The ringgit is Malaysia's currency, managed by Bank Negara Malaysia

Background

When Bank Negara Malaysia set its policy rate and when the country reported its trade and budget figures, all were stated in the Malaysian ringgit, shown with the symbol RM and the international code MYR. The ringgit is the sole legal tender across Malaysia, issued and managed by the central bank, Bank Negara Malaysia. One ringgit is divided into 100 sen. The currency's name comes from a Malay word for 'jagged', once used for the milled edges of Spanish silver dollars. The ringgit frames Malaysia's rate decisions, export earnings and the RM510 billion budget.