8/5/2023 0 Comments Malaysia ringgit currency![]() The symbol RM (for Ringgit Malaysia) was introduced in 1993, replacing the symbol M$, or simply $, to refer to the Malaysian Dollar. The currencies of Singapore, Brunei and Malaysia had signed up to a currency union under the Interchangeability Agreement, and despite the emergence of three separate currencies for the countries in question, the Malaysian Dollar was still exchangeable at par with the Brunei and Singapore Dollars until 1973, when Malaysia pulled out of this agreement. This currency replaced the old Malaya and British Borneo Dollar, yet retained the denominations of its preceding currency, with the exception of the $10,000 denomination. The Malaysian Dollar first came into being in 1967, having been issued by the Bank Negara Malaysia, Malaysia’s new central bank. The Malaysian Ringgit’s Historical Background Today, that peg to the US Dollar has once again been removed, and the currency now floats against many major world currencies. Originally, the Malaysian Ringgit was pegged to the US Dollar however, over time the peg was removed, only to be reinstated in 1997 as Asia suffered a financial crisis. Its currency plays a key role in its development, since it has been strong for some time, and the Malaysian central bank, the Bank Negara Malaysia, has a policy of keeping the exchange rate of the Ringgit down instead of supporting it. Malaysia is a rapidly developing country which is now experiencing industrialisation. The Malaysian Ringgit is one of the stronger currencies on the Asian continent. Unofficially, the Malaysian Ringgit is still known as the Malaysian Dollar, and is made up of 100 Sen. The modern Ringgit was issued in 1967, but was originally given the name Malaysian Dollar in English the name Ringgit was the Malaysian-language name for the monetary units. Originally, this name refers to the Spanish silver coins with their sharp edges which were in wide circulation in Malaysia in the past. The Malaysian currency is called the Ringgit, a name that has been taken from the Malay language and which means “jagged” in translation. ![]()
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