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Malaysian ringgit

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Malaysian ringgit
Ringgit Malaysia Template:Ms icon
File:SMS0387 RM100 front s.jpg
100 ringgit
ISO 4217
CodeMYR (numeric: 458)
Subunit0.01
Unit
SymbolRM‎
Denominations
Subunit
 1/100sen
BanknotesRM1, RM2 RM5, RM10, RM50, RM100
Coins1, 5, 10, 20, 50 sen
Demographics
User(s)Malaysia
Issuance
Central bankBank Negara Malaysia
 Websitewww.bnm.gov.my
Valuation
Inflation2.9%
 SourceCIA World Fact Book, 2005 est.

The ringgit (unofficially known as the Malaysian dollar), is the official monetary unit of Malaysia. It is divided into 100 sen (cents) and its currency code is MYR.

Etymology

The word ringgit means "jagged" in Malay, and was originally used to refer to the serrated edges of Spanish silver dollars widely circulated in the area. The Singapore dollar and the Brunei dollar are also called ringgit in Malay (although e.g. the U.S. and Australian dollars are dolar), hence its official abbreviation RM for Ringgit Malaysia.

The Malay names ringgit and sen were officially adopted as the sole official names in August 1975. Previously they had been known officially as dollars and cents in English and ringgit and sen in Malay, and in some parts of the country this usage continues. For example, in Penang one ringgit is "one dollar" in English and "tsit8-kho·1" (一塊/一块)in Hokkien. In North Malaya, denominations of ten sen are called kupang in Malay ("poat8" in Hokkien), e.g. 50 sen is 5 kupang.

History

On June 12, 1967 the Malaysian dollar replaced the Malaya and British Borneo dollar at par. The Malaysian dollar was issued by the new central bank, Bank Negara Malaysia.

Until 1973, the Malaysian dollar was exchangeable at par with the Singapore dollar and Brunei dollar. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board still maintain the exchangeability of their two currencies.

The use of the dollar sign "$" (or "M$") was not replaced by "RM" (Ringgit Malaysia) until the 1990s, though internationally "MYR" (MY being the country code for Malaysia) is more widely used.

Coins

First series

First Series [1]
Value Diameter Composition Edge Obverse Reverse First Minted Year Released Date
1 sen 18 mm Bronze Parliament House and a 13-pointed star and crescent moon State title, value, year 1967 12 June 1967
1 sen Copper clad steel 1973 ?
5 sen 16 mm Cupronickel Parliament House and a 13-pointed star and crescent moon State title, value, year 1967 12 June 1967
10 sen 19 mm
20 sen 23 mm
50 sen 28 mm
50 sen Lettered 1971 ?
$1 33 mm Lettered "BANK NEGARA MALAYSIA" Parliament House and a 14-pointed star and crescent moon 1971 1 May 1971

Second series

Second Series [2]
Value Diameter Composition Obverse Reverse First Minted Year Released Date
1 sen 18 mm Bronze clad steel Rebana ubi Bank title, value, year 1989 4 September 1989
5 sen 16 mm Cupronickel Gasing Bank title, value, year 1989 4 September 1989
10 sen 19 mm Congklak
20 sen 23 mm Tepak sirih
50 sen 28 mm Wau
$1 24 mm Copper-zinc-tin Keris with the songket in background Bank title, "$1", year 1989 4 September 1989
$1 Bank title, "1 ringgit", year 1993

On December 7, 2005, the RM1 coin was demonetised and withdrawn from circulation. This was partly due to problems with standardization (two different versions of the coin were minted) and forgery.

Three denominations of gold bullion coins, the "Kijang Emas" (The kijang (a species of deer) is the official logo of Bank Negara Malaysia) are also issued, at the face value of RM 50, RM 100 and RM 200. It was launched on July 17, 2001 by Bank Negara Malaysia and minted by Royal Mint of Malaysia Sdn Bhd. The purchase and reselling price of Kijang Emas is determined by the prevailing international gold market price.

Banknotes

Bank Negara Malaysia first issued Malaysian dollar banknotes in June 1967 in $1, $5, $10, $50 and $100 denominations. The $1000 denomination was first issued in 1968. Malaysian banknotes have always carried the image of the first Yang di-Pertuan Agong of Malaysia.

ATMs normally dispense RM50 notes, or more rarely, RM10 notes in combination with RM50 notes.

Malaysian banknotes have long followed a colour code originating from colonial times. In the lower denominations this pattern is followed by Singapore and Brunei, and when Bank Negara first introduced the RM2 note it copied the lilac of the Singapore $2 note.

  • RM1 - blue
  • RM2 - lilac
  • RM5 - green
  • RM10 - red
  • RM20 - brown/white
  • RM50 - blue/grey
  • RM100 - violet
  • RM500 - orange
  • RM1000 - blue/green

First series

The front features Tuanku Abdul Rahman and the back features the traditional design of the 'Kijang Emas'

Second series

The second series was issued with Malaysian traditional ornamental designs in 1982–1984, in $1, $5, $10, $20, $50, $100, $500, and $1000 denominations. The $20 was generally relatively uncommon. The second series notes are still occasionally encountered.

The mark for the blind on the upper left hand corner was removed on the second revision in 1986.

In 1999 the RM500 and RM1000 notes were discontinued and ceased to be legal tender. This was due because of the Asian monetary crisis of 1997 when huge amounts of ringgit were taken out of the country to be traded in these notes. In effect the notes were withdrawn out of circulation and the amount of ringgit taken out of the country in banknotes was limited to RM1000.

In 1993, $1 notes were discontinued and replaced by the $1 coin.

Second Series
Image Value Color Obverse Reverse Issued Date
RM1 front RM1 back $1 Blue Tuanku Abdul Rahman The National Monument (Tugu Negara) 1982
$5 Green King's Palace at Kuala Lumpur 1981
RM10 front RM10 back $10 Red Old Kuala Lumpur Railway Station 1983
RM20 front RM20 back $20 Brown/white Bank Negara Malaysia 1982
$50 Blue/grey National Museum at Kuala Lumpur 1983
$100 Violet National Mosque at Kuala Lumpur 1983
$500 Orange High Court building 1982
$1000 Blue/green Parliament building 1983

Third series

The current and third series was issued with designs in the spirit of Wawasan 2020 in1996–1999 in denominations of RM2, RM5, RM10, RM50 and RM100. The larger denomination RM50 and RM100 notes had an additional hologram strip to deter counterfeiters.

In 2004, Bank Negara issued a new RM10 note with additional security features including the holographic strip previously only seen on the RM50 and RM100 notes. A new RM5 polymer banknote with a distinctive transparent window was also issued. Both new banknotes are almost identical to their original third series designs. According to Bank Negara, all paper notes will eventually be phased out and replaced by polymer notes.

In 2000 the RM1 note was reintroduced, replacing the RM2 note which remains legal tender.

Third Series [3]
Image Value Dimensions Color Obverse Reverse Issued Date Status Note
RM1 front RM1 back RM1 120 x 65 mm Blue Tuanku Abdul Rahman Tourism, Mount Kinabalu and "Wau Bulan" kite 2000 Circulation
RM2 front RM2 front RM2 130 x 65 mm Lilac Telecomunications, Menara Kuala Lumpur communications tower and MEASAT satellite 1996 Withdrawn
RM5 front RM5 back RM5 135 x 65 mm Green Multimedia Super Corridor, KLIA and Petronas Twin Towers 1999 Withdrawn paper
RM5 front RM5 back October 26, 2004 Circulation polymer(Biaxially-oriented polypropylene)
RM10 front RM10 back RM10 140 x 65 mm Red Transportation, Putra LRT train, Malaysia Airlines aircraft and MISC ship 1998 Withdrawn without holographic strip
RM10 front RM10 back 2004 Circulation with holographic strip
RM50 front RM50 back RM50 145 x 69 mm Blue/grey Mining, Petronas oil platform 1998 Circulation
RM100 front RM105 back RM100 150 x 69 mm Violet Heavy Industrial, Proton car production line and engine 1998 Circulation
These images are to scale at 0.7 pixels per millimeter, a standard for world banknotes.

Comemorative

To commemorate the 1998 Commonwealth Games in Kuala Lumpur, a commemorative RM50 polymer banknote was issued, marking Malaysia's first usage of polymer banknotes. This note is hardly ever seen in normal usage, its use being a collector's commemorative.

Comemorative
Image Value Dimensions Color Front Back Issued Date Note
RM50 front RM50 back RM50 152 x 76 mm Yellow and green Tuanku Abdul Rahman, the skyline of Kuala Lumpur (with the Petronas Twin Towers) Bukit Jalil Sports complex 1998 polymer(Biaxially-oriented polypropylene)
These images are to scale at 0.7 pixels per millimeter, a standard for world banknotes.

Currency peg

As a result of the Asian financial crisis of 1997, the ringgit was pegged to the U.S. dollar at the fixed rate of RM 3.8 to the dollar.

On July 21, 2005, Bank Negara announced the end of the 7-year peg to the US dollar immediately after China's announcement of the end of the renminbi peg to the US dollar. According to Bank Negara, Malaysia will allow the ringgit to operate in a managed float against several major currencies. This has resulted in the value of the ringgit rising closer to its perceived market value, although Bank Negara has intervened in financial markets to maintain stability in the trading level of the ringgit.

Current MYR exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD
Preceded by:
Malaya and British Borneo dollar
Reason: Currency Agreement
Ratio: at par, or 60 dollars = 7 British pounds 		Currency of Malaysia
1967 – 		Succeeded by:
Current
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