The Malaysian currency is called ringgit. She has an interesting eventful story. The international currency letter is represented as the MYR code. One ringgit is divided into 100 sen (exchange money).
Description of Malaysian Ringgit
On the obverse of all modern banknotes are portraits of T. A. Rahman, who became the first supreme ruler of Malaysia. The word “ringgit” can be translated as “jagged”.
The names "ringgit" and "sen" were adopted at the official level only in 1975. Earlier, money was called the dollar and the cent, respectively, in a Western manner.
In the financial market, the Malaysian ringgit is not very popular, since there are few operations with it.
History
In 1967, there was a replacement of the dollar of Malaya and British Borneo, which went in the colonial territories, with a new banknote, which was called the Malaysian dollar. The issue of money involved the Central Bank of Malaysia.
The old dollar was taken as the basis for the design of the new dollar. The color schemes and all the denominations were saved, except for the 10,000 banknote. In subsequent years, several changes were made in the appearance of the coins and notes, but they were insignificant.
The historical path of the country's banknotes is relatively short-lived, since the state gained sovereignty not so long ago. However, during this short historical period, Malaysia has managed to build a highly developed economy based on tourism, trade, the oil and gas sector and the production of high-tech electronics. Therefore, the rate of the ringgit to the ruble is also strengthening.
Therefore, the national currency, along with the economy, held more solid positions in the global currency market. Today, its course is quite stable and continues to grow gradually.
Coins
The first metal coins (hay) were put into circulation in 1967. Denominations of 1, 5, 10, 20, and 50 Senes were issued. The appearance of the payment coins was similar, but in size they varied greatly.
In 1971, in addition to the existing coins, coins in denominations of 1 Malaysian ringgit were minted. All of them were made of nickel, except for 1 hay, which was made first of bronze, and later - a core of copper and a shell of steel.
In 1989, all coins were reissued. The front and back sides have been completely changed. In the upper half of the obverse appeared the image of Chinese hibiscus, which is considered the national symbol of Malaysia.
In 2001, a limited series of hay coins were released, dubbed Kijang Emas. They owe their name to the rare species of deer that lives in the jungle of the country. The Royal Mint of Malaysia was engaged in the production of coins.
Banknotes
For the first time, the modern Malaysian currency was introduced in 1967. Initially, denominations of 1, 5, 10, 50 and 100 dollars were used. A year later, a banknote in denomination of 1000 joined them. On the front side of any of them is a portrait image of Tuanku Abdul Rahman, who was the first ruler of sovereign Malaysia.
Money design still uses a color scheme introduced back in colonial times. It is noteworthy that Singapore and Brunei also apply a similar color to national money.
In total, banknotes in Malaysia underwent 4 issues. The first took place in 1967, the second in 1982, the third in 1996, and the fourth in 2008. The latter are still used in the country. Coins and banknotes of the last issue are still used in the country. In the near future no major changes in this area are expected.
Rate
According to data from July 2018, the approximate value of the Malaysian currency against the ruble is 15.5 rubles per ringgit. That is, for one RUR you can get approximately 0,065 MYR.
When compared with the American dollar, then for one unit you can get about 4 MYR, and the rate of ringgit to the dollar is approximately 0.25. A similar situation will be if we compare it with the European currency, the Australian or Canadian dollar, as well as with the British pound.
The currency ringgit has a relatively stable exchange rate compared to the banknotes of most neighboring states. This is due to the stable and fairly developed economy of the country. Some military-political, trade and social factors also influence the change in the value of the national currency ringgit.
Thanks to the rapid growth of the country's economy, the correct foreign policy and stability within the state, the value of the national currency is gradually strengthening. Therefore, the ratio of the cost of ringgit to ruble is gradually changing.
Exchange operations
Malaysia is a country with a fairly developed economy and internal infrastructure, so there are no serious problems with the exchange of money in large and tourist cities. You can easily make the necessary operation at the airport, bank, large restaurant, exchange office or hotel.
The easiest way is to exchange American dollars, which are accepted everywhere. The situation with the euro, Australian dollar and Chinese yuan is a bit more complicated. But many companies work with them, so you can carry out the necessary operation.
Coming to Malaysia with rubles in hand is unreasonable, since it will be extremely difficult to exchange money. Even if you manage to find a place where you are ready to give out locals for Russian money, the course will be truly predatory. Therefore, it is recommended in advance, even in Russia, to exchange money for dollars, and then in Malaysia for ringgits.
During the exchange, a commission will be taken from you, which, as a rule, is not too high, but in different companies it can be very different. Therefore, it is better to look for a place with the best rate and relatively small commission.
Cashless payments
In contrast, for example, from neighboring Vietnam or Thailand, where there may be problems with bank transfer, there are almost no such difficulties in Malaysia. Even small shops and cafes are equipped with terminals for payment by card.
Some difficulties may arise if you decide to go to small cities or villages that are far from tourist routes. In this case, it is better to stock up on cash in advance to pay wherever you want.
It should also be borne in mind that not everyone can accept a credit card issued by a foreign bank, but there are no such problems with debit. But in any case, it is better to get enough cash so that there are no awkward and curious situations.
ATM cash withdrawals
With banking branches and ATMs in large cities, there are also no difficulties. They are in large numbers within walking distance. However, before withdrawing, you need to clarify how much the commission will be charged by the bank. In addition, you need to consider that the Russian bank that issued your card can also charge a transaction fee. Therefore, it is better to withdraw only large amounts, so as not to pay again.
As a rule, ATMs issue denominations in denominations of RM50. In some cases, they can be combined with RM10 banknotes. Other banknotes are practically not issued. This also needs to be considered if you decide to use ATMs.
Conclusion
Going on vacation abroad, it is better to familiarize yourself with the financial system of the country where you are traveling in advance. This will not only allow you to avoid problems with the exchange of money, but also expand your horizons, and also allow you to learn about the history of the state, which is also important.
The Malaysian currency has an interesting history, like the country itself. And with the increasing interest of tourists to it, the demand for local money among foreigners is growing. Therefore, many seek to find out more about the coins and banknotes of Malaysia, their design, denominations, etc.
Among Russians, the demand for vacations in this country located in Southeast Asia is also growing. The country has everything you need for a great vacation: warm climate, palm trees, sea with sandy beaches. And also here is a real expanse for lovers of shopping and cultural recreation. A huge number of shopping centers and historical attractions contribute to this. Therefore, interest in the Malaysian currency is also growing.