Malaysian Ringgit (MYR) Profile
Malaysian ringgit MYR converter to world currencies »
Nicknames of sen: 10 cents= 1 jiao (角) or 1 mao(毛); 1 cent= 1 fen(分)
Malaysian ringgit users
The Malaysian ringgit is the currency of Malaysia which is a federal constitutional monarchy in Southeast Asia.
The Federation of Malaysia was established on September 16, 1963 with the members of Malaya, North Borneo, Sarawak and Singapore which were all independent from the United Kingdom. Their independence date was Malaya on August 31, 1957, Sarawak on July 22, 1963, and North Borneo (Sabah) and Singapore both on August 31, 1963. Singapore left the federation and became an independent country on August 9, 1965. Present Malaysia consists of two similarly sized regions, Peninsular Malaysia or West Malaysia (formerly Malaya) and Malaysian Borneo or East Malaysia (formerly Sarawak and North Borneo<Sabah>).
Malaysian ringgit history
The Malaysian ringgit, formerly known as Malaysian dollar, was introduced on June 12, 1967, replacing the Malaya and British Borneo dollar at par. It was originally valued at 1 GBP =8.57 MYR. The Malaysian ringgit (dollar) was also exchangeable at par with the Singapore dollar (SGD, introduced in 1967) and Brunei dollar (BND, introduced in 1967) until May 8, 1973.
The currency names of “ringgit” and its subdivision of “sen” were officially adopted in August 1975. They were previously known as “dollar” and “cent”. The Malaya and British Borneo dollar (ringgit) was used in Malaya, Singapore, Sarawak, British North Borneo and Brunei from 1953 to 1967.
Malaysian ringgit coins and banknotes
The Malaysian ringgit is subdivided into 100 sen (cents).
Currently in circulations coins are in denominations of 5, 10, 20, 50 sen and banknotes are in denominations of 1, 5, 10, 20, 50, 100 Ringgit.