The Malaysian Ringgit (MYR), colloquially known as ringgit, is the currency of Malaysia. Ringgit means jagged after the serrated edge of silver Spanish dollars that were legal currency in Malaysia until 1903.
The ringgit is issued by the Central Bank of Malaysia, and its ISO 4217 code is MYR. The ringgit is divided into 100 cents (sen in Malay).
Before 1975, the Malaysian ringgit was called the Malaysian dollar. In 1975, the name was changed to ringgit in order to reflect Malaysia's cultural identity.
The Malaysian ringgit is a freely convertible currency, and it is one of the most widely traded currencies in the world. The ringgit is also used as a reserve currency by some countries.
The ringgit is pegged to the US dollar, and its exchange rate is determined by a basket of currencies, including the US dollar, the euro, the yen, and the pound sterling.
The Malaysian ringgit is a stable currency, and it has been relatively unaffected by the global financial crisis. The ringgit is expected to continue to strengthen in the coming years, as Malaysia's economy continues to grow.
