Malaysian ringgit
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- MYR is also the IATA airport code for Myrtle Beach International Airport in Myrtle Beach, South Carolina.
The ringgit (unofficially known as the Malaysian dollar), is the official monetary unit of Malaysia. It is divided into 100 sen (cents) and its currency code is MYR. The Singapore dollar and the Brunei dollar are also called ringgit in Malay (although e.g. the U.S. and Australian dollars are dolar), hence its official abbreviation RM for Ringgit Malaysia.
The word ringgit means "jagged" in Malay, and was originally used to refer to the serrated edges of Spanish silver dollars widely circulated in the area.
The Malay names ringgit and sen were officially adopted as the sole official names in August 1975. Previously they had been known officially as dollars and cents in English and ringgit and sen in Malay, and in some parts of the country this usage continues. For example, in Penang one ringgit is "one dollar" in English but "tsit8-kho·1" (一塊/一块)in Hokkien and 'satu kupang' in Perak.
The use of the dollar sign "$" (or "M$") was not replaced by "RM" (Ringgit Malaysia) until the 1990s, though internationally "MYR" (MY being the country code for Malaysia) is more widely used.
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History
On June 12, 1967 the ringgit replaced the Malayan and British North Bornean dollar at par. The ringgit was issued by the new central bank, the Bank Negara Malaysia.
Until 1973, the Malaysian dollar was exchangeable at par with the Singapore dollar and Brunei dollar. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board still maintain the exchangeability of their two currencies.
Bank Negara Malaysia Coins
Currently (as on year 2006), Malaysia coins are minted in 5 denominations :
- 1 sen (RM 0.01)
- 5 sen (RM 0.05)
- 10 sen (RM 0.10)
- 20 sen (RM 0.20)
- 50 sen (RM 0.50)
On December 7, 2005, the RM1 coin was demonetised and withdrawn from circulation. This was partly due to problems with standardization (two different versions of the coin were minted) and forgery.
Three denominations of gold bullion coins, the "Kijang Emas" (The kijang (a species of deer) is the official logo of Bank Negara Malaysia) are also issued, at the face value of RM 50, RM 100 and RM 200. It was launched on July 17, 2001 by Bank Negara Malaysia and minted by Royal Mint of Malaysia Sdn Bhd. The purchase and reselling price of Kijang Emas is determined by the prevailing international gold market price.
Bank Negara Malaysia banknotes
Bank Negara Malaysia first issued Malaysian dollar banknotes in June 1967 in $1, $5, $10, $50 and $100 denominations. The $1000 denomination was first issued in 1968. Malaysian banknotes have always carried the image of the first Yang di-Pertuan Agong of Malaya.
The second series was issued with Malaysian traditional ornamental designs in 1982–1984, in $1, $5, $10, $20, $50, $100, $500, and $1000 denominations. The $20 was generally relatively uncommon. The second series notes are still occasionally encountered.
In 1993, $1 notes were discontinued and replaced by the $1 coin.
The current and third series was issued with designs in the spirit of Wawasan 2020 in1996–1999 in denominations of RM2, RM5, RM10, RM50 and RM100. The larger denomination RM50 and RM100 notes had an additional hologram strip to deter counterfeiters.
To commemorate the 1998 Commonwealth Games in Kuala Lumpur, a commemorative RM50 polymer banknote was issued, marking Malaysia's first usage of polymer banknotes. This note is hardly ever seen in normal usage, its use being a collector's commemorative.
In 1999 the RM500 and RM1000 notes were discontinued and ceased to be legal tender. This was due because of the Asian monetary crisis of 1997 when huge amounts of ringgit were taken out of the country to be traded in these notes. In effect the notes were withdrawn out of circulation and the amount of ringgit taken out of the country in banknotes was limited to RM1000. In 2000 the RM1 note was reintroduced, replacing the RM2 note which remains legal tender.
In 2004, Bank Negara issued a new RM10 note with additional security features including the holographic strip previously only seen on the RM50 and RM100 notes. A new RM5 polymer banknote with a distinctive transparent window was also issued. Both new banknotes are almost identical to their original third series designs. According to Bank Negara, all paper notes will eventually be phased out and replaced by polymer notes.
Malaysian banknotes have long followed a colour code originating from colonial times. In the lower denominations this pattern is followed by Singapore and Brunei, and when Bank Negara first introduced the RM2 note it copied the lilac of the Singapore $2 note.
- RM1 - blue
- RM2 - lilac
- RM5 - green
- RM10 - red
- RM20 - brown/white
- RM50 - blue/grey
- RM100 - violet
- RM500 - orange
- RM1000 - blue/green
First Series
The front features Tuanku Abdul Rahman and the back features the traditional design of the 'Kijang Emas'
 $1 front |
 $1 back |
 $10 front |
 $10 back |
 $50 front |
 $50 back |
Second Series
The mark for the blind on the upper left hand corner was removed on the second revision in 1986
| Second Series | ||||||
|---|---|---|---|---|---|---|
| Obverse | Reverse | Denomination | Dominant Color | Obverse | Reverse | Issued Date |
| Image:SMS0384 RM1 Front S.jpg | Image:SMS0381 RM1 Back S.jpg | $1 | Blue | Tuanku Abdul Rahman | The National Monument (Tugu Negara) | 1982 |
| $5 | Green | Tuanku Abdul Rahman | King's Palace at Kuala Lumpur | 1981 | ||
| Image:SMS0280 RM10 Front S.jpg | Image:SMS0280 RM10 Back S.jpg | $10 | Red | Tuanku Abdul Rahman | Old Kuala Lumpur Railway Station | 1983 |
| Image:MYR20-M62a.jpg | Image:MYR20-M62b.jpg | $20 | Brown/white | Tuanku Abdul Rahman | Bank Negara Malaysia | 1982 |
| $50 | Blue/grey | Tuanku Abdul Rahman | National Museum at Kuala Lumpur | 1983 | ||
| $100 | Violet | Tuanku Abdul Rahman | National Mosque at Kuala Lumpur | 1983 | ||
| $500 | Orange | Tuanku Abdul Rahman | High Court building | 1982 | ||
| $1000 | Blue/green | Tuanku Abdul Rahman | Parliament building | 1983 | ||
| Comemorative | ||||||||
|---|---|---|---|---|---|---|---|---|
| Obverse | Reverse | Denomination | Dimensions | Dominant Color | Front | Back | Issued Date | Note |
| Image:SMS0380 RM50 Front S.jpg | Image:SMS0380 RM50 Back S.jpg | RM50 | 152 x 76 mm | Yellow and green | Tuanku Abdul Rahman, the skyline of Kuala Lumpur (with the Petronas Twin Towers) | Bukit Jalil Sports complex | 1998 | polymer(Biaxially-oriented_polypropylene) |
Currency peg
As a result of the Asian financial crisis of 1997, the ringgit was pegged to the U.S. dollar at the fixed rate of RM3.80 to the dollar.
On July 21, 2005, Bank Negara announced the end of the 7-year peg to the US dollar immediately after China's announcement of the end of the renminbi peg to the US dollar. According to Bank Negara, Malaysia will allow the ringgit to operate in a managed float against several major currencies. This has resulted in the value of the ringgit rising closer to its perceived market value, although Bank Negara has intervened in financial markets to maintain stability in the trading level of the ringgit. However, what actually has happened is that the ringgit is still pegged, but the peg moves every few weeks or so. Please follow this link [1] to get the current value of the ringgit.
External links
- Bank Negara Malaysia Currency page showing security features of current banknotes issue (RM1, RM2, RM5, RM10, RM50, and RM100 denominations).
- Bank Negara Malaysia Money Museum website providing numismatic collection, history of money in Malaysia, and galleries.
- Stamp & Coin Mart page on Malaysian Banknotes, including history of legal tender in Straits Settlements, Federation of Malaya and Malaysia.
- Global Financial Data currency histories table
- Tables of modern monetary history: Asia
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