Currency Rates for Malaysian Ringgit
Bank Exchange Rates for Malaysia - MYR - Malaysian Ringgit – RM.mnThe foreign exchange rates for Malaysia also known as the ISO code MYR or the Malaysian Ringgit currency and as a symbol RM.
Coins are available in denominations of 5, 10, 20 and 50 sen. Banknotes are available in denominations of RM1, RM5, RM10, RM20, RM50 and RM100.
Originally, Malaysia used the Malaya and British Borneo Dollar. Send Money Transfer to Malaysia.
The official currency of Malaysia is the Malaysian Ringgit (Currency Code: MYR) . Adopted in 1967 to replace the Malaysian Dollar, the currency has a subunit called "sen" which is one hundredth of Ringgit. It still continued to use "$" as its symbol until 1993 when it was replaced by "RM". One of the issues that currency faced in initial days was the Interchangeability Agreement Malaysia adhered to with Singapore and Brunei. This meant that Singaporean and Brunei governments still officially recognized Malaysian Dollar as currency and could be traded in market. It was only after Malaysian Government withdrew from treaty in 1973 that the new currency was used with full effect.
The Malaysian Ringgit is issued by Bank Negara Malaysia, the central bank of the country. The currency notes exists in denominations of RM1, RM5 , RM10, RM20 , RM50, RM100. In addition to this 5, 10, 20, 50 sen are present as coins. The notes contain portrait of Yand di-Pertuan Agong, the monarch of Malaysia along with the national flower hibiscus and the national mission "moving the economy up the value chain". They exist in three colors: Blue , Green and Red for different denominations. The notes are made up of polymer and include a number of security features. The notes have security thread, micro lettering and fluorescent elements visible only under ultraviolet light. The new series for bank notes was introduced in 1982, 1996 and 2012 after its induction. The sen coins were also introduced in same year.
Currently, the Malaysian Ringgit is roughly equal to 4.3 US Dollars. The currency has faced minor plunges after mid-2014 due to slowing growth in China, a key economic pater of Malaysia and also has been affected by the US Presidential Elections. It reached its lowest level of 3.16 USD in recent times during the 2008 financial crisis. The political uncertainty and Negara Bank's refusal to cut interest rates has also feared many about future of Malaysian Ringgit.
GBP to MYR
But this was replaced by the Malaysian dollar in 1967, due to the emergence of new currencies, Malaysian authorities changed the symbol for the Malaysian dollar to the Malaysian Ringgit in 1993. Bank Exchange Rates for Malaysian Ringgit. The foreign exchange rates for Malaysia also known as the ISO code MYR. Send money transfer online with us with the cheapest options.