The ringgit is the currency of Malaysia, the Southeast Asian nation known for its diverse peoples and landscapes, as well as its thriving city centres. While the Malaysian ringgit is sometimes used in border areas with neighbouring countries such as Indonesia and Thailand, it is not legal tender outside Malaysia.
Whether you’re learning about the Malaysian ringgit for travel or because you need to send money to the country, this guide provides an overview of its history, exchange rates, and essential facts.
What is the Malaysian Ringgit?
As mentioned, the ringgit is Malaysia’s official currency.
The word “ringgit” means “jagged” in Malay, a reference to Castilian reales—Spanish coins with serrated edges that were in circulation during the 16th and 17th centuries. However, the use of “ringgit” as an adjective has become obsolete, so you don’t need to worry about confusion when discussing the currency.
What is the Currency Code for the Malaysian Ringgit?
A currency code is a three-character code used to identify currencies. The code for the Malaysian ringgit is MYR.
Here are some other currency codes from the region for comparison:
- Brunei dollar: BND
- Hong Kong dollar: HKD
- Philippine peso: PHP
- Singapore dollar: SGD
- Vietnamese dong: VND
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Malaysian Currency: Banknotes and Coins
In Malaysia, the central bank—Bank Negara Malaysia—regulates the currency to ensure economic stability and oversees the printing of banknotes and minting of coins.
Current Banknote Denominations:
- RM1: Features kite flying, a popular Malaysian pastime.
- RM5: Depicts the Rhinoceros hornbill, a culturally significant forest bird.
- RM10: Displays the Rafflesia, the world’s largest flower, native to Malaysia.
- RM20: Showcases sea turtles, including the leatherback and hawksbill species.
- RM50: Highlights the phrase “The National Mission: To move the economy up the value chain.”
- RM100: Features UNESCO World Heritage Sites—Kinabalu Park and Gunung Api Valley.
Higher denominations such as RM500 and RM1,000 were demonetised in the 1990s to combat money laundering.
Current Coin Denominations:
- 5 sen: Pays tribute to Destar Siga, a traditional fabric-weaving method.
- 10 sen: Represents Orang Asli, the art of weaving by indigenous tribes.
- 20 sen: Features the jasmine flower (Bunga Melur), significant in local crafts.
- 50 sen: Displays pea tendrils (Sulur Kacang), common in Malaysian metalwork and jewellery.
All Malaysian currency features the portrait of the country’s first prime minister, Tuanku Abdul Rahman.
The History of the Ringgit and the Malaysian Economy
Malaysia’s currency has evolved over time:
- 16th–19th centuries: Spanish-American silver dollars were widely used.
- 19th century: The Straits dollar, Sarawak dollar, and British North Borneo dollar circulated.
- 20th century: The Malayan dollar and the Malaya and British Borneo dollar were in use.
- 1967: Malaysia introduced its own currency, initially called the Malaysian dollar.
- 1975: The currency was renamed the Malaysian ringgit.
Commemorative designs have celebrated milestones like the 1998 Commonwealth Games and the 60th Anniversary of Malaysian Independence.
The Malaysian Economy Today
Malaysia is Southeast Asia’s fourth-largest economy and the 38th largest globally, according to the International Monetary Fund (IMF). Key exports include electronics, petroleum products, and palm oil. Despite being relatively affluent, Malaysia remains affordable for travellers.
A significant part of Malaysia’s diaspora resides in neighbouring Singapore and Australia.
FAQs
Are RM and MYR the same currency?
Yes, RM is another abbreviation for the Malaysian ringgit and is used interchangeably with MYR. Both refer to the same currency.
What is the Malaysian dollar?
The term “Malaysian dollar” is a nickname for the ringgit. If you hear it mentioned, it simply refers to the same currency.
What is the currency symbol for the Malaysian ringgit?
Unlike some currencies that have distinct symbols (e.g., £ for pounds or € for euros), the Malaysian ringgit does not have a unique symbol.
How do you write Malaysian ringgit?
Amounts in Malaysian ringgit are written with “RM” placed before the number, without a space. For example, RM100 represents 100 ringgit.
