Malaysian Ringgit Currency

Description

The Malaysian ringgit (MYR), unofficially called the Malaysian dollar, is the official currency of Malaysia. The Malaysian ringgit is divided into 100 sen.

Economy

• Malaysia has the fourth largest economy in Southeast Asia.
• Malaysia’s economy previously relied on the production of agricultural export commodities and minerals. Currently, it relies on industry and services sectors, accounting for almost 37 percent and over 56 percent of GDP.
• The country’s economy experienced an economic revolution in the late 20th century.
• Malaysia is the world’s second largest exporter of palm oil products.

History

• In 1967, the central bank of Malaysia issued the Malaysian dollar, replacing the British Borneo and Malayan dollar at par.
• In 1975, the official name of Malaysia’s currency was changed to ‘ringgit’.
• In 1998, the Malaysian ringgit was pegged to the US dollar at the exchange rate of 1 USD = 3.80 MYR.
• In 2005, the peg was abandoned and the ringgit became a floating currency.