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1 Malaysian Ringgit
The Malaysian ringgit (/ˈrɪŋɡɪt/; plural: ringgit; symbol: RM; currency code: MYR; Malay name: Ringgit Malaysia; formerly the Malaysian dollar) is the currency of Malaysia. It is divided into 100 sen (cents). The ringgit is issued by the Central Bank of Malaysia.
The Word ringgit is an obsolete term for “jagged” in the Malay language. The word was originally used to refer to the serrated edges of silver Spanish dollars. Spanish coins circulated widely in the south-east Asian areas from the 16th and 17th centuries, as Spain controlled the Philippines as part of the Spanish colonial empire.
Before independence – The Spanish-American silver dollar brought over by the Manila galleons was the primary currency for international trade, used in Asia and the Americas from the 16th to 19th centuries; it was eventually called the ringgit.
After independence (1967–1997) – On 12 June 1967, the Malaysian dollar, issued by the new central bank, Central Bank of Malaysia, replaced the Malaya and British Borneo dollar at par. The new currency retained all denominations of its predecessor except the $10,000 denomination and also brought over the colour schemes of the old dollar. Over the course of the following decades, minor changes were made to the notes and coins issued, from the introduction of the M$1 coin in 1967 to the demonetization of RM500 and RM1,000 notes in 1999.
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