Malaysian ringgit
The Malaysian ringgit, unofficially also known as the Malaysian dollar, divided into 100 sen, is the monetary unit of Malaysia (currency code MYR). The Singapore dollar and the Brunei dollar are also called ringgit in Malay. Hence it is normally abbreviated with the sign RM to distinguish it from the other currencies.
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.
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History
Early history
In 1837 the Indian rupee was made the sole official currency in the Straits Settlements, but in 1867 silver dollars were again legal tender. In 1903 the Straits dollar, pegged at two shillings fourpence (2s. 4d.), was introduced by the Board of Commissioners of Currency and private banks were prevented from issuing notes. Since then continuity of the currency has been broken twice, once by the Japanese occupation 1942-1945, and again by the devaluation of the Pound Sterling in 1967, when notes of the Board of Commissioners of Currency of Malaya and British Borneo lost 15% of their value. The new Bank Negara Malaysia and Singapore and Brunei Commissioners of Currency dollars were not devalued.
Bank Negara Malaysia banknotes
Bank Negara Malaysia first issue banknotes was released in June 1967 in $1, $5, $10, $50, and $100 denominations. The $1000 denomination was issued in September 1968. [1] [2]
The second issue was released with Malaysian traditional ornamental designs from August 1982 to January 1984, in RM1, RM5, RM10, RM20, RM50, RM100, RM500, and RM1000 denominations.
The RM1 banknotes was replaced with RM1 coins on 1 January 1993.
The current third issue was released with Wawasan 2020 designs from February 1996 to 1999, in RM1, RM5, RM10, RM50 and RM100 denominations. There are no longer any RM500 and RM1000 denominations.
Recently in 2004, Bank Negara Malaysia has issued a new RM10 note with additional security features and a new polymer RM5 note. According to Bank Negara, all paper notes will eventually be phased out and replaced by polymer notes.
A commemorative RM50 polymer banknote was issued to commemorate the 1998 Commonwealth Games in Kuala Lumpur.
Name and currency peg
The Malay names ringgit and sen were officially adopted as the sole official names in August 1975. Previously they had been known as dollars and cents in English and ringgit and sen in Malay. However, the use of the dollar sign "$" (or "M$") was not replaced by "RM" (Ringgit Malaysia) until the 1990s.
Since the Asian financial crisis of 1997, the ringgit has been pegged to the United States dollar at the fixed rate of RM3.80 to the dollar, although due to the recent fall in the value of the dollar there has been speculation of a repegging or perhaps a complete removal of the peg in 2005.
Banknote pictures
| Front | Back | Features |
|---|---|---|
| Missing image SMS0386_RM1_front_s.jpg RM1 front | Missing image SMS0384_RM1_back_s.jpg RM1 back | Mount Kinabalu and "Wau Bulan" kite |
| RM2 front | RM2 back | Menara Kuala Lumpur communications tower and MEASAT satellite |
| Missing image SMS0389_RM5_front_s.jpg RM5 front | Missing image SMS0390_RM5_back_s.jpg RM5 back | KLIA and Petronas Twin Towers |
| Missing image SMS0397_RM10_front_s.jpg RM10 front | Missing image SMS0398_RM10_back_s.jpg RM10 back | Putra LRT train, Malaysia Airlines aircraft and MISC ship |
| Missing image SMS0387_RM50_front_s.jpg RM50 front | Missing image SMS0388_RM50_back_s.jpg RM50 back | Petronas oil platform |
| RM100 front | RM100 back | Proton car production line and engine |
External links
- Bank Negara Malaysia Currency page showing security features of current banknotes issue (RM1, RM2, RM5, RM10, RM50, and RM100 denominations).
- Bank Negara Malaysia Money Museum website providing numismatic collection, history of money in Malaysia, and galleries.
- Malaysia Banknotes and Coins website maintained by Tan Oo Hau, providing history and current tender.
- Stamp & Coin Mart page on Malaysian Banknotes, including history of legal tender in Straits Settlements, Federation of Malaya and Malaysia.