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Malaysian Ringgit is from the Malay language meaning "anything having rough or uneven surface". This is the name of the Malaysian currency. The Malaysian ringgit was introduced in 1967 in the name of "Malaysian dollar" and "cent" as per English language, while "ringgit" and "sen" in the official Malay language as monetary units. However, the currency is unofficially known as Malaysian dollar and is denoted as "RM" representing "Ringgit Malaysia".
The Malaysian Ringgit currency code is MYR and 458 is the numeric code as per ISO 4217 standards. The subdivision is "sen" divided into 100 equal parts.
Malaysian ringgit in the Asian continent is one among the few strong currencies. This country is rapidly developing and is experiencing the phase of industrialization. In this stage the currency of the country has a vital role in the development and it has been strong for some time.
Similarly, the central bank policies of the country believe in the maintaining the ringgit’s exchange rate to be down than supporting it.
Initially, Malaysian ringgit was pegged with the US dollar and with time it was removed. In the year 1997, the currency was re-pegged at fixed rate regime to the US dollar @ RM3.80 to 1dollar. This peg of 7-year to the US dollar has now been removed and the currency is floating against other major currencies of the world.
The export and import restrictions of the currency are free until the amount does not exceed 1000 ringgits.
The Malaysian Ringgit value initially in 1995 was 2.5415 US$, 3.2499 Euro, 3.9458 British Pound, 1.7950 Singapore dollar, 1.8877 Australian dollar, 0.024593 Japanese Yen and 0.3046 Chinese yuan. Later, the United States dollar was 3.5245 (2009) and 3.0854(2010), Euro was 4.9040 (2009) and 4.0107(2010), British Pound 5.5081(2009) and 4.8878 (2010), Singapore dollar 2.4237(2009) and 2.3125(2010), Australian dollar 2.7823 (2009) and 2.8129(2010), Japanese Yen 0.037690(2009) and 0.036520(2010) and Chinese Yuan 0.5159 (2009) and 0.4601(2010).
Coinage and banknotes
Malaysian ringgit used second series coins till September 1989 and RM1 coin was used till 2006, but was withdrawn from circulation owing to forgery problems. The front side of the coins had different images such as traditional drum, a macala board game, Wau, a Malaysian kite, and more, while the reverse sides had the year the coin was minted and the value. The bank notes came in denominations such as RM1 in blue, 2 in lilac, 5 in green, 10 in red, 50 in blue/gray and 100 in violet.