Malaysian ringgit
Ringgit Malaysia Template:Languageicon ريڠڬيت مليسيا Template:Languageicon | |
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File:100 malaysia ringgit front.jpg | |
ISO 4217 | |
Code | MYR (numeric: 458) |
Subunit | 0.01 |
Unit | |
Symbol | RM |
Denominations | |
Subunit | |
1/100 | sen |
Banknotes | RM1, RM2, RM5, RM10, RM50, RM100 |
Coins | 1, 5, 10, 20, 50 sen |
Demographics | |
User(s) | Malaysia |
Issuance | |
Central bank | Bank Negara Malaysia |
Website | www.bnm.gov.my |
Mint | Royal Mint of Malaysia |
Website | royalmintmalaysia.com or www.royalmint.com.my |
Valuation | |
Inflation | 3.8% |
Source | The World Factbook, 2006 est. |
The ringgit (unofficially known as the Malaysian dollar), is the currency of Malaysia. It is divided into 100 sen (cents) and its currency code is MYR (Malaysian Ringgit). The ringgit is issued by the Bank Negara Malaysia.
Etymology
The word ringgit means "jagged" in Malay and was originally used to refer to the serrated edges of silver Spanish dollars which circulated widely in the area. The Singapore dollar and the Brunei dollar are also called ringgit in Malay (although currencies such as 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 Malaysia one ringgit is "one dollar" in English and "tsit8-kåu·1" (一塊/一块) in Teochew. In the northern states of Peninsular Malaysia, denominations of 10 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. In November 1967, the British pound was devalued by 14.3%. The new currency was not affected but earlier notes of the Malaya and British Borneo dollar were still pegged to sterling at 60 dollars = 7 pounds and, consequently, these notes were reduced in value to 85 sen per dollar.
Until June 23, 1973,[citation needed] 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] | |||||||
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Value | Technical parameters | Description | Date of | ||||
Diameter | Composition | Edge | Obverse | Reverse | first minting | issue | |
1 sen | 18 mm | Bronze | Parliament House and a 13-pointed star and crescent moon | State title, value, year of minting | 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 of minting | 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 [2] | |||||||
For table standards, see the coin specification table. |
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 Tuanku Abdul Rahman, 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 (no longer in circulation)
- RM50 - blue/grey
- RM100 - violet
- RM500 - orange (no longer in circulation)
- RM1000 - blue/green (no longer in circulation)
First series
The front features Tuanku Abdul Rahman and the back features the traditional design of the Kijang Emas. |-
First Series | ||||||
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Image | Value | Main Colour | Description | Date of issue | ||
Obverse | Reverse | Obverse | Reverse | |||
1 ringgit | 1 ringgit | $1 | Blue | Tuanku Abdul Rahman | BNM logo (Kijang Emas) | 1967
|
5 ringgit | 5 ringgit | $5 | Green | BNM logo (Kijang Emas) | 1967 | |
10 ringgit | 10 ringgit | $10 | Red | BNM logo (Kijang Emas) | 1967 | |
50 ringgit | 50 ringgit | $50 | Blue/grey | BNM logo (Kijang Emas) | 1967 | |
100 ringgit | 100 ringgit | $100 | Violet | BNM logo (Kijang Emas) | 1967 | |
1000 ringgit | 1000 ringgit | $1000 | purple/green | Parliament building | 1983 | |
For table standards, see the banknote specification table. |
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 (a) | |||||||
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Image | Value | Main Colour | Description | Date of issue | Remark | ||
Obverse | Reverse | Obverse | Reverse | ||||
1 ringgit | 1 ringgit | $1 | Blue | Tuanku Abdul Rahman | The National Monument | 1982 | with blind mark. |
5 ringgit | 5 ringgit | $5 | Green | King's Palace in Kuala Lumpur | 1981 | ||
10 ringgit | 10 ringgit | $10 | Red | Old Kuala Lumpur Railway Station | 1983 | ||
20 ringgit | 20 ringgit | $20 | Brown/white | Bank Negara Malaysia headquarters in Kuala Lumpur | 1982 | ||
50 ringgit | 50 ringgit | $50 | Blue/grey | National Museum in Kuala Lumpur | 1983 | ||
100 ringgit | 100 ringgit | $100 | Violet | National Mosque in Kuala Lumpur | 1983 | ||
500 ringgit | 500 ringgit | $500 | Orange | High Court building | 1982 | ||
1000 ringgit | 1000 ringgit | $1000 | Blue/green | Parliament building | 1983 | ||
For table standards, see the banknote specification table. |
Second Series (b) | ||||||
---|---|---|---|---|---|---|
Image | Value | Main Colour | Description | Date of issue | ||
Obverse | Reverse | Obverse | Reverse | |||
$1 | Blue | Tuanku Abdul Rahman | The National Monument | 1986 | ||
5 ringgit | 5 ringgit | $5 | Green | King's Palace in Kuala Lumpur | 1986 | |
$10 | Red | Old Kuala Lumpur Railway Station | 1986 | |||
$20 | Brown/white | Bank Negara Malaysia headquarters in Kuala Lumpur | 1986 | |||
$50 | Blue/grey | National Museum in Kuala Lumpur | 1986 | |||
$100 | Violet | National Mosque in Kuala Lumpur | 1986 | |||
$500 | Orange | High Court building | 1986 | |||
$1000 | Blue/green | Parliament building | 1986 | |||
For table standards, see the banknote specification table. |
Third series
The current and third series was issued with designs in the spirit of Wawasan 2020 in 1996–1999 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 | Main Colour | Description | Date of issue | Status | Remark | ||
Obverse | Reverse | Obverse | Reverse | ||||||
RM1 | 120 × 65 mm | Blue | Tuanku Abdul Rahman | Tourism, Mount Kinabalu, Mount Mulu and "Wau Bulan" kite | 2000 | Circulation | |||
RM2 | 130 × 65 mm | Lilac | Telecommunications, Menara Kuala Lumpur communications tower and the MEASAT satellite | 1996 | Withdrawn | ||||
RM5 | 135 × 65 mm | Green | Multimedia Super Corridor, KLIA and Petronas Twin Towers | 1999 | Withdrawn | paper | |||
October 26, 2004 | Circulation | polymer(Biaxially-oriented polypropylene) | |||||||
RM10 | 140 × 65 mm | Red | Transportation, Putra LRT train, Malaysia Airlines aircraft and MISC ship | 1998 | Withdrawn | without holographic strip | |||
2004 | Circulation | with holographic strip | |||||||
RM50 | 145 × 69 mm | Blue/grey | Mining, Petronas oil platform | 1998 | Circulation | ||||
100 ringgit | 100 ringgit | RM100 | 150 × 69 mm | Violet | Heavy Industrial, Proton car production line and engine | 1998 | Circulation | ||
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. |
Commemorative
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.
Commemorative | ||||||||
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Image | Value | Dimensions | Main Colour | Description | Date of issue | Remark | ||
Obverse | Reverse | Obverse | Reverse | |||||
RM50 | 152 × 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 pixel per millimetre. For table standards, see the banknote specification table. |
Exchange rate
Between 1995 and 1997, the ringgit was trading as a free float currency at around 2.50 to the U.S. dollar,[4][5] before dipping to under 3.80 to the dollar by the end of 1997,[6] following the year's East Asian financial crisis. For the first half of 1998, the currency fluctuated between 3.80 and 4.40 to the dollar,[7] before Bank Negara Malaysia pegged the ringgit to the U.S. dollar in September 1998, maintaining its 3.80 to the dollar value for almost seven years. The ringgit lost 50% of its value between 1997 and 1998.
On July 21, 2005, Bank Negara announced the end of the peg to the U.S. dollar immediately after China's announcement of the end of the renminbi peg to the U.S. dollar.[citation needed] According to Bank Negara, Malaysia allows 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.
After the end of the currency peg, the ringgit appreciated to 3.40 to the U.S. dollar since mid-2005. The ringgit has also appreciated against the Hong Kong dollar (HKD) (0.49 to 0.43 to the MYR[8]) and the renminbi (CNY) (0.46 to 0.44 to the MYR[9]).
Meanwhile, following a downward trend of the U.S. dollar's value, the ringgit depreciated against other currencies for the past five years (December 2001 to June 2007), including the Singapore dollar (SGD) (2.07 to 2.22 to the MYR), the Euro (3.40 to 4.57 to the MYR), the Australian dollar (AUD) (1.98 to 2.82 to the MYR), and the British pound (5.42 to 6.73 to the MYR), as of June 1, 2007.[10][11]
Current MYR exchange rates | |
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From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD CNY |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD CNY |
From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD CNY |
From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD SGD CNY |
See also
External links
Template:Standard numismatics 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.
- Stamp & Coin Mart page on Malaysian Banknotes, including history of legal tender in Straits Settlements, Federation of Malaya and Malaysia.
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 |