10, RM50 and RM100. Malaysia uses color codes to differentiate between the different note values. The RM1 coin was withdrawn from circulation in 2005 due to problems with forgery. 

In 1975 the official name of the Malaysian Dollar was changed to the Ringgit and the subunit from Cent to Sen. The word Ringgit means 'jagged' in Malay which refers to the serrated edges of old silver Spanish Dollars.

Origin:

The Malaysian Dollar was introduced by the central bank (Bank Negara Malaysia) on 12th June 1967 pegged against the US Dollar to replace the Malaya and British Borneo Dollar at an equal 1 for 1 standing.The US Dollar has now been removed and the currency has been floated against several major currencies of the world.

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