The Ringgit is the official currency of Malaysia and the legal tender is issued by the “Bank Negara Malaysia”. The word ringgit means "jagged" in Malay and originally referred to the serrated edges of silver Spanish dollars which was widely circulated in the area during the Portuguese colonial era. In August 1975, the Malay name “Ringgit” was officially accepted to denote Malaysian currency and is represented as RM.
Between 1995 and 1997, the ringgit was trading as a free float currency however, after the year's East Asian financial crisis in September 1998, the Bank Negara Malaysia pegged the ringgit to the US dollar. On July 21, 2005, Bank Negara announced the end of the peg to the US dollar immediately after China's announcement of the end of the renminbi peg to the U.S. dollar.
Bank Negara Malaysia first issued Malaysian dollar banknotes in June 1967 in $1, $5, $10, $50 and $100 denominations. The $1000 denomination was first issued in 1968. Malaysian banknotes have always carried the image of Tuanku Abdul Rahman, the first Yang di-Pertuan Agong of Malaysia and long followed a colour code originating from colonial times. Change is now happening in terms of the fibres used to produce the currency and according to Bank Negara, all paper banknotes will eventually be phased out and replaced by polymer notes for added security and durability.
The Currency Club Advantages:
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