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Malaysian ringgit
Ringgit Malaysia (Malay)
ريڠݢيت مليسيا‎ (Jawi)
Currently issued Malaysian ringgit notes and coins, in use since 2012
ISO 4217
CodeMYR (numeric: 458)
Subunit0.01
Unit
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
SymbolRM‎
Denominations
Subunit
 1⁄100sen
Nickname
 senkupang (1⁄10 subunit, notably in Kedah and northern Peninsular Malaysia)
Banknotes
 Freq. usedRM1, RM5, RM10, RM20, RM50, RM100
 Rarely usedRM2 (discontinued, still legal tender); RM60, RM600 (commemorative); RM500, RM1000 (discontinued, ceased to be legal tender)
Coins
 Freq. used5, 10, 20, 50 sen
 Rarely used1 sen, RM1 (both discontinued, still legal tender)
Demographics
Date of introduction12 June 1967
ReplacedMalaya and British Borneo dollar
User(s) Malaysia
Issuance
Central bankCentral Bank of Malaysia
 Websitewww.bnm.gov.my
MintRoyal Mint of Malaysia
Valuation
Inflation1.8% (2024)
 SourceDepartment of Statistics, Malaysia

The Malaysian ringgit (/ˈrɪŋɡɪt/, Malaysian: [ˈriŋget]); plural: ringgit; symbol: RM; currency code: MYR; Malay name: Ringgit Malaysia; formerly the Malaysian dollar) is the currency of Malaysia. Issued by the Central Bank of Malaysia, it is divided into 100 cents (Malay: sen).

Etymology

[edit]
18th-century Spanish dollar with milled edges (jagged or "beringgit")

The word ringgit is an obsolete term for "jagged" in the Malay language. The word was originally used to refer to serrated edges. The first European coins to circulate widely in the region were Spanish "pieces of eight" or "cob", their crude appearance resembling stones, hence the word jagged.[1] The availability and circulation of this Spanish currency were due to the Spanish controlling nearby Philippines.[2]

An early printed source, the Dictionary of the Malayan Language from 1812 had already referred to the ringgit as a unit of money.[1]

In modern usage, ringgit is used almost solely for the currency. Due to the common heritage of the three modern currencies, the Singapore dollar and the Brunei dollar are also called ringgit in Malay (currencies such as the US and Australian dollars are translated as dolar), although nowadays the Singapore dollar is more commonly called dolar in Malay.[3] To differentiate between the three currencies, the Malaysian currency is referred to as Ringgit Malaysia, hence the official abbreviation and currency symbol RM. Internationally, the ISO 4217 currency code for Malaysian ringgit is MYR.

The Malay names ringgit and sen were officially adopted as the sole official names on 28 August 1975.[4] 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. In the northern states of Peninsular Malaysia, denominations of 10 sen are called kupang in Northern Malay and called pua̍t (鏺/鈸) in Penang Hokkien which is thought to be derived from the Thai word baht. e.g. 50 sen is lima kupang in Malay or 'samah' in the Kelantan dialect and gōo-pua̍t (五鏺/鈸) in Hokkien. The Tamil speaking communities in Malaysia use veḷḷi (வெள்ளி) meaning "silver" in Tamil to refer to ringgit, while for sen, the word kācu (காசு) is used, from which the English word "cash" is derived.

History

[edit]

Before independence

[edit]

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. The various dollars introduced in the 19th century were itself derived from the Spanish dollar: the Straits dollar, Sarawak dollar and the British North Borneo dollar. From these dollars were derived their successor currencies the Malayan dollar and the Malaya and British Borneo dollar, and eventually the modern-day Malaysian ringgit, Singapore dollar and Brunei dollar.

After independence (1967–1997)

[edit]

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.[5] 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.

As the Malaysian dollar replaced the Malaya and British Borneo dollar at par and Malaysia was a participating member of the sterling area, the new dollar was originally valued at 8+4⁄7 dollars per 1 British pound sterling; in turn, £1 = US$2.80 so that US$1 = M$3.06. In November 1967, five months after the introduction of the Malaysian dollar, the pound was devalued by 14.3% from US$2.80 to US$2.40, leading to a collapse in confidence for the sterling area and its demise in 1972. The new currency stayed pegged to the U.S. dollar at US$1 = M$3.06, but earlier notes of the Malaya and British Borneo dollar were devalued from US$2.80 to US$2.40 for 8.57 dollars; consequently these notes were reduced in value to 85 cents per dollar.

Despite the emergence of new currencies in Malaysia, Singapore and Brunei, the Interchangeability Agreement which the three countries adhered to as original members of the currency union meant the Malaysian dollar was exchangeable at par with the Singapore dollar and Brunei dollar. This ended on 8 May 1973, when the Malaysian government withdrew from the agreement.[6] The Monetary Authority of Singapore and the Brunei Currency and Monetary Board still maintain the interchangeability of their two currencies, as of 2021.[6] The Malaysian Ringgit name was introduced in 1975.

In 1993, the currency symbol "RM" (Ringgit Malaysia) was introduced to replace the use of the dollar sign "$" (or "M$").

Asian financial crisis and US dollar currency peg (1997–2005)

[edit]

Between 1995 and 1997, the ringgit was trading as a free float currency at around 2.50 to the US dollar,[7] but following the onset of the 1997 Asian financial crisis, the ringgit witnessed major dips to under 3.80 MYR/USD by the end of 1997 as a result of capital flight.[7] During the first half of 1998, the currency fluctuated between 3.80 and 4.40 MYR/USD,[7] before the Central Bank of Malaysia moved to peg the ringgit to the US dollar in September 1998, maintaining its 3.80 MYR/USD value while remaining floated against other currencies. In addition, the ringgit was designated non-tradeable outside of Malaysia in 1998 to stem the flow of money out of the country.

While the printing of RM500 and RM1,000 notes had ceased in 1996 in response to risks of money laundering and capital flight, the underestimated effects of the financial crisis prompted the central bank to completely discontinue the use of the notes by demonetising the remaining notes in circulation beginning 1 July 1999. The two denominations hereby ceased to be legal tender and were only exchangeable directly at the central bank; at the time of the demonetization, RM500 and RM1,000 notes were each worth approximately US$130 and US$260 respectably, based on the 3.80 MYR/USD peg rate. Despite these measures, some 7.6% of RM500 notes and 0.6% of RM1,000 notes remain in circulation as of 30 January 2011. During a 2011 parliamentary session, then Deputy Finance Minister Donald Lim Siang Chai asserted that a total of 150,599 and 26,018 pieces of RM500 and RM1,000 notes (RM75,299,500 worth of RM500 notes and RM26,018,000.00 worth of RM1,000 notes) have yet to be "recalled" through the central bank.[8] [better source needed]

The ringgit lost 50% of its value against the US dollar between 1997 and 1998, and suffered general depreciation against other currencies between December 2001 and January 2005. As of 4 September 2008, the ringgit had yet to regain its value circa 2001 against the Singapore dollar (2.07 to 2.40 MYR/SGD),[9] the euro (3.40 to 4.97 MYR/EUR),[10] the Australian dollar (1.98 to 2.80 MYR/AUD[11]), and the British pound (5.42 to 6.10 MYR/GBP[12]).

On 21 July 2005, Central Bank of Malaysia announced the end of the peg to the US dollar immediately after China's announcement of the end of the renminbi peg to the US dollar.[13][14][15] 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 Central Bank of Malaysia has intervened in financial markets to maintain stability in the trading level of the ringgit, a task made easier by the fact that the ringgit was pegged and has remained non-tradeable outside Malaysia since 1998.

Post-US dollar currency peg performance (2005–present)

[edit]

Following the end of the currency peg, the ringgit appreciated to as high as 3.16 MYR/USD in April 2008. The ringgit had also enjoyed a period of appreciation against the Hong Kong dollar (from 0.49 to 0.44 MYR/HKD)[16] and the renminbi (0.46 to 0.45 MYR/CNY)[17] as recently as May 2008. The initial stability of the ringgit in the late-2000s had led to considerations to reintroduce the currency to foreign trading after over a decade of being non-internationalised. In a CNBC interview in September 2010, Najib Tun Razak, the then Prime Minister and Finance Minister of Malaysia, was quoted in stating that the government was planning the reentry of the ringgit into off-shore trading if the move will help the economy, with the condition that rules and regulations were put in place to prevent abuses.[18] Despite considerations, the ringgit has continued to remain non-internationalised in a deliberate move to continue discouraging off-shore trading of the currency.[19]

Political uncertainty following the country's 2008 general election and the 2008 Permatang Pauh by-election, falling crude oil prices in the late-2000s, and the lack of intervention by the Central Bank of Malaysia to increase already low interest rates (which remained at 3.5% between April 2006 and November 2008)[20] led to a slight fall of the ringgit's value against the US dollar between May and July 2008, followed by a sharper drop between August and September of the same year. As a result, the US dollar appreciated significantly to close at 3.43 MYR/USD as of 4 September 2008,[21] while other major currencies, including the renminbi and Hong Kong dollar, followed suit. The ringgit spiked at 3.73 MYR/USD by March 2009, before gradually recovering to 3.00 MYR/USD by mid-2011 and normalising at around 3.10 MYR/USD between 2011 and 2014.

The ringgit experienced more acute plunges in the value since mid-2014 following the escalation of the 1Malaysia Development Berhad scandal that raised allegations of political channeling of billions of ringgit to off-shore accounts, and uncertainty from the 2015–16 Chinese stock market turbulence and the effects of the 2016 United States presidential election results. The currency's value fell from an average of 3.20 MYR/USD in mid-2014 to around 3.70 MYR/USD by early 2015; with China being Malaysia's largest trading partner, a Chinese stock market crash in June 2015 triggered another plunge in value for the ringgit, which reached levels unseen since 1998 at lows of 4.43 MYR/USD in September 2015, before stabilising around 4.10 to 4.20 to the US dollar soon after;[22] the currency later plummeted and hover below the 1998 lows at 4.40 and 4.50 MYR/USD, following the wake of the victory of pro-protectionist Donald Trump in the 2016 United States presidential election, which has raised questions of the United States' participation in the Trans-Pacific Partnership (TPP) (which Malaysia is a signatory of, and the United States had promptly pulled out from in January 2017) and Malaysia–United States trade as a whole (as the United States is among Malaysia's largest trading partners).

In response to the sharp drop of the ringgit in November 2016, Central Bank of Malaysia began a series of tougher crackdowns on under-the-counter non-deliverable forward trading of the ringgit in order to curb currency speculation.[19] Since then, the currency has seen a steady but consistent rate of appreciation against the US dollar, with significant increases since early-November 2017 following reports of positive economic performance, the restructuring of the TPP into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and increasing global oil prices. After appreciating as high as 3.86 to the US dollar as of early April 2018, the value dropped to around 4.18 MYR/USD by the end of October 2018 following increasing trade war tensions in response to the China–United States trade war, selloff panic from other emerging markets, as well as uncertainty in economic policy following an upset by the Pakatan Harapan coalition in the 2018 general election. With the exception of the Euro, the currency's has also seen some recovery of value to pre-late 2016 levels against other major currencies, including the renminbi, British pound, Australian dollar, Japanese yen and Singaporean dollar, but remains less valuable overall than before the end of 2013.

The ringgit was ranked among the region’s worst-performing currencies through much of 2023 and early 2024, mostly due to widening interest rate differentials between the US and Malaysia. But in 2024, the currency saw an overall appreciation of 2.7% against the US dollar. It was also one of the few currencies in Asia to appreciate against the US dollar driven by external factors that previously weighed it down, alongside strengthening domestic fundamentals and a resilient domestic expenditure and further improvement in external demand to support growth in 2025.[23][24] This is a 39-month high against the US dollar due to resilient coordinated effort between the government and Bank Negara Malaysia and the country's promising economic prospects.[25]

Historical exchange rates

[edit]
Single currency units in ringgit, averaged over the year
Currency 1970 1980 1990 1995 2000 2005 2010 2015 2020 2024
United States dollar 3.06 2.18 2.70 2.54 3.80 3.78 3.06 3.90 4.20 4.57
Euro
Introduced in 1999
 3.51 4.71 4.27 4.33 4.79 4.95
British pound 3.80 3.10 4.82 3.95 5.76 6.89 4.97 5.94 5.39 5.84
Singapore dollar 1.00 1.02 1.42 1.79 2.20 2.28 2.36 2.84 3.05 3.42
Australian dollar 3.20 2.40 2.11 1.89 2.21 2.89 2.96 2.93 2.90 3.02
Japanese yen
No data
 0.01 0.02 0.03 0.03 0.04 0.03 0.04 0.03
Chinese yuan 1.50 1.20 0.75 0.30 0.45 0.46 0.48 0.62 0.60 0.64
Current MYR exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD INR SGD IDR
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD INR SGD IDR
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD INR SGD IDR
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD INR SGD IDR

Coinage

[edit]

First series (1967)

[edit]

The first series of sen coins were introduced in 1967 in denominations of 1, 5, 10, 20 and 50 sen, followed by the introduction of the 1 ringgit coin (which used the $ symbol and is the largest coin in the series) in 1971. While varied by diameters, virtually all the coins were minted in near-consistent obverse and reverse designs and were very generic, with the obverse depicting the then recently completed Malaysian Houses of Parliament and the federal star and crescent moon from the canton of the Malaysian flag. All coins were minted from cupronickel, the only exception being the 1 sen coin, which was first composed from bronze between 1967 and 1972, then in steel clad with copper from 1973 onwards. The 50 sen coin is the only one in the series to undergo a redesign, a minor 1971 modification on its edge to include "Bank Negara Malaysia" letterings. All coins have the initials GC on the reverse, below the Parliament House. It stands for Geoffrey Colley, Malaysia first coin series' designer.[26][verification needed] The 1 ringgit coin was never popular at the time due to being in conflict with a banknote of equal face value, similar to the current situation regarding the 1 dollar coin of the United States dollar.

The coins of this first series were identical in size and composition to those of the former Malaya and British Borneo dollar. Though the Malayan currency union coins were withdrawn, they still appear in circulation on very rare occasions.

Minting of the first sen series ended in 1989, when the second series was introduced. The older coins remain legal tender as of 2019, but have steadily declined in number and are seldom seen in circulation in Malaysia.

First series (1967)[27]
Value Technical parameters Description Minted
from 		First
issue
Diameter
(mm) 		Composition Edge Obverse Reverse
1 sen 18.00 Bronze Smooth Parliament House;
14-pointed star and crescent moon 		Lettering: Malaysia;
value and year of minting 		1967–1981 12 June 1967
Copper-clad steel 1973–1988 1973
5 sen 16.00 Cupronickel Milled 1967–1988 12 June 1967
10 sen 19.00
20 sen 23.00
50 sen 28.00 Security 1967–1970
Lettering:
BANK NEGARA MALAYSIA 		1971–1988 1 May 1971
$1 33.00 1971–1986

Second series (1989)

[edit]

The second series of sen coins entered circulation in late 1989, sporting completely redesigned obverses and reverses, but predominantly retaining the design of edges, diameters and composition of the previous series' coins previous to 1989, the 1 ringgit coin being the exception. Changes include the depiction of items of Malay culture on the obverse, such as a local mancala game board called congkak on the 10 sen and the wau bulan or "moon kite" on the 50 sen among other things, as well as the inclusion of a Hibiscus rosa-sinensis (Malay: Bunga Raya), the national flower of Malaysia, on the upper half of the reverse. The second series was designed by Low Yee Kheng.

In addition to changes on its obverse and reverse, the size of the 1 ringgit coin was also reduced from a diameter of 33 to 24, and was minted from an alloy of copper, zinc and tin, as opposed to the first series' cupronickel. The $ symbol was brought over to the new coin, but was dropped in favour of "RINGGIT" for coins minted from 1993 onwards. On 7 December 2005, the 1 ringgit coin was demonetised and withdrawn from circulation. This was partly due to problems with standardisation (two different versions of the second series coin were minted) and forgery.[28]

As of 1 April 2008, a rounding mechanism of prices to the nearest 5 sen, applied to the total bill only, is in force, which was first announced in 2007 by Central Bank of Malaysia, in an attempt to render the 1 sen coin irrelevant.[29] Individual items and services can still be priced in multiples of 1 sen with the final totalled rounded to the nearest 5 sen. For example, purchasing two items priced RM4.88 and RM3.14, totalling RM8.02, would then be rounded to RM8.00. If each item had been individually rounded (to RM4.90 and RM3.15 respectively) the incorrect total would have been RM8.05. In practice, individual items will probably remain priced at so-called "price points" (or psychological pricing and odd-number pricing) ending in 98 and 99 to maximise rounding gains for the vendor, especially in the case of single item purchases. Existing 1 sen coins in circulation remain legal tender for payments up to RM2.00.[30]

Second series (1989)[31][32]
Value Technical parameters Description Minted
from 		First
issue 		Withdrawn
Diameter
(mm) 		Mass
(g) 		Composition Edge Obverse Reverse
1 sen 17.78 1.74 Copper-clad steel Smooth Rebana ubi National flower;
Lettering:
Bank Negara Malaysia;
value, year of minting 		1989–2008 4 September
1989 		Current
5 sen 16.25 1.41 Cupronickel Milled Gasing 1989–2011
10 sen 19.40 2.82 Congkak
20 sen 23.59 5.66 Tepak sireh
50 sen 27.76 9.33 Lettering:
BANK NEGARA MALAYSIA 		Wau
$1 24.50 9.30 Copper: 84%
Zinc: 12%
Tin: 4% 		Milled Keris and songket Similar except for value: $1 1989–1993 2005
Similar except for value:
1 RINGGIT 		1993–1998 1993
For table standards, see the coin specification table.

Third series (2012)

[edit]

The third series of coins were announced on 25 July 2011, first being issued as commemorative coins to mark their release on 16 January 2012. The third series carry a theme named "Distinctively Malaysia" and are inspired from motifs of flora and fauna drawn from various cultures in Malaysia to "reflect the diversity and richness of Malaysia's national identity". The denominations issued are 5, 10, 20 and 50 sen. On 24 October 2011, Deputy Finance Minister Datuk Donald Lim named Poogsan Corporation of South Korea as the series' coin suppliers and the coins are minted at the Bank Negara Mint in Shah Alam.[33]

According to Lim, costs in producing the coins will be reduced by 49% due to the change in metal composition. Other changes in the series include the diameter, the colour on the 20- and 50 sen coins (from silver to yellow) and a redesign on the obverse (featuring different motifs for each denomination), fourteen dots symbolising the thirteen states and the collective Federal Territories, and five horizontal lines indicating the five principles of Rukunegara.[34]

The 50-cent coin is more distinctive than the other denominations. The round shape of the coin has nine indentations, forgoing the original "BANK NEGARA MALAYSIA" lettering. The obverse does not feature the five horizontal lines, but instead a latent image security feature is placed over the coin, where lettering of the denomination "50" and "SEN" can be seen when the coin is tilted slightly.

The 20 sen and 50 sen coins look similar to €0.10 and €0.20 coin in size, edge design and colour; however, they are only worth at €0.047 and €0.12 respectively.

Third series (2012)[35]
Value Technical parameters Description Minted
from 		First
issue
Diameter
(mm) 		Mass
(g) 		Composition Edge Obverse Reverse
5 sen 17.78 1.72 Stainless steel Smooth Destar siga pattern; Sulur kacang;
14 dots and 5 lines (Rukun Negara) 		National flower;
Lettering:
Bank Negara Malaysia;
value, year of minting 		2011 16 January 2012
10 sen 18.80 2.98 Milled Mah Meri people weave pattern;
14 dots and 5 lines (Rukun Negara)
20 sen 20.60 4.18 Nickel-brass Jasmine flower; Destar siga pattern;
14 dots and 5 lines (Rukun Negara)
50 sen 22.65 5.66 Nickel-brass clad
copper 		Spanish flower
(9 indents) 		Sulur kacang; 14 dots;
Latent image: 50 and SEN
For table standards, see the coin specification table.

Kijang Emas

[edit]
Main article: Kijang Emas

Three denominations of gold bullion coins, the "Kijang Emas" (the kijang, a species of deer, being part of Central Bank of Malaysia's logo) are also issued, at the face value of RM 50, RM 100 and RM 200, weighing 1⁄4 oz, 1⁄2 oz and 1 oz (Troy ounce), respectively. It is minted by the Kilang Wang Central Bank of Malaysia and was launched on 17 July 2001 by Central Bank of Malaysia, making Malaysia the twelfth country to issue its own gold bullion coins. Like other bullion coins issued around the world, the Kijang Emas is primarily used as an investment rather than in day-to-day circulation. The purchase and resale price of Kijang Emas is determined by the prevailing international gold market price.[36] Current price of the Kijang Emas is rated at RM 8266 for 1oz, RM 4211 for 1⁄2 oz and RM 2144 for 1⁄4 oz (November 17, 2020).[37]

Banknotes

[edit]

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Malaysian ringgit

View on Grokipedia
from Grokipedia
The (Malay: ringgit Malaysia; code: MYR; symbol: RM) is the official currency and of , issued exclusively by the , Bank Negara Malaysia (BNM), and subdivided into 100 smaller units called sen. Introduced on 12 June 1967 as the Malaysian dollar to replace the at , it marked 's assertion of monetary sovereignty following in 1957 and the establishment of BNM in 1959. The currency's name was officially changed to "ringgit" via the Malaysian Currency (Ringgit) Order 1975, reflecting the Malay term historically used for certain Spanish silver dollars traded in the region, while the RM symbol was adopted in 1992 to distinguish it internationally. Historically pegged to commodities like silver and later the British pound, the ringgit transitioned to a post-1973 oil shocks, allowing BNM greater flexibility to align with domestic growth and inflation rather than rigid external anchors. A defining episode occurred during the , when speculative attacks devalued the ringgit by over 40% against the US dollar; in response, Mahathir Mohamad's administration imposed selective capital controls in September 1998, including a one-year lock-up on repatriated offshore ringgit holdings and a fixed peg at RM3.80 per USD, rejecting IMF-recommended in favor of domestic stimulus. These measures, though criticized by Western institutions for distorting markets, facilitated a sharper recovery—Malaysia resumed positive growth by mid-1999, outperforming regional peers reliant on —before gradual and a return to floating in 2005. Today, the ringgit operates under a flexible framework, with BNM intervening to curb volatility while prioritizing control below 3% annually, supported by denominations in coins (1, 5, 10, 20, 50 sen) and banknotes (RM1 to RM100) featuring national motifs like the flower and notable figures. This system has navigated commodity booms, global trade shifts, and occasional depreciations, underscoring the ringgit's role in Malaysia's export-driven as Southeast Asia's third-largest.

Name and symbols

Etymology

The word ringgit derives from the Malay term meaning "jagged" or "serrated," originally denoting the milled edges of Spanish silver dollars that circulated extensively in during the 16th to 19th centuries. These coins, primarily the Spanish real de a ocho (piece of eight), featured serrated rims designed to prevent clipping and shaving, earning them the local descriptor "beringgit" in trade contexts. Malaysia's official language authority, , defines ringgit as equivalent to "gerigi," referring to the serrations on coin edges, a usage predating the formal adoption of the term for the national currency in 1967. Prior to , the term informally signified high-value silver coins in regional commerce, reflecting the dominance of Spanish and later Mexican-minted dollars in Southeast Asian ports like and . This etymological link underscores the currency's historical ties to global silver trade routes rather than indigenous minting traditions.

Currency symbols and codes

The Malaysian ringgit uses the ISO 4217 alphabetic code MYR and numeric code 458. These codes facilitate international transactions, with MYR assigned to the currency since its standardization under ISO 4217. The official currency symbol is RM, an abbreviation of "Ringgit Malaysia," placed before the amount (e.g., RM10.00). This replaced the prior symbol M$ on 1 December 1992, aligning with the currency's formal naming post-independence and distinguishing it from other dollar-based currencies. Unlike currencies with unique glyphs (e.g., ¥ or €), RM employs standard Latin characters without a dedicated Unicode symbol, ensuring compatibility in digital and print formats.

History

Pre-independence origins

The term ringgit derives from a Malay word meaning "jagged" or "toothed," referring to the serrated edges of the de a ocho, a silver dollar coin widely used in Southeast Asian trade from the 16th to 19th centuries due to Spanish colonial influence via the and . These coins served as a primary in the Malay states, where pre-colonial economies relied on , gold dust, tin ingots, and local minted pieces. British colonial administration formalized currency with the introduction of the Straits dollar in 1845 for the Straits Settlements of , , and , initially pegged to the and the . This dollar, subdivided into 100 cents, extended its circulation to the and protectorates through trade and administrative use, effectively supplanting informal systems. In local Malay parlance, the Straits dollar retained the name ringgit, preserving the linguistic link to earlier silver trade coins. The replaced the Straits dollar at par in 1939 under British Board of Commissioners of Currency, pegged to the at 1 dollar equaling 2 shillings 4 pence (approximately 60 dollars to 7 pounds). disrupted this with Japanese "banana money," which caused and was discarded post-liberation. The resumed in 1946, evolving into the in 1952, maintaining the 100-cent subdivision and ringgit designation in Malay, setting the stage for post-independence continuity.

Introduction post-independence (1967–1997)

On 12 June 1967, Bank Negara Malaysia assumed sole authority to issue currency, launching the Malaysian dollar and replacing the Malaya and British Borneo dollar at par value of 1:1. This shift ended the pre-independence currency board system, which had tied issuance to sterling reserves, and enabled independent monetary policy aligned with national economic priorities post-1957 independence. The first coins, denominated in sen (1/100 ringgit), included 1, 5, 10, 20, and 50 sen values, featuring national symbols such as the hibiscus flower and parliamentary building; a 1 ringgit coin followed in 1971. Banknotes in denominations of 1, 5, 10, and 50 ringgit were also introduced, depicting Malaysian landmarks and endorsed by the central bank governor. Initially termed the Malaysian dollar, the currency's colloquial name "ringgit," derived from a historical term for Spanish dollars, gained official status via the Currency Act 1975, which mandated its use in legislation and standardized the abbreviation as "M$." management began under a fixed regime pegged to content, with the rate at approximately 3.08 Malaysian dollars per US dollar in 1967. Following the 1971 and 1973 US dollar devaluation, Bank Negara realigned the parity to 2.53 ringgit per US dollar to preserve parity. By mid-1973, Malaysia transitioned to a managed floating regime, allowing Bank Negara interventions to stabilize volatility amid export commodity booms in tin, rubber, and . From 1973 to 1997, the ringgit appreciated gradually against the US dollar, reaching around 2.50 ringgit per dollar by July 1997, buoyed by sustained current account surpluses, in , and annual GDP growth averaging 6-8% during the and early . Capital controls were minimal, but Bank Negara occasionally sterilized inflows to curb , which averaged below 5% for much of the period. This stability facilitated Malaysia's industrialization under the (1971-1990), though periodic pressures from oil price shocks in 1973-1974 and 1980-1982 tested reserves, prompting temporary import restrictions rather than devaluation. By the mid-1990s, the regime emphasized export competitiveness, with the ringgit's real effective remaining broadly stable until speculative attacks presaged the 1997 crisis.

Asian Financial Crisis and USD peg (1997–2005)

The Asian Financial Crisis erupted in 1997 following the collapse of the , triggering regional contagion that severely impacted 's export-dependent economy and financial markets. The Malaysian ringgit, operating under a prior to , depreciated rapidly amid capital outflows and speculative attacks, falling from approximately RM2.50 per USD in early 1997 to a low of RM4.88 per USD by 1998. Bank Negara Malaysia initially defended the currency through interventions and hikes peaking at 15% in late 1997, which strained and exacerbated a , but these measures proved unsustainable as reserves dwindled. The ringgit's volatility contributed to a sharp economic contraction, with GDP declining by 7.4% in 1998, plunge, and non-performing loans surging to over 20% of total lending. In response, Prime Minister Mahathir Mohamad's administration rejected IMF-recommended austerity and instead adopted heterodox policies on September 1, 1998, imposing selective capital controls to stem outflows, including a one-year lock-in for foreign portfolio investments and restrictions on offshore ringgit trading. Concurrently, effective September 2, 1998, Bank Negara Malaysia pegged the ringgit to the US dollar at RM3.80 per USD, abandoning the managed float to restore stability and regain monetary policy autonomy. This peg, defended through ongoing interventions, allowed interest rates to be cut aggressively to around 4% by early 1999, boosting domestic demand and credit while insulating the economy from further speculative pressures. Critics, including the IMF, argued the controls distorted markets and delayed structural reforms, yet empirical outcomes showed Malaysia avoiding the prolonged recessions faced by IMF-program countries like Thailand and Indonesia. The peg facilitated a robust recovery, with GDP rebounding to 6.1% growth in 1999 and averaging over 5% annually through 2005, driven by exports, domestic stimulus, and controlled below 2%. Capital controls were gradually eased from 1999 onward, with full repatriation allowed after the lock-in period, though the peg remained in place to anchor expectations amid global uncertainties like the 2001 US . By 2005, accumulated current account surpluses and a stronger external position prompted Bank Negara to abandon the peg on , transitioning to a managed float against a basket of currencies. The policy's success in stabilizing the ringgit without external conditionality highlighted an alternative to orthodox approaches, though it drew debate over potential long-term inefficiencies in .

Floating regime and mid-term performance (2005–2019)

On July 21, 2005, Bank Negara Malaysia (BNM) discontinued the ringgit's fixed peg to the US dollar at 3.80 MYR/USD, transitioning to a referenced against an undisclosed basket of currencies weighted by Malaysia's major trading partners. This shift aimed to enhance Malaysia's adaptability to strengthening external demand and regional economic recovery, allowing the ringgit to fluctuate based on while BNM intervened to mitigate excessive volatility and disorderly adjustments. Under the managed float, the ringgit initially depreciated modestly to around 3.90–4.00 MYR/USD in late 2005 amid adjustment pressures, but then appreciated steadily through 2008, reaching approximately 3.16 MYR/USD by April 2008, supported by robust export growth in and commodities like , alongside a current account surplus exceeding 10% of GDP. The 2008 global financial crisis triggered a sharp reversal, with the ringgit weakening to 3.77 MYR/USD by year-end due to capital outflows and reduced global demand, though BNM's interventions and domestic stimulus limited the decline and facilitated a rebound to 3.06 MYR/USD by 2011. From 2011 to 2019, the ringgit exhibited greater volatility, appreciating to near-record lows of 2.95–3.00 MYR/USD in early 2011 before depreciating progressively amid falling global commodity prices—particularly , which averaged over $100 per barrel in 2011–2014 but plummeted below $50 by 2015—and China's economic slowdown impacting regional trade. By mid-2015, the rate surpassed 4.00 MYR/USD, peaking at around 4.30 in 2016, driven further by US Federal Reserve rate hikes strengthening the and investor shifts to higher-yield assets. BNM countered with sales and verbal guidance to stabilize the currency, achieving relative steadiness at 4.10–4.20 MYR/USD by 2019, underpinned by diversified exports and inflows averaging 3–4% of GDP annually. Key drivers included external factors like interest rate differentials with the , which exerted depreciatory pressure during Fed tightening cycles, and domestic elements such as Malaysia's trade balance, which remained positive but was vulnerable to price swings comprising over 20% of exports. BNM's policy emphasized smoothing rather than targeting specific levels, preserving monetary autonomy for control, with the ringgit's real effective depreciating by about 15% cumulatively over the period, aiding export competitiveness despite nominal fluctuations.
YearAverage MYR/USD RateKey Events/Drivers
20053.78Transition to managed float; initial adjustment.
20083.33Peak appreciation; pre-GFC commodity boom.
20113.06Post-GFC recovery peak.
20154.18Depreciation from oil crash and capital outflows.
20194.14Stabilization via interventions.

Recent volatility and recovery (2020–present)

The Malaysian ringgit experienced sharp depreciation in early 2020 due to the , which triggered global from emerging markets and disrupted Malaysia's export-dependent . The USD/MYR exchange rate surged from around 4.08 in to a multi-year low of approximately 4.45 in March, reflecting heightened volatility as lockdowns hampered trade and tourism while oil prices collapsed. Bank Negara Malaysia (BNM) responded with liquidity measures and verbal interventions to stabilize flows, but the annual average settled at 4.2029 USD/MYR, marking a roughly 3% weakening from 2019 levels. Domestic political turmoil, including a change in in February-March, exacerbated investor uncertainty during this period. Partial recovery ensued in 2021 as vaccine deployments supported global demand for Malaysian commodities like and semiconductors, with the USD/MYR averaging 4.1439 for the year—a modest 1.4% strengthening. However, volatility resurfaced from 2022 onward amid widening U.S.-Malaysia interest rate differentials, as the hiked rates aggressively to combat while BNM maintained steady policy to nurture post-pandemic growth. This led to sustained outflows, pushing the annual average to 4.3982 in 2022, 4.5577 in 2023, and 4.5747 in 2024, with intra-year peaks exceeding 4.7 amid U.S. dollar strength and softer Malaysian exports tied to China's economic slowdown. BNM occasionally intervened in forex markets to curb excessive swings, emphasizing that managed float allowed absorption of external shocks without rigid pegs. Signs of recovery emerged in late 2024 and accelerated into 2025, driven by anticipated U.S. rate cuts weakening the , robust Malaysian GDP growth exceeding 5%, and renewed foreign inflows into bonds and equities amid stable domestic politics under Prime Minister Anwar Ibrahim's . The ringgit appreciated over 5% year-to-date against the USD by October 2025, with USD/MYR falling to around 4.22 from April highs near 4.38, supported by higher commodity export revenues and BNM's hawkish signals on potential rate adjustments. This rebound reflects causal links to external monetary convergence and internal resilience, though analysts caution that renewed U.S. policy tightening or geopolitical tensions could reintroduce volatility. As of January 2026, the mid-market exchange rate is approximately 1 USD = 4.35 MYR, though rates fluctuate constantly.

Exchange rate policies and performance

Upon its introduction on June 12, 1967, the Malaysian ringgit was established at an exchange rate of approximately 3.5 MYR per USD, initially maintaining parity with the Singapore dollar under the Currency Interchangeability Agreement while being influenced by the British pound sterling peg. By the early 1970s, following the shift to a managed float in 1973 and adoption of the USD as the primary intervention currency in 1972, the rate stabilized around 3.0-3.1 MYR per USD. During the 1970s and 1980s, the ringgit generally appreciated against the USD amid Malaysia's export-led growth and commodity booms, reaching a record strength of about 2.12 MYR per USD in September 1980 before depreciating modestly to around 2.48 by 1985 due to global oil price fluctuations and domestic policy adjustments. The 1990s saw relative stability under a managed float against a currency basket, with annual averages hovering between 2.3 and 2.6 MYR per USD until the 1997 Asian Financial Crisis triggered a sharp depreciation from approximately 2.50 MYR per USD pre-crisis to as weak as 4.88 MYR per USD by late 1997, reflecting capital outflows and speculative attacks. In September 1998, Bank Negara Malaysia imposed a fixed peg at 3.80 MYR per USD to restore stability, which held until , 2005, limiting volatility but accumulating misalignment as Malaysia's productivity outpaced the USD anchor. Post-depeg, the ringgit transitioned to a managed float and appreciated steadily, reaching about 3.08-3.16 MYR per USD by 2008 amid strong commodity prices and current account surpluses. From 2010 to 2014, the ringgit continued a net appreciation of roughly 15% against the USD, but reversed course post-2015 due to falling oil revenues, political uncertainties, and global USD strength, depreciating to averages near 4.0-4.3 MYR per USD through 2019. The in 2020 exacerbated weakness to around 4.4 MYR per USD, followed by further depreciation to a multi-year low of 4.70 in 2022 amid U.S. rate hikes and widening differentials. Recovery ensued in 2023-2024, with an 11% appreciation from mid-2024 lows driven by narrowing differentials and improved trade balances, stabilizing near 4.22 MYR per USD by 2025. Continuing this trend of appreciation, as of February 18, 2026, 26 Malaysian Ringgit (MYR) equals approximately 6.67 US Dollars (USD), based on the mid-market exchange rate of 1 MYR ≈ 0.25641 USD; exchange rates fluctuate and this is for informational purposes.
PeriodAverage MYR per USDKey Trend
1971-1980~2.5 (declining to 2.12 peak strength)Appreciation amid growth
1981-1996~2.4-2.6Managed stability
1997-19982.5 to 4.88 depreciation
1998-20053.80 (fixed)Peg stability
2005-2014~3.2-3.8 (net 15% gain)Post-peg appreciation
2015-2021~4.0-4.4Gradual weakening
2022-20254.3-4.7 (with 2024 recovery)Volatility and partial rebound

Key policy shifts and regimes

Upon 's independence, the ringgit initially followed a managed tied to the currencies of major trading partners, with Bank Negara Malaysia (BNM) assuming control over issuance in June 1967. This system allowed for interventions to maintain stability against external pressures, reflecting a balance between fixed peg influences from the British pound pre-1973 and subsequent adjustments toward a US dollar basket. The Asian Financial Crisis prompted a decisive shift on September 1, 1998, when BNM imposed capital controls and fixed the ringgit to the US dollar at RM3.80 per USD to curb speculative attacks and restore investor confidence amid a 50% since mid-1997. This hard peg, coupled with selective controls on outflows, diverged from IMF-recommended floating and , prioritizing domestic recovery over immediate ; reserves subsequently tripled to over $75 billion by 2005, supporting economic rebound with GDP growth averaging 5.5% annually from 1999 to 2004. On July 21, 2005, BNM abandoned the peg in favor of a , allowing market forces to determine the rate against a undisclosed basket of currencies while retaining intervention authority to ensure orderly conditions. The transition addressed overvaluation risks from surging inflows and export competitiveness erosion, with the ringgit appreciating 5% immediately post-shift before stabilizing around RM3.50–RM4.00 per USD through the late . This flexible approach enhanced autonomy, enabling responses to global shocks without rigid anchoring. Since 2005, the managed float has persisted without formal regime changes, characterized by BNM's non-discretionary interventions—buying or selling ringgit to dampen volatility rather than target levels—amid episodes like the 2008 global crisis (ringgit fell 20% before recovering) and 2022's 11.4% USD depreciation to RM4.70, countered by reserve drawdowns and policy tightening. IMF classifications confirm Malaysia's "stabilized arrangement" within floating categories, with interventions averaging less than 1% of GDP annually but intensifying during external yield differentials or commodity price swings tied to and palm exports. This regime supports export-led growth while mitigating imported , though critics note occasional opacity in basket composition limits transparency.

Factors driving fluctuations

The Malaysian ringgit's exchange rate fluctuations are influenced by both short-term external shocks and longer-term domestic fundamentals, as an heavily reliant on trade and capital flows. Short-term movements often stem from global divergences, particularly U.S. hikes, which widen yield differentials and prompt capital outflows from emerging markets like , leading to ringgit depreciation. For instance, between December 2021 and October 2022, the ringgit weakened by 11.4% against the U.S. dollar, from 4.2 to 4.7 MYR per USD, largely due to these differentials and heightened global . Commodity price volatility significantly drives ringgit swings, given Malaysia's status as a major exporter of crude oil, , and , which account for a substantial portion of its current account surplus. Declines in these prices, such as during the early period in 2020, exacerbated volatility by eroding export revenues and widening trade vulnerabilities, while rebounds—supported by post-pandemic demand—have aided appreciation, as evidenced by the ringgit's partial recovery in 2023-2024 amid stabilizing markets. Domestic factors, including Bank Negara Malaysia's (BNM) stance and fiscal discipline, modulate these external pressures but can amplify fluctuations during periods of political uncertainty or uneven growth. BNM's interventions aim for orderly market conditions under a since 2005, yet persistent current account surpluses—driven by export competitiveness—provide a fundamental anchor, countering tendencies when global sentiment sours. In 2024, the ringgit traded within a 52-week range of 4.09-4.98 MYR per USD, reflecting interplay between robust foreign inflows into Malaysian bonds and sporadic outflows tied to U.S. dollar strength. Regional dynamics, such as China's economic slowdown and trade linkages, further contribute to volatility, with spillovers from weaker demand for Malaysian electronics and commodities pressuring the ringgit during growth divergences. Empirical analyses indicate that while short-term drivers like business cycles and investor sentiment dominate nominal effective shifts, long-term determinants—such as relative productivity growth and terms-of-trade improvements—sustain undervaluation or overvaluation trends, underscoring the ringgit's responsiveness to both cyclical and structural forces.

Physical forms

Coinage series and designs

The first series of Malaysian coins was introduced by Bank Negara Malaysia on June 12, 1967, coinciding with the issuance of the nation's inaugural notes. This series comprised denominations of 1, 5, 10, 20, and 50 sen, with a 1 ringgit coin added in 1971. The obverse of all coins featured a portrait of Tuanku Abdul Rahman, Malaysia's first Yang di-Pertuan Agong, while the reverse displayed the Parliament House building alongside a crescent moon and a 13-pointed star symbolizing the federation's 13 states. Materials included for lower denominations and for higher ones, with the 50 sen coin receiving a minor edge redesign in 1971 to incorporate "Bank Negara Malaysia" lettering for enhanced security. The second series, issued on September 4, 1989, replaced the first amid efforts to modernize designs while maintaining approximate sizes for familiarity. Denominations mirrored the prior series, including 1 sen depicting a rebana ubi (traditional Malay frame drum), with other values showcasing cultural motifs such as a congkak game board on the 10 sen. The 1 ringgit coin was redesigned to be smaller, using a copper-zinc-tin to reduce production costs. This series emphasized elements of Malay heritage, shifting from national symbols to traditional artifacts, and continued using alloys like nickel-plated for durability until minting of the 1 sen ceased around 2008 due to its negligible transactional value. In January 2012, Bank Negara Malaysia launched the third series under the theme "Distinctively Malaysia," focusing on denominations of 5, 10, 20, and 50 sen to streamline circulation by omitting the 1 sen. Designs incorporated motifs from traditional crafts, , and —such as patterns and woven motifs—to reflect , with bimetallic construction for the 50 sen featuring a yellow center and silver ring for easy identification. Crafted from a proprietary blend for resistance and lighter weight, the coins include reeded edges, varying diameters, and anti-counterfeiting engravings to aid the visually impaired and deter . This series prioritizes practicality, with gradual replacement of older coins to reduce handling costs in low-value transactions.
SeriesIntroduction DateKey DenominationsPrimary Design ThemeNotable Features
FirstJune 12, 19671–50 sen; 1 ringgit (1971)National symbols (, 13 states)/; portrait of first
SecondSeptember 4, 19891–50 sen; 1 ringgitMalay cultural elements (drums, games)Cultural motifs; variations for cost efficiency
ThirdJanuary 20125–50 senTraditional crafts, /Bimetallic 50 sen; durable , accessibility edges

Banknote series and security features

The first series of Malaysian ringgit banknotes was introduced by Bank Negara Malaysia on 12 June 1967, coinciding with the establishment of the central bank, with denominations including 1, 5, 10, 20, and 50 sen alongside RM1, RM5, RM10, RM100, and RM1,000. The low-denomination sen notes, such as the 10 sen, were issued briefly as paper currency before being replaced by coins, with discontinuation occurring by the 1980s as coins dominated circulation for values below RM1. These notes featured the portrait of Tuanku Abdul Rahman ibni Almarhum Tuanku Muhammad, the first Yang di-Pertuan Agong, on the obverse, alongside national symbols such as the Parliament House and the national anthem notation; reverse designs highlighted economic themes like agriculture and industry. Basic security elements included a watermark of the portrait and simple intaglio printing. The second series, issued between 1982 and 1984, emphasized traditional Malaysian ornamental motifs like patterns and floral designs, with denominations including the newly introduced RM20 and RM500 alongside RM1, RM5, RM10, RM50, RM100, and RM1,000. Higher denominations (RM10, RM50, RM100) entered circulation on 15 September 1983, while RM1, RM5, and RM1,000 followed on 16 January 1984. Enhanced incorporated a more prominent visible as a dotted line under light, an enlarged latent denomination image, a larger transparent register mark, and metallic numbering for serials. The third series began issuance in 1996, incorporating thematic elements aligned with national development goals such as , with progressive releases including a redesigned RM100 on 26 October 1998 featuring updated motifs like the . Denominations spanned RM1 to RM1,000, though higher notes like RM500 and RM1,000 were phased out by the early due to low circulation. Security advancements included a wider with microtext, iridescent effects on certain elements, and improved fluorescent inks visible under ultraviolet light. The current fourth series, themed "Distinctively Malaysia" to showcase , natural endowments, and economic sectors, commenced with the RM50 note on 21 December 2007, followed by RM1 () in June 2012, and the remaining denominations (RM5 , RM10, RM20, RM100 paper) from 16 July 2012. Obverses uniformly display the portrait of Tuanku Abdul Rahman, the (national flower), and motifs, while reverses depict specific icons: RM100 (natural wonders like ), RM50 (agriculture and rural heritage), RM20 (trade and industry), RM10 ( and heritage), RM5 ( and ), and RM1 (national missions). Dimensions vary by denomination, from 120mm x 65mm (RM1) to 150mm x 69mm (RM100), with polymer substrates for lower notes to enhance durability. Security features across series have evolved to counter counterfeiting, with the fourth series incorporating advanced elements like intaglio printing for tactile verification of portraits and text, perfect see-through registers aligning obverse-reverse elements under light, micro-lettering readable only under magnification, two-tone fluorescent features glowing under UV (e.g., denomination and BNM logo), embedded security threads with holographic effects (revealing "RM" values and "BNM" when tilted for RM50 and RM100), and multicolored security fibers. Polymer notes (RM1, RM5) add transparent windows with holographic images and intricate see-through designs. Earlier series relied more on basic watermarks and threads, but post-1996 iterations introduced optical variable devices and magnetic inks detectable by automated machines. Bank Negara Malaysia periodically verifies these via public guides, emphasizing multi-sensory checks to distinguish genuine notes.
DenominationSubstratePredominant ColorKey Reverse Theme
RM1BlueNational missions and unity
RM5Green and
RM10Red and heritage
RM20OrangeTrade, industry, and connectivity
RM50Green-blue and rural
RM100PurpleNatural wonders and

Commemorative and special issues

Bank Negara Malaysia, the central bank, has issued commemorative coins and banknotes intermittently since 1969 to honor national milestones, historical anniversaries, and diplomatic achievements, with each issuance requiring approval from the Finance Minister. These special issues are produced in limited quantities, often featuring unique designs that incorporate symbolic motifs such as national emblems, historical figures, or event-specific , and are made available for public purchase on a first-come, first-served basis. Unlike standard circulating , commemorative pieces serve primarily as collectibles rather than everyday , though they retain . Commemorative coins have been released for events including the 20th anniversary of Bank Negara Malaysia's establishment in 1979, with a 1 ringgit depicting the bank's and founding date. In 2012, coins in denominations of 5 sen, 10 sen, 20 sen, and 50 sen marked the introduction of the third coin series, featuring updated designs with Malaysian flora and fauna. Subsequent issues include the 60th anniversary of the of in 2017 (denominations unspecified but limited edition), the 100th anniversary of the cooperative movement (date not specified in issuance announcement but tied to 2022 centennial), and the 75th anniversary of the National Registration Department in July 2024. More recent coins commemorate the installation of Sultan Ibrahim as the 17th Yang di-Pertuan Agong on October 2, 2024, and the 50th anniversary of -China diplomatic relations in December 2024, available for order through official channels until early 2025. Special banknotes, less frequent than coins, include the 50 ringgit polymer note issued in 1998 for the XVI in , printed in a of 480,000 with event-themed designs. For the 50th anniversary of independence in 2007, a 50 ringgit note was released featuring the inscription "1957-2007." In 2017, to mark the 60th anniversary of the Independence Agreement, Bank Negara issued 60 ringgit and 600 ringgit notes—the latter being among the world's highest denomination banknotes—with motifs honoring the 1957 signing and national sovereignty; these were produced as non-circulating collectibles in limited runs.
YearIssueDenomination(s)Event Commemorated
1979Coin1 ringgit20th Anniversary of Bank Negara Malaysia
1998Banknote50 ringgitXVI ,
2007Banknote50 ringgit50th Anniversary of Independence
2012Coins5, 10, 20, 50 senNew Third Coin Series Launch
2017CoinsVarious60th Anniversary of
2017Banknotes60, 600 ringgit60th Anniversary of Independence Agreement
2024CoinsVarious75th Anniversary of National Registration Department; 17th Yang di-Pertuan Agong Installation; 50th Malaysia-China Diplomatic Relations
These issues reflect Bank Negara's role in promoting national heritage through numismatics, with sales often channeled through the central bank's portal or partner banks to manage demand and prevent speculation.

Economic role and impacts

Contribution to monetary stability

The Malaysian ringgit's peg to the US dollar at RM3.80, implemented in September 1998 amid the Asian financial crisis, served as a stability anchor by restoring investor confidence, insulating monetary policy from capital flight volatility, and enabling a focus on domestic recovery without hyperinflationary pressures. This fixed exchange rate regime, maintained until 2005, limited imported inflation pass-through and supported price stability, with subsequent inflation averaging below 3% in the post-crisis decade. Under Bank Negara Malaysia's since 2005, the ringgit has contributed to monetary stability through targeted interventions that curb excessive depreciation or appreciation, thereby enhancing policy transmission and reducing risk premiums in domestic financial markets. This approach has aligned with low and predictable , averaging 3.32% from 1973 to 2025, with recent years showing further moderation—1.83% in 2024 and 2.49% in 2023—bolstered by the ringgit's relative value stability against major trading partners. The ringgit's resilience in an context has mitigated imported cost pressures from commodities and global supply chains, as evidenced by its 2024 appreciation (e.g., 2.9% against the USD year-on-year), which directly eased to 1.8% by lowering import prices. Domestic factors, including strong bond demand and of foreign earnings, have further reinforced the currency's role as a reliable , supporting Bank Negara Malaysia's stability at 3.00% and overall financial system soundness.

Influence on trade and inflation

The Malaysian ringgit's exerts a direct influence on competitiveness, as lowers the foreign-currency prices of exports, enhancing their appeal in global markets and supporting surplus generation. , a net exporter of , , and products, has historically benefited from ringgit weakening; for example, the currency's 15% against the US dollar from early 2022 to early 2024 aligned with persistent surpluses exceeding 20 billion USD annually, fueled by robust external demand despite global headwinds. Appreciation, by contrast, raises export costs abroad, potentially narrowing surpluses; Bank Negara Malaysia observes that imbalances in versus price growth drive ringgit demand, underscoring the bidirectional - linkage. Ringgit fluctuations also transmit to via the pass-through (ERPT) mechanism, where elevates import costs for essentials like , , and industrial inputs, pushing up domestic prices. Empirical indicates depreciations impose a stronger inflationary effect than appreciations in , with pass-through amplifying consumer price pressures through supply chains. The ringgit's 26% cumulative weakening against the US dollar since September 2014, compounded by broader effective declines, contributed to imported amid volatile prices. More recently, depreciation from end-2022 onward was projected to add nearly 0.5 points to , though moderated by domestic factors such as wage growth and policy measures. Bank Negara Malaysia's flexible policy prioritizes orderly conditions over targeting specific levels, aiming to balance trade gains from moderate against risks from excessive volatility. This approach has helped maintain resilience, with surpluses averaging around 5 billion MYR monthly in recent years, while containing ERPT to prevent sustained inflationary spirals.

Achievements and challenges in management

Bank Negara Malaysia (BNM) has achieved notable success in maintaining low and stable , with moderating to 1.3% in the second quarter of 2025, supported by measures that prioritize conducive to sustainable . This framework has enabled the ringgit to exhibit resilience amid regional currency weaknesses, appreciating 2.7% against the US dollar by the end of 2024, driven by robust GDP growth and improved investor sentiment. BNM's management of foreign reserves has bolstered , with initiatives enhancing and accessibility to the ringgit, including linkages with regional trading partners, which have helped mitigate pressures from capital flows. During global uncertainties, such as those in 2024-2025, BNM's stance—holding the overnight rate steady while communicating forecasts—has anchored expectations and supported ringgit performance without explicit rate changes. Challenges persist due to Malaysia's status, where the ringgit remains susceptible to external shocks like global trade disruptions and US policy shifts, contributing to periodic episodes, as seen in pressures from 2022-2023 attributed to non-domestic factors. Domestic uncertainties, including those related to government-linked entities and fiscal ratings, have exacerbated volatility, requiring vigilant intervention to balance and credit creation via tools like statutory reserve requirements. Ongoing external environment challenges, highlighted in BNM's 2025 assessments, include geopolitical tensions and price swings, which test the central bank's ability to sustain ringgit stability without compromising growth, particularly as risks evolve amid rate adjustments like the July 2025 cut to 2.75%. BNM's responses, such as targeted market deepening and multilateral settlement explorations, aim to address these, though persistent global phenomena limit full insulation of the currency.

Controversies and criticisms

Capital controls in 1997 crisis

During the 1997 Asian financial crisis, the Malaysian ringgit depreciated sharply from approximately 2.50 MYR per USD in early July 1997 to over 4.80 MYR per USD by June 1998, amid massive capital outflows exceeding $10 billion in reserves by August 1998 and a contraction in foreign borrowings after peaking at RM 29.2 billion in 1997. This volatility stemmed from speculative attacks, in emerging markets, and domestic vulnerabilities like unhedged short-term foreign debt, prompting Prime Minister to reject IMF-recommended measures in favor of heterodox policies. On September 1, 1998, Malaysia imposed selective capital controls to stem outflows and insulate from external pressures, including a ban on new offshore ringgit trading, mandatory approval for repatriating short-term portfolio investments (with a 12-month holding period for funds brought in post-controls), restrictions on domestic borrowing in ringgit by non-residents without hedging, and limits on new capital outflows. The following day, September 2, the ringgit was administratively pegged at 3.80 MYR per USD, ending its free float and stabilizing the to facilitate lower rates without risking further . Mahathir justified the measures as a defense against currency speculators and "hot money," arguing that open capital accounts amplified contagion from Thailand's baht collapse, and that controls would buy time for structural reforms without the deflationary costs of high rates demanded by orthodox approaches. The controls enabled Bank Negara Malaysia to reduce overnight interbank rates from peaks above 15% in early 1998 to around 3% by late 1999, boosting liquidity and domestic investment while preventing additional reserve losses. GDP contracted 7.4% in 1998—less severely than the 10-13% drops in and —but rebounded to 6.1% growth in 1999, outpacing IMF-program countries like Korea (10.9% contraction in 1998, 9.5% rebound in 1999) in recovery speed and employment stability. indices turned positive sooner, with real wages and output recovering faster than counterfactual scenarios under IMF-style policies, though initial downgrades reflected market skepticism toward the unorthodox regime. Empirical analyses, such as those comparing Malaysia's path to synthetic controls derived from peer economies, indicate the measures contributed to superior outcomes by decoupling monetary easing from risks, though critics from institutions like the IMF argued they delayed necessary and entrenched inefficiencies. Gradual easing began in 1999, with most restrictions lifted by 2000 except the peg (maintained until 2005), affirming short-term efficacy in averting deeper recession without evident long-term growth penalties relative to regional peers.

Effects of political instability and scandals

Political instability in Malaysia has repeatedly triggered depreciation of the ringgit through diminished investor confidence and capital outflows. During periods of uncertainty, foreign investors withdraw funds, amplifying currency volatility as domestic actors hedge against risks. For instance, the prolonged political turbulence from to , marked by multiple prime ministerial changes, contributed to the ringgit's underperformance relative to regional peers, with analysts attributing heightened risks to opacity and policy unpredictability. The 1MDB scandal, erupting prominently in 2015, exemplifies scandal-driven impacts, as revelations of embezzlement exceeding RM42 billion eroded trust in state-linked entities and prompted a sharp sell-off. The ringgit depreciated from RM3.78 per USD on July 3, 2015, to RM4.42 per USD by year-end, exacerbated by the scandal's intersection with weak economic fundamentals like declining oil prices. Bank Negara Malaysia intervened to defend the currency, limiting immediate losses to 0.8% post-initial disclosures, yet the episode fueled broader capital flight and sustained weakness into subsequent years. The 2020 political crisis, culminating in the Sheraton Move that toppled the government, further pressured the ringgit amid overlapping shocks. The currency weakened to RM4.235 per USD by late February 2020, reflecting fears of policy paralysis and fragility, which deterred and amplified depreciation trends. This instability, compounded by perceptions, has been linked to reduced FDI inflows, with studies from 2008–2023 showing negative correlations between political upheaval and investment levels, indirectly bolstering ringgit volatility through balance-of-payments strains.

Debates on intervention vs.

During the , Malaysia's decision to impose capital controls and peg the ringgit to the US dollar at 3.80 MYR/USD on September 1, 1998, sparked intense debate over state intervention versus reliance on . Proponents, including some economists analyzing post-crisis outcomes, contended that these measures insulated the from speculative outflows, enabling monetary easing and a swifter GDP rebound—Malaysia's contracted by 7.4% in 1998 but grew 6.1% in 1999—compared to neighbors like and that followed IMF-prescribed floating rates and . Critics, such as MIT economist Rudiger Dornbusch, argued the controls were imposed after the crisis had peaked, with interest rates already falling, rendering them unnecessary for recovery and potentially delaying structural reforms while fostering . The peg, maintained until July 21, 2005, when it shifted to a managed float, fueled further contention on whether fixed regimes outperform free-floating ones for emerging markets like . Empirical assessments, including analyses, found interventions under the peg moderated volatility effectively, as evidenced by contained swings during the 2008 global financial turmoil. However, detractors highlighted long-term distortions, noting the ringgit's real effective appreciated excessively pre-1997 due to intervention-suppressed depreciation, contributing to vulnerabilities like current account deficits exceeding 8% of GDP in 1995–1996. Post-2005, under a "market-determined" float with Bank Negara Malaysia (BNM) interventions to curb "disorderly" movements, the ringgit depreciated 15% against the USD from early 2022 to 2024 amid commodity price weakness and US rate hikes, prompting BNM to buy ringgit and adjust derivatives positions. Ongoing debates center on BNM's intervention efficacy versus pure market discipline. BNM asserts interventions provide and prevent excessive volatility without targeting specific levels, aligning with a flexible that supported low (averaging 2–3% annually post-2010). Market-oriented views, echoed in financial commentary, criticize persistent interventions as undermining fundamentals, arguing the ringgit's undervaluation reflects genuine trade imbalances rather than warranting state propping, and advocate awaiting external factors like easing over domestic fixes. IMF perspectives support targeted interventions to smooth adjustments but warn against prolonged use, which can erode credibility and invite in capital flows. Empirical data shows mixed results: while interventions eased 2023–2024 pressures, reducing pace, the ringgit's 25-year volatility remains higher under managed float than during the peg era, per BNM's own drivers. This tension persists, with BNM governors reaffirming market determination while intervening amid episodes like the 2023 ringgit slide to 4.70 USD, balancing stability against efficiency losses from non-market pricing.

Future developments

Exploration of digital ringgit

Bank Negara Malaysia (BNM) initiated exploration of a (CBDC), termed the digital ringgit or e-Ringgit, under its Financial Sector Blueprint 2022–2026 to assess enhancements in payment efficiency, , and innovation while evaluating risks to monetary and . The effort adopts a two-pronged approach: building internal technical capacity through proof-of-concept studies and analyzing ecosystem impacts from foreign CBDCs, stablecoins, and digital assets. The CBDC research encompasses multi-phased domestic and international pilots. Phase 1 (2021–2022) tested cross-border wholesale CBDC interoperability via Project Dunbar, a collaboration with the (BIS) Innovation Hub, the , , and , concluding in March 2022. Phase 2 (2022–2023) focused on domestic wholesale CBDC to modernize the Real-time Electronic Transfer of Funds and Securities (RENTAS) system for large-value settlements. Phase 3, extending beyond 2023, examines domestic retail CBDC potential to integrate with real-time retail payment platforms like the Real-time Retail Payments Platform (RPP). Project Mawar, BNM's flagship domestic wholesale CBDC proof-of-concept launched post-Phase 2, investigates programmable payments and settlement use cases to strengthen wholesale infrastructure, with completion targeted for late 2025. Complementing this, BNM has engaged in BIS-led multi-CBDC initiatives, including Project Mandala for +3 regional payments and Project Rialto for tokenization standards, to explore cross-border efficiency gains. A July 2025 BNM working paper analyzed Shariah compatibility of CBDC designs, framing modern as credit-based relations adaptable under Islamic principles like dayn () or conventional , to support Malaysia's dual . As of October 2025, BNM maintains no firm issuance plans, citing robust existing systems for speed and inclusivity, with ongoing assessments prioritizing risk mitigation over rapid deployment. Potential wholesale applications emphasize settlement finality and programmability, while retail explorations weigh cyber risks, privacy, and effects on .

Projections amid global economic shifts

Analysts project the Malaysian ringgit to strengthen against the in late and into 2026, with USD/MYR forecasted to decline to around 4.11 by year-end , driven by anticipated USD weakness and robust domestic economic fundamentals. This outlook aligns with Bank Negara Malaysia's (BNM) revised GDP growth projection of 4.0% to 4.8% for , supported by resilient domestic demand and export recovery despite external pressures. However, projections incorporate downside risks from global shifts, including potential US tariffs on Chinese imports that could indirectly pressure Malaysian supply chains, given the country's role in regional and commodity exports. Key vulnerabilities stem from China's economic slowdown, which has already dampened demand for Malaysian commodities like and , contributing to ringgit volatility earlier in the year. US Federal Reserve decisions remain pivotal; while expected rate cuts could bolster currencies like the ringgit, persistent high rates or renewed trade barriers might exacerbate capital outflows and weaken the MYR toward levels above 4.30 if global intensifies. BNM's , maintaining the overnight policy rate at levels supporting moderate (projected at 2.0%–3.5% for 2025), is expected to provide a buffer, prioritizing over aggressive intervention. Longer-term forecasts from institutions like UOB and MBSB anticipate sustained ringgit appreciation, with USD/MYR potentially reaching 4.17 by early 2026, contingent on Malaysia's export diversification and inflows offsetting geopolitical frictions. Yet, IMF revisions highlight uncertainty, trimming Malaysia's 2025 growth to 4.1% amid subdued global demand, underscoring the ringgit's sensitivity to commodity price fluctuations and disruptions from US-China tensions. Overall, while domestic resilience tempers projections, analysts caution that escalated could cap ringgit gains, with some estimating a 5–10% in adverse scenarios.

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