Malaysian Ringgit
Ringgit Malaysia
Currency Code
MYR
ISO 458
Symbol
MYR
Native: RM
Decimal Digits
2
Rounding: 0
Countries
MY
Using this currency
Currency Units
Major Unit
Name: ringgit
Symbol: RM
Minor Unit
Name: sen
Symbol:
Value: 0.01
Banknotes
Frequently Used
RM1RM5RM10RM20RM50RM100
Coins
Frequently Used
5 sen10 sen20 sen50 sen
Plural Forms
English Plural
Malaysian ringgits
Native Plural
Ringgit Malaysia
Overview
The Malaysian Ringgit is the currency of Malaysia, managed by Bank Negara Malaysia. It is an important regional currency in Southeast Asia and is backed by Malaysia's diversified economy including palm oil, electronics, and services.
Economy
- Malaysia is a member of ASEAN, APEC, OIC, Commonwealth, Non-Aligned Movement.
- Main industries include: Peninsular Malaysia - rubber and palm oil processing, Manufacturing, Light industry, Electronics, Tin mining and smelting, Logging, Timber processing.
- Malaysia is part of the World Trade Organization.
- Imports are electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals.
- Major exports include semiconductors, electronic equipment, palm oil, petroleum, liquefied natural gas, wood products, palm oil, rubber, textiles, chemicals.
- GDP: $434.4 billion (2023 est.).
- GDP per capita: $12,813 (2023 est.).
- Unemployment rate: 3.5% (2023 est.).
- Inflation rate: 2.5% (2023 est.).
- Main trading partners: China, Singapore, United States, Japan, Thailand, Hong Kong.
- Trade agreements: ASEAN FTA, RCEP, Malaysia-Australia FTA, Various bilateral agreements.
History
- Previous currencies used: Malaysian dollar, Malayan dollar, Straits dollar.
- The ringgit was introduced in 1975, replacing the Malaysian dollar. The name 'ringgit' means 'jagged' in Malay, referring to the serrated edges of Spanish silver dollars.
- 1967: Malaysian dollar introduced
- 1975: Ringgit name adopted
- 1997: Asian Financial Crisis impact
- 1998-2005: Pegged to USD at 3.80:1
- 2005: Return to managed float
- 2020: COVID-19 pandemic economic impact
- Exchange rate peg: USD (1998-2005) at 3.80:1.
- Exchange rate peg: Managed float (1975-1998, 2005-present).
General Information
- ISO 4217 Code: MYR
- Symbols: MYR/RM
- Currency Subunits: 100 sen
- Central Bank: Bank Negara Malaysia
- Monetary Policy: Managed floating exchange rate with inflation targeting framework. Focus on price stability and supporting economic growth.
- Bills: 1 MYR, 5 MYR, 10 MYR, 20 MYR, 50 MYR, 100 MYR, 600 MYR (commemorative)
- Coins: 5 sen, 10 sen, 20 sen, 50 sen, 1 ringgit
- USD Exchange Rate: Variable (approximately 4.6-4.7 MYR per USD)
- Pegged To: None (Floating)
- Capital: Kuala Lumpur
- Population: 33,871,431 (2023 est.)
- Area: 329,847 km²
- Languages: Bahasa Malaysia (official), English, Chinese (Cantonese, Mandarin, Hokkien, Hakka, Hainan, Foochow), Tamil, Telugu, Malayalam, Panjabi, Thai
- Time Zones: UTC+8 (Malaysia Time)
- Government Type: Federal parliamentary constitutional monarchy
- Head of Government: King (head of state), Prime Minister (head of government)
- Independence: August 31, 1957 (from United Kingdom)
- Ethnic Groups: Malay 69.9%, Chinese 22.6%, Indian 6.8%, Other 0.7%
- Religions: Muslim 61.3%, Buddhist 19.8%, Christian 9.2%, Hindu 6.3%, Confucianism, Taoism, other traditional Chinese religions 1.3%, Other 0.4%, None 0.8%, Unspecified 1%
- Literacy Rate: 95% (2018 est.)
- Transport: Kuala Lumpur International Airport, extensive highway network, KTM rail services, Port Klang
- Communications: Advanced telecommunications, 90% internet penetration, comprehensive mobile coverage
- Energy: Natural gas 42%, Coal 36%, Hydroelectric 18%, Oil 1%, Solar 3%
- Countries Using This Currency: Malaysia
- Data Sources: Central Bank: Bank Negara Malaysia (bnm.gov.my), Economic Data: Department of Statistics Malaysia, World Bank, IMF, Trade Data: Royal Malaysian Customs Department, Demographic Data: Department of Statistics Malaysia, Geographic Data: Malaysian Meteorological Department, Historical Data: Bank Negara Malaysia archives
- Last Updated: 2025