The Malaysian ringgit (; plural: ringgits; 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.
The most popular Malaysia Ringgit exchange rate is the MYR to USD rate. The currency code for Ringgits is MYR, and the currency symbol is RM. Below, you’ll find Malaysian Ringgit rates and a currency converter.
History of Malaysian ringgit
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 $10,000 denomination, and also brought over the colour schemes of the old dollar.
Despite the emergence of new currencies in Malaysia, Singapore and Brunei, the Interchangeability Agreement which the three countries adhered to as originally members of a currency union, meant the Malaysian dollar was exchangeable at par with the Singapore dollar and Brunei dollar. This ended on 8 May 1973, when the Malaysian government withdrew from the agreement.
In 1993, the currency symbol “RM” (Ringgit Malaysia) was introduced to replace the use of the dollar sign “$” (or “M$”).
Between 1995 and 1997, the ringgit was trading as a free float currency at around 2.50 to the US dollar, before dipping to under 3.80 to the dollar by the end of 1997, following the year’s East Asian financial crisis. For the first half of 1998, the currency fluctuated between 3.80 and 4.40 to the dollar,before Bank Negara Malaysia pegged the ringgit to the US dollar in September 1998, maintaining its 3.80 to the dollar value for almost seven years, while remaining floated against other currencies.
The ringgit lost 50% of its value against the US dollar between 1997 and 1998, and suffered general depreciation against other currencies between December 2001 and January 2005.