Malaysian ringgit
| Ringgit | |
|---|---|
| Country: |
 Malaysia
|
| Subdivision: | 100 sen |
| ISO 4217 code : | MYR |
| Abbreviation: | RM, $ , M $ |
|
Exchange rate : (August 24, 2020) |
1 EUR = 4.947 MYR 1 CHF = 4,597 MYR |
The Malaysian ringgit , also called ringgitt for short , is the currency of Malaysia (currency code MYR). It is divided into 100 sen . Unofficially, the ringgit is also known as the Malay dollar . In addition to the Malaysian ringgit, the Brunei dollar is colloquially referred to as ringgit in Malay .
history
The Malay word ringgit means jagged and refers to the jagged edges of the Spanish silver dollars that had been used as currency in Southeast Asia since the 16th century - silver and silver coins were practically the only means and materials, starting from China, which was short of silver which enabled Europeans to trade in the sphere of influence of the Chinese Empire.
Since 1837 the Indian rupee has been legal tender for the Straits Settlements following the silver dollar , but from 1867 the silver dollar again. In 1903 the Straits dollar was introduced by the colonial British Monetary Office. The exchange rate was then fixed at two shillings and four pence ; Private banks were banned from printing banknotes.
Reorganization after the Second World War
The Straits dollar was (with the exception of the time of the Japanese occupation 1942-1945) until 1953 currency in the country. In March 1953, the Malaya and British Borneo dollars were issued for the Malaya Federation and the British colonies of Singapore , Sarawak , British North Borneo and the Protectorate of Brunei . During these years the states of the Malay Peninsula and Borneo were released from the British colonial empire and became independent. In 1967 the Malayan and British Borneo dollars, along with the pound sterling, were devalued by 15%, whereas the new banknotes of the Bank Negara Malaysia and the currency commissions of Singapore and Brunei were not devalued.
Since August 1975 the name Ringgit has been the sole name for the Malaysian currency. Until then, the English name was dollar . The symbol $ was not replaced by RM until the 1990s.
After the Asian crisis of 1997, the exchange rate of the ringgit to the US dollar was set at 3.80 RM per dollar. Since July 21, 2005 the ringgit has been decoupled from the US dollar again.
Web links
Individual evidence
- ^ Charles C. Mann, "Columbus' Legacy", Part 2, Chapter 4, Rowohlt, 2013, Reinbek
