Malaysian ringgit

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Malaysian ringgit Ringgit Malaysia (Rumi) ريڠڬيت مليسيا (Jawi Malay)
Image:100 malaysia ringgit front.jpg 100 ringgit
ISO 4217 Code	MYR
User(s)	Image:Flag of Malaysia.svg Malaysia
Inflation	3.8%
Source	The World Factbook, 2006 est.
Subunit
1/100	sen
Symbol	RM
Coins	1, 5, 10, 20, 50 sen
Banknotes	RM1, RM2, RM5, RM10, RM50, RM100
Central bank	Bank Negara Malaysia
Website	www.bnm.gov.my
Mint	Royal Mint of Malaysia
Website	royalmintmalaysia.com or www.royalmint.com.my

The ringgit (unofficially known as the Malaysian dollar), is the currency of Malaysia. It is divided into 100 sen (cents) and its currency code is MYR (Malaysian Ringgit). The ringgit is issued by the Bank Negara Malaysia.

Contents 1 Etymology 2 History 3 Coins 3.1 First series 4 Banknotes 4.1 First series 4.2 Second series 4.3 Third series 4.4 Commemorative 4.5 Fourth series 5 Exchange rate 6 References 7 See also 8 External links

[edit] Etymology

The word ringgit means "jagged" in Malay and was originally used to refer to the serrated edges of silver Spanish dollars which circulated widely in the area. The Singapore dollar and the Brunei dollar are also called ringgit in Malay (although currencies such as the U.S. and Australian dollars are dolar), hence its official abbreviation RM for Ringgit Malaysia.

The Malay names ringgit and sen were officially adopted as the sole official names in August 1975. Previously they had been known officially as dollars and cents in English and ringgit and sen in Malay, and in some parts of the country this usage continues. For example, in Malaysia one ringgit is "one dollar" in English and "tsit⁸-kåu·¹" (一塊/一块) in Teochew. In the northern states of Peninsular Malaysia, denominations of 10 sen are called kupang in Malay ("poat⁸" in Hokkien), e.g. 50 sen is 5 kupang.

[edit] History

On June 12, 1967 the Malaysian dollar replaced the Malaya and British Borneo dollar at par. The Malaysian dollar was issued by the new central bank, Bank Negara Malaysia. In November 1967, the British pound was devalued by 14.3%. The new currency was not affected but earlier notes of the Malaya and British Borneo dollar were still pegged to sterling at 60 dollars = 7 pounds and, consequently, these notes were reduced in value to 85 sen per dollar.

Until June 23, 1973,^{[citation needed]} the Malaysian dollar was exchangeable at par with the Singapore dollar and Brunei dollar. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board still maintain the exchangeability of their two currencies.

The use of the dollar sign "$" (or "M$") was not replaced by "RM" (Ringgit Malaysia) until the 1990s, though internationally "MYR" (MY being the country code for Malaysia) is more widely used.

[edit] Coins

[edit] First series

First Series [1]
Value	Technical parameters		Description			Date of
	Diameter	Composition	Edge	Obverse	Reverse	first minting	issue
1 sen	18 mm	Bronze	Plain	Parliament House and a 13-pointed star and crescent moon	State title, value, year of minting	1967	12 June 1967
1 sen		Copper clad steel				1973	?
5 sen	16 mm	Cupronickel	Reeded	Parliament House and a 13-pointed star and crescent moon	State title, value, year of minting	1967	12 June 1967
10 sen	19 mm
20 sen	23 mm
50 sen	28 mm
50 sen			Lettered			1971	?
$1	33 mm		Lettered "BANK NEGARA MALAYSIA"	Parliament House and a 14-pointed star and crescent moon		1971	1 May 1971
Second Series [2]
For table standards, see the coin specification table.

On December 7, 2005, the RM1 coin was demonetised and withdrawn from circulation. This was partly due to problems with standardization (two different versions of the coin were minted) and forgery.

Three denominations of gold bullion coins, the "Kijang Emas" (The kijang (a species of deer) is the official logo of Bank Negara Malaysia) are also issued, at the face value of RM 50, RM 100 and RM 200. It was launched on July 17, 2001 by Bank Negara Malaysia and minted by Royal Mint of Malaysia Sdn Bhd. The purchase and reselling price of Kijang Emas is determined by the prevailing international gold market price.

In 2007, the government announced that on April 1, 2008, the 1 sen coins will no longer be in use. This is due to the implementation of rounding of prices to the nearest 5 sen.^[1]

[edit] Banknotes

Bank Negara Malaysia first issued Malaysian dollar banknotes in June 1967 in $1, $5, $10, $50 and $100 denominations. The $1000 denomination was first issued in 1968. Malaysian banknotes have always carried the image of Tuanku Abdul Rahman, the first Yang di-Pertuan Agong of Malaysia.

ATMs normally dispense RM50 notes, or more rarely, RM10 notes in combination with RM50 notes.

Malaysian banknotes have long followed a colour code originating from colonial times. In the lower denominations this pattern is followed by Singapore and Brunei, and when Bank Negara first introduced the RM2 note it copied the lilac of the Singapore $2 note.

• RM1 - blue
• RM2 - lilac
• RM5 - green
• RM10 - red
• RM20 - brown/white (no longer in circulation)
• RM50 - blue/grey
• RM100 - violet
• RM500 - orange (no longer in circulation)
• RM1000 - blue/green (no longer in circulation)

[edit] First series

The front features Tuanku Abdul Rahman and the back features the traditional design of the Kijang Emas. |-

First Series
Image		Value	Main Colour	Description		Date of issue
Obverse	Reverse			Obverse	Reverse
Image:Malaysia 1 ringgit f.jpg	Image:Malaysia 1 ringgit b.jpg	$1	Blue	Tuanku Abdul Rahman	BNM logo (Kijang Emas)	1967
Image:MYR5 fr.jpg	Image:MYR5 br.jpg	$5	Green		BNM logo (Kijang Emas)	1967
Image:MYR10 fr.jpg	Image:MYR10 br.jpg	$10	Red		BNM logo (Kijang Emas)	1967
Image:MYR50 fr.jpg	Image:MYR50 br.jpg	$50	Blue/grey		BNM logo (Kijang Emas)	1967
Image:MYR100 fr.jpg	Image:MYR100 br.jpg	$100	Violet		BNM logo (Kijang Emas)	1967
Image:MYR1000 fr.jpg	Image:MYR1000 br.jpg	$1000	purple/green		Parliament building	1983
For table standards, see the banknote specification table.

[edit] Second series

The second series was issued with Malaysian traditional ornamental designs in 1982–1984, in $1, $5, $10, $20, $50, $100, $500, and $1000 denominations. The $20 was generally relatively uncommon. The second series notes are still occasionally encountered.

The mark for the blind on the upper left hand corner was removed on the second revision in 1986.

In 1999 the RM500 and RM1000 notes were discontinued and ceased to be legal tender. This was due because of the Asian monetary crisis of 1997 when huge amounts of ringgit were taken out of the country to be traded in these notes. In effect the notes were withdrawn out of circulation and the amount of ringgit taken out of the country in banknotes was limited to RM1000.

In 1993, $1 notes were discontinued and replaced by the $1 coin.

Second Series (a)
Image		Value	Main Colour	Description		Date of issue	Remark
Obverse	Reverse			Obverse	Reverse
Image:Malaysia 1 ringgit front.jpg	Image:Malaysia 1 ringgit back.jpg	$1	Blue	Tuanku Abdul Rahman	The National Monument	1982	with blind mark.
Image:Malaysia 5 ringgit front.jpg	Image:Malaysia 5 ringgit back.jpg	$5	Green		King's Palace in Kuala Lumpur	1981
		$10	Red		Old Kuala Lumpur Railway Station	1983
		$20	Brown/white		Bank Negara Malaysia headquarters in Kuala Lumpur	1982
		$50	Blue/grey		National Museum in Kuala Lumpur	1983
		$100	Violet		National Mosque in Kuala Lumpur	1983
		$500	Orange		High Court building	1982
		$1000	Blue/green		Parliament building	1983
For table standards, see the banknote specification table.

Second Series (b)
Image		Value	Main Colour	Description		Date of issue
Obverse	Reverse			Obverse	Reverse
Image:Malaysia 1ringgit front.jpg	Image:Malaysia 1ringgit back.jpg	$1	Blue	Tuanku Abdul Rahman	The National Monument	1986
		$5	Green		King's Palace in Kuala Lumpur	1986
Image:Malaysia 10ringgit front.jpg	Image:Malaysia 10ringgit back.jpg	$10	Red		Old Kuala Lumpur Railway Station	1986
Image:Malaysia 20ringgit front.jpg	Image:Malaysia 20ringgit back.jpg	$20	Brown/white		Bank Negara Malaysia headquarters in Kuala Lumpur	1986
Image:Malaysia 50ringgit front.jpg	Image:Malaysia 50ringgit back.jpg	$50	Blue/grey		National Museum in Kuala Lumpur	1986
Image:Malaysia 100ringgit front.jpg	Image:Malaysia 100ringgit back.jpg	$100	Violet		National Mosque in Kuala Lumpur	1986
Image:Malaysia 500ringgit front.jpg	Image:Malaysia 500ringgit back.jpg	$500	Orange		High Court building	1986
Image:Malaysia 1000ringgit front.jpg	Image:Malaysia 1000ringgit back.jpg	$1000	Blue/green		Parliament building	1986
For table standards, see the banknote specification table.

[edit] Third series

The current and third series was issued with designs in the spirit of Wawasan 2020 in 1996–1999 in denominations of RM2, RM5, RM10, RM50 and RM100. The larger denomination RM50 and RM100 notes had an additional hologram strip to deter counterfeiters.

In 2004, Bank Negara issued a new RM10 note with additional security features including the holographic strip previously only seen on the RM50 and RM100 notes. A new RM5 polymer banknote with a distinctive transparent window was also issued. Both new banknotes are almost identical to their original third series designs. According to Bank Negara, all paper notes will eventually be phased out and replaced by polymer notes.

In 2000 the RM1 note was reintroduced, replacing the RM2 note (and in 2006, the RM1 coin) which remains legal tender.

Third Series [3]
Image		Value	Dimensions	Main Colour	Description		Date of issue	Status	Remark
Obverse	Reverse				Obverse	Reverse
Image:1 malaysia ringgit front.jpg	Image:1 malaysia ringgit back.jpg	RM1	120 × 65 mm	Blue	Tuanku Abdul Rahman	Tourism, Mount Kinabalu, Mount Mulu and "Wau Bulan" kite	2000	Circulation
Image:2 malaysia ringgit back.jpg	Image:2 malaysia ringgit front.jpg	RM2	130 × 65 mm	Lilac		Telecommunications, Menara Kuala Lumpur communications tower and the MEASAT satellite	1996	Withdrawn
Image:Malaysia 5ringgit front.jpg	Image:Malaysia 5ringgit back.jpg	RM5	135 × 65 mm	Green		Multimedia Super Corridor, KLIA and Petronas Twin Towers	1999	Withdrawn	paper
Image:Malaysia 5ringgit front 2004.jpg	Image:Malaysia 5ringgit back 2004.jpg						October 26, 2004	Circulation	polymer(Biaxially-oriented polypropylene)
Image:Malaysian RM10 front.jpg	Image:10 malaysia ringgit back.jpg	RM10	140 × 65 mm	Red		Transportation, Putra LRT train, Malaysia Airlines aircraft and MISC ship	1998	Withdrawn	without holographic strip
Image:10 malaysia ringgit front.jpg	Image:10 malaysia ringgit back.jpg						2004	Circulation	with holographic strip
Image:50 malaysia ringgit front.jpg	Image:50 malaysia ringgit back.jpg	RM50	145 × 69 mm	Blue/grey		Mining, Petronas oil platform	1998	Circulation
Image:100 malaysia ringgit front.jpg	Image:100 malaysia ringgit back.jpg	RM100	150 × 69 mm	Violet		Heavy Industrial, Proton car production line and engine	1998	Circulation
These images are to scale at 0.7 pixels per millimetre, a standard for world banknotes. For table standards, see the banknote specification table.

[edit] Commemorative

To commemorate the 1998 Commonwealth Games in Kuala Lumpur, a commemorative RM50 polymer banknote was issued, marking Malaysia's first usage of polymer banknotes. This note is hardly ever seen in normal usage, its use being a collector's commemorative.

Commemorative
Image		Value	Dimensions	Main Colour	Description		Date of issue	Remark
Obverse	Reverse				Obverse	Reverse
Image:Malaysia Commemorative 50 ringgit front.jpg	Image:Malaysia Commemorative 50 ringgit back.jpg	RM50	152 × 76 mm	Yellow and green	Tuanku Abdul Rahman, the skyline of Kuala Lumpur (with the Petronas Twin Towers)	Bukit Jalil Sports complex	1998	polymer(Biaxially-oriented polypropylene)
These images are to scale at 0.7 pixels per millimetre, a standard for world banknotes. For table standards, see the banknote specification table.

[edit] Fourth series

The Bank issues new design on the RM50 banknote. 20,000 sets with special packaging has been distributed by the bank on December 26th , 2007. The bank said that the note will be in general circulation starting from January 30th, 2008.

The new design RM50 banknote retains the predominant colour of green-blue. The main theme of the design is the National Mission where the first thrust is "to move the economy up the value chain" which reflects Malaysia’s economic transformation to the higher value-added activities in the agriculture, manufacturing and services sectors of the economy. The dominant intaglio portrait of the first Seri Paduka Baginda Yang di-Pertuan Agong, Tuanku Abdul Rahman ibni Tuanku Muhammad, is retained on the right and the national flower hibiscus is in the center on the front of the new RM50 banknote. Design patterns from songket weaving, which are in the background and edges of the banknote, are featured to reflect the traditional Malaysian textile handicraft and embroidery. The first 50 million pieces of the new RM50 banknote features Malaysia's first Prime Minister, Tunku Abdul Rahman Putra Al-Haj at the historic declaration of Malaya’s independence and the logo of the 50th Anniversary of Independence on the reverse side. ^[2]

Security on the bank note includes watermark portrait of the Yang di-Pertuan Agong, security thread, micro letterings, invisible fluorescent elements which can only be seen in ultra violet light, multi color latent image which an image will change color when viewed at different angle, a holographic stripe at the side of the note and a hidden image with moire effect to prevent copying using photocopier.^[2]

[edit] Exchange rate

Between 1995 and 1997, the ringgit was trading as a free float currency at around 2.50 to the U.S. dollar,^[3][4] before dipping to under 3.80 to the dollar by the end of 1997,^[4] following the year's East Asian financial crisis. For the first half of 1998, the currency fluctuated between 3.80 and 4.40 to the dollar,^[5] before Bank Negara Malaysia pegged the ringgit to the U.S. dollar in September 1998, maintaining its 3.80 to the dollar value for almost seven years. The ringgit lost 50% of its value between 1997 and 1998.

On July 21, 2005, Bank Negara announced the end of the peg to the U.S. dollar immediately after China's announcement of the end of the renminbi peg to the U.S. dollar.^[6][7][8] According to Bank Negara, Malaysia allows the ringgit to operate in a managed float against several major currencies. This has resulted in the value of the ringgit rising closer to its perceived market value, although Bank Negara has intervened in financial markets to maintain stability in the trading level of the ringgit.

After the end of the currency peg, the ringgit appreciated to 3.34 to the U.S. dollar since mid-2005. The ringgit has also appreciated against the Hong Kong dollar (HKD) (0.49 to 0.42 to the MYR^[9]) and the renminbi (CNY) (0.46 to 0.45 to the MYR^[10]), although its value against the renminbi has been volatile.

However, following a downward trend of the U.S. dollar's value, the ringgit depreciated against other currencies between December 2001 and October 2007, including the Singapore dollar (SGD) (2.07 to 2.29 to the MYR^[11]), the Euro (EUR) (3.40 to 4.83 to the MYR^[12]), the Australian dollar (AUD) (1.98 to 2.90 to the MYR^[13]), and the British pound (GBP) (5.42 to 6.49 to the MYR^[14]), as of October 30, 2007.

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[edit] References

[edit] See also

• Economy of Malaysia

[edit] External links

• Don's World Coin Gallery - Malaysia
• Tables of Modern Monetary Systems by Kurt Schuler - Asia ^{Mirror site}
• The Global History of Currencies - Malaysia
• Global Financial Data currency histories table (Image:Crystal 128 kspread.png Microsoft Excel format)
• Bank Negara Malaysia Currency page showing security features of current banknotes issue (RM1, RM2, RM5, RM10, RM50, and RM100 denominations).
• Bank Negara Malaysia Money Museum website providing numismatic collection, history of money in Malaysia, and galleries.
• Stamp & Coin Mart page on Malaysian Banknotes, including history of legal tender in Straits Settlements, Federation of Malaya and Malaysia.

Preceded by: Malaya and British Borneo dollar Reason: Currency Agreement Ratio: at par, or 60 dollars = 7 British pounds

Currency of Malaysia 1967 –

Succeeded by: Current

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