Currency of Malaysia?
VerifiedAnswer: Ringgit
Explanation:
The official currency of Malaysia is the Malaysian Ringgit, commonly abbreviated as MYR in international markets. The word "ringgit" comes from the Malay language, meaning "jagged" or "serrated," which originally referred to the jagged edges of silver coins that were used in trade centuries ago.
The Malaysian Ringgit is subdivided into 100 smaller units called "sen." The currency symbol for the ringgit is RM, which stands for "Ringgit Malaysia." You'll see this symbol used throughout Malaysia on price tags, receipts, and official documents.
The ringgit has an interesting history. Malaysia gained independence in 1957, but initially continued using the Malayan dollar. The Malaysian Ringgit was officially introduced in 1967, replacing the Malayan and British Borneo dollar. This change marked an important step in establishing Malaysia's economic independence and national identity.
Malaysian banknotes come in various denominations including RM1, RM5, RM10, RM20, RM50, and RM100. These colorful notes feature important Malaysian landmarks, cultural symbols, and prominent figures from the country's history. The coins are available in denominations of 5 sen, 10 sen, 20 sen, and 50 sen, along with RM1 coins.
The value of the ringgit fluctuates against other world currencies based on various economic factors. Bank Negara Malaysia, which is the country's central bank, manages the monetary policy and oversees the circulation of the ringgit. Understanding Malaysia's currency is essential for anyone studying Southeast Asian economics, planning to visit Malaysia, or engaging in international trade with Malaysian businesses.
