Ringgit

Admin - 16/07/2022 198

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 lớn distinguish it from the other currencies.

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The word ringgit means "jagged" in Malay, & was originally used to refer khổng lồ the serrated edges of Spanish silver dollars widely circulated in the area.

Contents

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, và 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 & 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>(http://moneymuseum.bnm.gov.my/index.php?ch=9) <2>(http://ppkk.malaysians.net/MalaysiaNote/History_of_Malaysia_Banknote.htm)

The second issue was released with Malaysian traditional ornamental designs from August 1982 lớn January 1984, in RM1, RM5, RM10, RM20, RM50, RM100, RM500, và RM1000 denominations.

The RM1 banknotes was replaced with RM1 coins on 1 January 1993.

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The current third issue was released with Wawasan 20đôi mươi designs from February 1996 lớn 1999, in RM1, RM5, RM10, RM50 và RM100 denominations. There are no longer any RM500 & RM1000 denominations.

Recently in 2004, Bank Negara Malaysia has issued a new RM10 note with additional security features & a new polymer RM5 note. According to Bank Negara, all paper notes will eventually be phased out và 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 và sen were officially adopted as the sole official names in August 1975. Previously they had been known as dollars and cents in English & ringgit & 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 khổng lồ the United States dollar at the fixed rate of RM3.80 khổng lồ the dollar, although due khổng lồ 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 imageSMS0386_RM1_front_s.jpgRM1 front		Mount Kinabalu và "Wau Bulan" kite
RM2 front	RM2 back	Menara Kuala Lumpur communications tower và MEASAT satellite
Missing imageSMS0389_RM5_front_s.jpgRM5 front		KLIA và Petronas Twin Towers
Missing imageSMS0397_RM10_front_s.jpgRM10 front		Putra LRT train, Malaysia Airlines aircraft & MISC ship
		Petronas oil platform
RM100 front	RM100 bachồng	Proton oto production line and engine