Buy, Sell Or Transfer Malaysian Ringgits (MYR) At The Best Rates In India

The Malaysian Ringgits, formerly called the Malaysian Dollar, is the currency of Malaysia.The currency code for Ringgits is MYR, and the currency symbol is RM. It is divided into 100 sen. The ringgit is issued by the Bank Negara Malaysia.

Currency Facts

History of Malaysian Ringgits

On 12 June 1967, the Malaysian dollar, issued by the new central bank, Bank Negara Malaysia, replaced the Malaya and British Borneo dollar. The new currency retained all denominations of its predecessor except the $10,000 denomination, and also brought over the colour schemes of the old dollar. Over the course of the following decades, minor changes were made on the notes and coins issued, from the introduction of the M$1 coin in 1967, to the discontinuation of RM500 and RM1,000 notes in 1996.

In November 1967, five months after the introduction of the Malaysian dollar, Pound was devalued, leading to a collapse in confidence for the sterling area and its demise in 1972. Despite the emergence of new currencies in Malaysia, Singapore and Brunei, the Interchangeability Agreement which the three countries adhered to as original members of the currency union meant the Malaysian dollar was exchangeable at par with the Singapore dollar and Brunei dollar. This ended on 8 May 1973, when the Malaysian government withdrew from the agreement. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board still maintain the interchangeability of their two currencies, as of 2009.

In 1993, the currency symbol 'RM' (Ringgit Malaysia) was introduced to replace the use of the dollar sign '$' (or 'M$') .