Malaysian Ringgit (MYR)
What the Malaysian Ringgit is, who issues it, and where it's used, with a live converter preset to MYR.
Malaysian Ringgit (MYR)
- ISO code
- MYR
- Symbol
- RM
- Subunit
- 100 sen
- Issued by
- Bank Negara Malaysia
- Exchange rate regime
- Managed float
Ringgit is a Malay word meaning "jagged", originally a reference to the serrated edges of the Spanish silver dollars that circulated in the region centuries ago. During the Asian financial crisis, Malaysia broke with conventional advice, imposed capital controls, and pegged the ringgit at 3.80 per US dollar in 1998. The peg was lifted in 2005.
Malaysia exports palm oil, natural gas, and electronics, and the ringgit is influenced by all three. The ringgit is not traded offshore, which limits how easily foreign investors can speculate on it and is one reason it is classed as a restricted currency.
Where it's used
- Malaysia
Convert MYR
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| 5 MYR | - |
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| 1,000 MYR | - |
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| USD | MYR |
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| 1 USD | - |
| 5 USD | - |
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Calculated from the same live mid-market rate as the converter above. Your bank or card will usually quote a slightly worse rate plus any fees.