Malaysian Currency: History and Fractions of the Currency

Malaysia's currency is the Malaysian Ringgit (MYR). The symbol for the Malaysian Ringgit is RM. This currency was introduced in 1967 after the replacement of the Pound Sterling as the country's currency.

Bank Negara Malaysia is the institution responsible for issuing and managing currency in the country. The Ringgit exchange rate may fluctuate against foreign currencies such as the United States Dollar or Euro according to global economic factors and foreign exchange market movements.

The Malaysian Ringgit is widely used throughout Malaysia including Sabah and Sarawak as well as Labuan. This currency can be used to make purchases of goods or services in shops, restaurants, hotels and other places in the country.

History of Malaysian Currency

The history of Malaysia's currency began in colonial times and has undergone several significant changes since then. Here is an overview of currency developments in Malaysia:

1. Colonial Era

   Initially, the area that is now Malaysia was controlled by various colonial powers such as the Malacca Malay Sultanate, the Portuguese, the Dutch, the British and the Japanese. During this period, the currencies of these colonial countries were used in trade.

2. Straits Settlements Currency

   From 1826 to 1953, the Straits Settlements (which consisted of Pulau Pinang, Melaka and Singapore) used a particular currency called the Straits Dollar or Ringgit Straits.

3. Introduction to Malaya and North Borneo Currency

   After the Pangkor Agreement in 1874 with the British as the new ruler of the Malay Peninsula and the Labuan Agreement in 1846 with the United Kingdom for North Borneo (now Sabah), the British standard coin system was introduced in these two territories.

4. Formation of the Federation of Malaya

   On 31 August 1957, the Federation of Malaya gained its independence from the British Empire. This date also introduced the "Board of Commissioners of Currency" to issue ringgit as the sole currency for the Federation of Malaya and was subsequently issued by the newly formed Bank Negara Malaysia.

5. Malaysian Formation

   In 1963, the countries of the Malay Peninsula united with Singapore, Sarawak, and Sabah to form the Federation of Malaysia. After several years, Singapore left the federation in 1965 and introduced its own currency.

6. Introduction to the name "Ringgit"

   On 12 June 1967, the official name of the Malaysian currency was changed to Ringgit and Sen (RM) which replaced the previous name of the Malaysian Dollar.

Since then, several series of ringgit notes and coins have been introduced by Bank Negara Malaysia with changes in design and security to prevent counterfeiting.

The uniqueness of the Malaysian Currency

Malaysia's currency, known as the Malaysian Ringgit (MYR), has several unique features that set it apart from other countries' currencies. Here are some of the uniqueness of the Malaysian currency:

1. Currency Name

The official name of Malaysia's currency is "Ringgit", which means "titled" in Malay. However, with the addition of the prefix "Malaysia" in 1975, the currency was officially referred to as the Malaysian Ringgit.

2. Currency Symbol

The symbol for the Malaysian Ringgit is RM and is usually written after the amount. For example, RM50 means 50 Ringgit.

3. Reverse Language

One unique feature of the ringgit design is the use of reverse language on the back of low-value (1 cent, 5 cent, 10 cent) coins. In the writing itself there are words such as "One Penny", "Five Cents", and so on if read from right to left.

4. Colorful

Each ringgit denomination has a different color to facilitate recognition of the value by the general public and also for those with vision problems or color blindness.

5. Image of the Kings of Malaysia

Almost all coins and banknote denominations depict portraits of Malaysian kings as a sign of respect for the country's constitutional monarchy.

6. High Security

MYR's new high-level banknotes are equipped with advanced security features such as special ink, holograms, security threads, metal-coated printing and more to prevent counterfeiting.

7. Different Size

Malaysian Ringgit banknotes come in different sizes depending on the denomination. This helps in identifying currency values ​​easily by just looking at their size.

Malaysian Currency Fractions

Malaysia's official currency is the Malaysian Ringgit (MYR), which is commonly abbreviated as RM. One ringgit consists of 100 cents.

The following are denominations of the Malaysian Ringgit currency:

1. Coin:

   - 5 cents

   - 10 cents

   - 20 cents

   - 50 cents

2. Paper Money:

   - RM1

   - RM5

   - RM10

   - RM20

   - RM50

   - RM100

In addition, there are also special denominations in commemorative or collection forms issued on certain occasions by Bank Negara Malaysia.

Thus information about the Malaysian currency from its history to its currency denominations. Hope it is useful!