Malaysia, an energetic and culturally diverse nation in Southeast Asia, showcases its rich history through a distinctive currency. The Malaysian currency, called the Ringgit, is an intriguing fusion of traditional elements and modern innovations. This piece will delve into the historical backgrounds, design intricacies, security features and the cultural significance of Malaysia’s currency.
Historical Overview of Currency of Malaysia
The currency of Malaysia has evolved significantly over the years. Before its independence from British colonial rule in 1957, Malaysia used the Malayan dollar. Upon gaining independence, the country introduced its own currency, the Malaysian dollar, which was later renamed the Ringgit in 1975. The word “Ringgit” means “jagged” or “broken” in Malay and originally referred to the Spanish silver dollar, which was used during the colonial era.
Code and Symbol of Currency of Malaysia
The official currency of Malaysia is the Malaysian Ringgit, often denoted by the currency code MYR. It is symbolized by the abbreviation “RM.”
Denominations of Currency of Malaysia
The Malaysian Currency, Malaysian Ringgit, is available in various denominations including banknotes and coins:
- Coins: Malaysian Ringgit comes in denomination of sen5, sen10, sen20 and sen50.
- Banknotes: Malaysian Ringgit comes in denominations of RM1, RM5, RM10, RM20, RM50 and RM100. These are issued by the country’s central bank, Bank Negara Malaysia.
Design and Features of Currency of Malaysia
The Malaysian banknotes feature Tuanku Abdul Rahman, the country’s first Yang di-Pertuan Agong (paramount ruler), on the observe side. The reverse side showcases images of Malaysia’s economic infrastructure, reflecting the nation’s development and progress.
Central Bank of Malaysia
The Central Bank responsible for issuing and regulating the Malaysian Ringgit is known as Bank Negara Malaysia, with its headquarter located in Kuala Lumpur. The bank plays a pivotal role in ensuring monetary stability, regulating financial institutions and formulating monetary policies for Malaysia.