Knowing All About Malaysia Currency
Bank Negara Malaysia, the national bank of Malaysia, issues Malaysia Ringgit or MYR as their financial Malaysia currency code.
Malaysian Ringgit is divided by a hundred sen, which is equal to centavos.
The Malaysia Dollar can be traced back as early as June 12, 1967 when it changed from British and Malaya dollar as the country's main currency. It was called ringgit because of the silver Spanish dollars' jagged edges that was generally existed during the colonial time of the Portuguese. During the first years, Malaysia currency was called as cents and dollar, however, ringgit and sen was adapted in the early '90s.
At first, Malaysia, Singapore, and Brunei had an agreement about their currencies' interchangeability. The Malaysia Ringgit was transferable with the Brunei and Singaporean dollar until May 8, 1973. Since then, Malaysia broke off with the agreement.
In 1967, the centavos or sens coins' first collection was introduced. 1, 4, 10, 20, and 50 sen are the common denominations followed by 1 ringgit coin.
Bank Negara Malaysia, the Malaysian national bank, issued banknotes of Malaysian dollar on June 1967. 1, 5, 10, 50 and 100 dollars are the regular denominations, whereas in 1968 the 1000-dollar bill was introduced. Tuanku Abdul Rahman, who was Malaysia's first head of the state, can be seen on the picture of the Malaysian dollar bills.
50 Malaysia Ringgit (or RM50) with some RM10 bills are commonly dispensed on Automated Teller Machines. Malaysia Ringgit bills follow a color coding scheme.
Blue color for RM1, lilac for RM2 (although this has not been in circulation nowadays, green for RM5, red for RM10, brown or white for RM20 (out of circulation as well), blue/gray for RM50, violet for RM100, orange for RM500 (not in circulation), and blue or green for RM1000 (but has not been in circulation as well).
In 1967, Malaysia's first series of banknotes appeared, where the Kijang Emas images was imprinted behind, while Tuanku Abdul Rahman's image can be seen in front. In 1982, the second series was issued which has more decorative designs which depicted Malaysia's traditions and culture. The third issue, which is still circulated today, came out in 1996. In 2008, the fourth and latest series came out.
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Learn more about Malaysia Currency. Stop by CurrencyMalaysia.com where you can find out all about Malaysia Currency and what it can do for you.
by: Jade Ramirez
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Date: Tue, 30 Nov 2010
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