Malaysian currency - Malaysian ringgit: description, exchange rate. Coins and banknotes of Malaysia

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The Malaysian currency is called the ringgit. It has an interesting history, rich in events. The international letter designation of the currency is represented by the code MYR. One ringgit is subdivided into 100 sen (bargain money).

Description of the Malaysian ringgit

On the front side of all modern bills are portraits of T. A. Rahman, who became the first supreme ruler of Malaysia. The word "ringgit" can be translated as "jagged".

The names "ringgit" and "sen" were adopted at the official level only in 1975. Previously, money was called the dollar and the cent, respectively, in the Western manner.

Malaysian ringgit is not very popular in the financial market because there are few transactions with it.

History

In 1967, the dollar of Malaya and British Borneo, which circulated in the colonial territories, was replaced by a new banknote, which was called the Malaysian dollar. The issue of money was handled by the Central Bank of Malaysia.

For the basis of the designnew dollar was taken old. Color schemes and all denominations were retained, except for the 10,000 banknote. In subsequent years, several changes were made to the appearance of coins and banknotes, but they were insignificant.

The historical path of the country's banknotes is relatively short, since the state received sovereignty not so long ago. However, in this short historical period, Malaysia has managed to build a highly developed economy based on tourism, trade, oil and gas and the production of high-tech electronics. Therefore, the exchange rate of the ringgit against the ruble is also strengthening.

Therefore, the national currency, together with the economy, occupied a stronger position in the global foreign exchange market. Today, its rate is quite stable and continues to grow gradually.

Coins

The first metal coins (sen) were put into circulation in 1967. Denominations of 1, 5, 10, 20 and 50 sen were issued. The appearance of payment coins was similar, but they differed greatly in size.

In 1971, in addition to the existing ones, coins were minted in denominations of 1 Malaysian ringgit. All of them were made from nickel, except for 1 sen, which was first made of bronze, and later - a core of copper and a steel shell.

In 1989, all coins were reissued. The front and back sides have been completely redesigned. The upper half of the obverse featured an image of the Chinese hibiscus, which is considered the national symbol of Malaysia.

In 2001A limited series of sen coins was issued, called Kijang Emas. They owe their name to a rare species of deer that lives in the jungles of the country. The coins were produced by the Royal Malaysian Mint.

Banknotes

The first modern Malaysian currency was put into circulation in 1967. Initially, denominations of 1, 5, 10, 50 and 100 dollars were used. A year later, a banknote of 1000 joined them. On the front side of any of them is a portrait of Tuanku Abdul Rahman, who was the first ruler of sovereign Malaysia.

The design of money still uses the color scheme introduced back in colonial times. It is noteworthy that Singapore and Brunei also use a similar color for their national money.

In total, Malaysian banknotes have undergone 4 issues. The first took place in 1967, the second - in 1982, the third - in 1996, the fourth - in 2008. The latter are still used in the country today. The country still uses coins and banknotes of the last issue. No major changes are expected in this area in the near future.

Currency rate

As of July 2018, the approximate value of the Malaysian currency against the ruble is 15.5 rubles per ringgit. That is, for one RUR you can get approximately 0.065 MYR.

Compared to the US dollar, you can get about 4 MYR per unit, and the exchange rate of the ringgit to the dollar is approximately 0.25. A similar situation will be ifcompare it with the European currency, the Australian or Canadian dollar, or the British pound.

The ringgit currency has a relatively stable exchange rate compared to the banknotes of most neighboring countries. This is due to the stable and fairly developed economy of the country. Some military-political, trade and social factors also affect the change in the value of the national currency ringgit.

Due to the rapid growth of the country's economy, correct foreign policy and stability within the state, the value of the national currency is gradually strengthening. Therefore, the ratio of the value of the ringgit to the ruble is gradually changing.

Exchange transactions

Malaysia is a country with a fairly developed economy and internal infrastructure, so there are no serious problems with exchanging money in large and tourist cities. You can easily make the necessary operation at the airport, bank, large restaurant, exchange office or hotel.

The easiest way to exchange is US dollars, which are accepted everywhere. The situation with the euro, the Australian dollar and the Chinese yuan is a little more complicated. But many companies work with them, so you can carry out the necessary operation.

Coming to Malaysia with rubles is unreasonable, since it will be extremely difficult to exchange money. Even if you manage to find a place where they are ready to give you locals for Russian money, the rate will be truly predatory. Therefore, it is recommended in advance, back in Russia, to change money fordollars and then to Malaysia for ringgits.

When exchanging, you will be charged a commission, which, as a rule, is not too high, but can vary greatly in different companies. Therefore, it is better to look for a place with the most favorable rate and a relatively small commission.

Cashless payment

Unlike, for example, neighboring Vietnam or Thailand, where there may be problems with cashless payments, there are almost no such difficulties in Malaysia. Even small shops and cafes are equipped with card payment terminals.

Some difficulties may arise if you decide to go to small towns or villages that are far from the tourist routes. In this case, it is better to stock up on cash in advance so that you can pay wherever you want.

It should also be taken into account that not everywhere they can accept a credit card issued by a foreign bank, but there are no such problems with debit cards. But in any case, it is better to get enough cash so that awkward and funny situations do not arise.

Cash withdrawal from ATMs

With bank branches and ATMs in large cities, too, there are no difficulties. They are available in abundance within walking distance. However, before withdrawing, you need to clarify how much the commission charged by the bank will be. In addition, you need to take into account that the Russian bank that issued your card may also charge a commission for the operation. Therefore, it is better to withdraw only large amounts so as not to pay again.

Usually ATMsissue RM50 banknotes. In some cases, they can be combined with RM10 banknotes. Other banknotes are practically not issued. This should also be taken into account if you decide to use ATMs.

Conclusion

When going on vacation abroad, it is better to familiarize yourself with the financial system of the country where you are going. This will not only allow you to avoid problems with exchanging money, but also broaden your horizons, and also allow you to learn about the history of the state, which is also important.

The Malaysian currency has an interesting history, just like the country itself. And with the increasing interest of tourists to it, the demand for local money among foreigners is also growing. Therefore, many seek to find out more about the coins and banknotes of Malaysia, their design, denominations, etc.

Among Russians, the demand for holidays in this country, located in Southeast Asia, is also growing. The country has everything you need for a great vacation: warm climate, palm trees, sea with sandy beaches. And also here is a real expanse for lovers of shopping and cultural recreation. A huge number of shopping centers and historical attractions contribute to this. Therefore, interest in the Malaysian currency is also growing.