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Currency of Malaysia- A Complete Guide to the Malaysian Ringgit

The Malaysian Ringgit (RM) is the currency of Malaysia. It is subdivided into 100 sen. The term “ringgit” derives from the Malay word “jagged”. The Castilian reales with serrated edges from the 16th and 17th centuries were used as currency to clarify the region’s history. The current series of Malaysian banknotes was introduced in 2012. The Malaysian Ringgit is a colourful currency. The current series of banknotes, introduced in 2012, features images of Malaysian culture, heritage, and nature.

Bank Negara Malaysia (BNM)

Bank Negara Malaysia is responsible for regulating the country’s financial system and issuing MYR, as it is the Central Bank of Malaysia.

BNM was established on January 26, 1959, as the Central Bank of Malaya (Bank Negara Tanah Melayu). The name was changed to Bank Negara Malaysia in 1963 after the formation of Malaysia.

BNM’s main objectives are to:

  • Promote monetary and financial stability
  • Maintain price stability
  • Foster the growth of the Malaysian economy
  • Provide payment and settlement systems
  • Regulate and supervise financial institutions

BNM operates under the Central Bank of Malaysia Act 2009, granting it extensive powers, like;

  • Issue currency
  • Regulate the financial system
  • Supervise financial institutions
  • Provide liquidity to the financial system
  • Manage Malaysia’s foreign exchange reserves
  • Promote financial education

BNM issues the Malaysian ringgit. The banknotes are printed by the Malaysian Security Printing Corporation (MSPC), and the coins are minted by the Royal Malaysian Mint (RMM).

The MYR is divided into 100 sen. The sen coins are no longer in circulation but are still legal tender.

The MYR is pegged to the US dollar. It means that the value of the MYR is fixed against the US dollar. BNM maintains the peg through its foreign exchange intervention operations.

BNM is committed to maintaining the stability of the MYR. The US dollar peg helps achieve this goal by providing a stable anchor for the MYR.

The MYR is a relatively stable currency. It has been pegged to the US dollar since 1997 and has only fluctuated within a narrow range. The MYR is a good choice for businesses and investors who want to avoid currency fluctuations.

Malaysian Currencies and Coins

Banknotes:

  • RM100 (with an image of Mount Kinabalu and Sepilok Orang Utan Rehabilitation Centre)
  • RM50 (with an image of Petronas Twin Towers and Kuala Lumpur skyline)
  • RM20 (with an image of hawksbill and leatherback sea turtles)
  • RM10 (with an image of Rafflesia flower)
  • RM5 (with image of rhinoceros hornbill)
  • RM1 (with an image of the kite-flying scene)

Coins:

  • 50 sen
  • 20 sen
  • 10 sen
  • 5 sen
  • 1 sen (no longer in circulation)

The Malaysian currency, the Ringgit, is divided into 100 sen. However, the sen coins are no longer in circulation. The smallest denomination of Malaysian currency in circulation is the 50 sen coin.

The Malaysian Ringgit is a safe and stable currency. It is pegged to the US dollar, meaning its value is relatively stable against other currencies. It is a good choice for tourists and businesses who want to avoid currency fluctuations.

Are RM and MYR the same?

Yes, RM and MYR are the same. RM is the abbreviation for the Malaysian Ringgit, and MYR is the currency code. Malaysia’s official currency is the Malaysian Ringgit. It is divided into 100 sen. The sen coins are no longer in circulation but are still legal tender.

The Malaysian Ringgit is fixed to the value of the US dollar. It means that the value of the MYR is set against the US dollar. The peg is maintained by Bank Negara Malaysia (BNM), the central bank of Malaysia.

The MYR is a relatively stable currency. It has been pegged to the US dollar since 1997 and has only fluctuated within a narrow range. The MYR is a good choice for businesses and investors who want to avoid currency fluctuations.

So, if you see RM or MYR, you can use them interchangeably. They both refer to the Malaysian Ringgit.

Currency Exchange Rate of MYR

The exchange rate is constantly fluctuating, but as of today, September 13, 2023, the following are the exchange rates of MYR against some major currencies:

  • 1 MYR = 17.82 Indian Rupee (INR)
  • 1 MYR = 0.24 US Dollars (USD)
  • 1 MYR = 0.31 Euros (EUR)
  • 1 MYR = 3.76 Japanese Yen (JPY)
  • 1 MYR = 4.65 Chinese Yuan (CNY)

You can check the latest exchange rates of MYR on Remitforex.

The MYR exchange rate can be affected by many factors, including the interest rates in Malaysia and other countries, the political stability of Malaysia, and the global economy.

It is important to note that the exchange rate of MYR is just one factor to consider when travelling to Malaysia. Other factors, such as the cost of living and the quality of tourist attractions, are also important.

Places to Exchange Currency


Banks
are usually convenient places to exchange currency but often have the worst exchange rates.
Airport currency exchange counters: Airport currency exchange counters are often the worst places to exchange currency, as they have the highest fees.
Hotels: Some hotels will exchange currency but often have the same lousy exchange rates as banks.
Online currency exchange services: Online currency exchange services can offer very competitive exchange rates, but they may not be as convenient as exchanging currency in person. Unimoni India’s Remitforex is a leading online Forex platform with 300+ branch networks for sending money abroad in India. Unimoni India is the first Company in India to get an Authorized Dealer II license and specializes in Sending Money Abroad and currency exchange.

Tips for Currency Exchange

Here are some tips for currency exchange in Malaysia if you are doing it in India:

  • Compare exchange rates: Before you exchange any currency, it is essential to compare the exchange rates offered by different providers. You can do this online or by visiting other banks and foreign currency exchange service providers.
  • Be aware of fees: In addition to the exchange rate, you should also be mindful of the costs that may be charged. Before exchanging any currency, it is essential to inquire about potential fees the provider charges.
  • Consider using  a prepaid travel card: A prepaid travel card can conveniently exchange currency. You can load the card with the money you need and then use it to make purchases in Malaysia.
  • Use a reputable exchange platform: RemitForex is a reputable exchange platform that offers competitive exchange rates and low fees. You can use their website or app to exchange currency quickly and easily.

Here are some additional tips:

  • Exchange your currency in the morning, when the exchange rates are usually better.
  • Avoid exchanging money at airports or tourist traps, as they often have the worst exchange rates.
  • Please bring your passport when you exchange money, as you may be asked to show it.

These tips help you get the best exchange rate for your currency.

For more details, please reach us at:https://remitforex.com/

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