MYR information
About the Malaysian Ringgit (MYR)
What Is the Malaysian Ringgit (MYR)?
The Malaysian Ringgit, abbreviated as MYR and often represented by the symbol "RM," is the official currency of Malaysia. RM stands for "Ringgit Malaysia." The term "Ringgit" means "jagged" in Malay, originally referring to the serrated edges of silver Spanish dollars. The Ringgit is divided into 100 smaller units known as sen. The Malaysian Ringgit is the sole legal tender in Malaysia, and it is used for all transactions within the country.
The Malaysian Ringgit is issued by the Central Bank of Malaysia, known as Bank Negara Malaysia. Established on January 26, 1959, under the Central Bank of Malaysia Act 1958, Bank Negara Malaysia is the sole authority responsible for issuing currency in Malaysia. In addition to currency issuance, the central bank also manages monetary policy, financial stability, and the overall financial system infrastructure in the country.
What Is the History of MYR?
The Ringgit has a rich history, tracing back to the times when Malaysia was a part of European colonial powers. Initially, the Spanish dollars were used, later replaced by the Indian Rupee in 1837, and then reintroduced 30 years later. The Straits Dollar took over in 1903, pegged at two shillings to the British Pound. The Malaysian Ringgit was introduced in 1967, replacing the Dollar Malaya, which was also used by Singapore and Brunei.
Notes and Coins of MYR
The first series of coins and banknotes were issued in 1967. Over the years, various denominations have been used, including 1, 5, 10, 20, and 50 sen coins, and RM1, RM5, RM10, RM20, RM50, RM100 banknotes. The RM500 and RM1000 notes were discontinued in 1999 due to the Asian Financial Crisis.
Is MYR Pegged to the US Dollar?
The Malaysian Ringgit (MYR), issued by Bank Negara Malaysia, is not pegged to the US Dollar. Historically, during the Asian Financial Crisis in 1998, Malaysia had pegged the Ringgit to the US Dollar at a rate of 3.8 MYR to 1 USD to stabilize its economy. However, this peg was removed on July 21, 2005, following a similar decision by China regarding the Renminbi. Since then, the Ringgit has been operating under a managed float system, where its value is determined by market forces of supply and demand, with occasional interventions by the central bank to ensure stability. This transition reflects a move towards aligning the Ringgit's value more closely with Malaysia's economic fundamentals and market dynamics.
What Is the Price History of MYR?
The Malaysian Ringgit (MYR) has experienced a dynamic price history, significantly influenced by regional and global economic events. Before 1998, the Ringgit's value fluctuated in response to domestic and international economic conditions. The Asian Financial Crisis of 1997-1998 dramatically impacted the Ringgit, leading Malaysia to peg it to the US Dollar at 3.8 MYR to 1 USD in 1998 for stability. This peg was removed in 2005, transitioning the Ringgit to a managed float system where its value is determined by market forces, though occasionally stabilized by interventions from Bank Negara Malaysia. Since then, the Ringgit's valuation has been influenced by various factors, including global oil prices, Malaysia's economic policies, US-China trade tensions, and domestic political scenarios, reflecting its sensitivity to both internal and external economic dynamics. As of January 2024, the Malaysian Ringgit is trading at a rate of 1 MYR = 0.22 US dollars.
RETIK to MYR conversion rate trend
Conversion rate comparison of various exchanges
Exchange | Price | Maker / Taker Fee | Tradable |
---|---|---|---|
BitgetBest | RM0.4507 | 0.0002% / 0.0003%VIP |
How to buy Retik Finance
Buy RETIK (or USDT) for MYR (Malaysian Ringgit) offers
Merchants (trades/completion rate) | Price | Amount/limit Low to high | Payment methods | Zero fees Action |
---|---|---|---|---|
7 77 Enterprise 12 trades|Completion rate 92.00% | 4.777 MYR | Amount1566.5 USDT Limit7483 - 7483.17 MYR | ||
M Mee Sedap•24hr 484 trades|Completion rate 100.00% | 4.8 MYR | Amount3075.64 USDT Limit130 - 14760 MYR | ||
B BGUSER-HX1X7LXK 1 trades|Completion rate 100.00% | 4.81 MYR | Amount200 USDT Limit450 - 962 MYR | ||
B BTHM 170 trades|Completion rate 97.00% | 4.815 MYR | Amount2582.62 USDT Limit100 - 9899 MYR | ||
B Ben8278 393 trades|Completion rate 100.00% | 4.82 MYR | Amount305.99 USDT Limit100 - 1574 MYR |
Sell RETIK (or USDT) for MYR (Malaysian Ringgit) offers
Merchants (trades/completion rate) | Price | Amount/limit High to low | Payment methods | Zero fees Action |
---|---|---|---|---|
C CrytoMY_Store 50 trades|Completion rate 96.00% | 4.73 MYR | Amount1428.7 USDT Limit50 - 3500 MYR | ||
M MYR-Changer 1 trades|Completion rate 100.00% | 4.72 MYR | Amount1000 USDT Limit4720 - 4720 MYR | ||
B BS 3413 510 trades|Completion rate 99.00% | 4.712 MYR | Amount70937.45 USDT Limit1000 - 4500 MYR | ||
C Cryptogod888 70 trades|Completion rate 91.00% | 4.712 MYR | Amount92916.3 USDT Limit800 - 100000 MYR | ||
x xaaxaa 1 trades|Completion rate 13.00% | 4.711 MYR | Amount11000 USDT Limit6000 - 49990 MYR |
What factors influence the conversion rate of Retik Finance to Malaysian Ringgit?
Retik Finance to Malaysian Ringgit is falling this week.Conversion tables
The exchange rate of Retik Finance is increasing.RETIK to MYR
MYR to RETIK
Today vs. 24 hours ago
Amount | 13:56 today | 24 hours ago | 24h change |
---|---|---|---|
0.5 RETIK | $0.04775 | $0.04814 | -0.81% |
1 RETIK | $0.09550 | $0.09628 | -0.81% |
5 RETIK | $0.4775 | $0.4814 | -0.81% |
10 RETIK | $0.9550 | $0.9628 | -0.81% |
50 RETIK | $4.78 | $4.81 | -0.81% |
100 RETIK | $9.55 | $9.63 | -0.81% |
500 RETIK | $47.75 | $48.14 | -0.81% |
1000 RETIK | $95.5 | $96.28 | -0.81% |
Today vs. 1 month ago
Amount | 13:56 today | 1 month ago | 1M change |
---|---|---|---|
0.5 RETIK | $0.04775 | $0.0002776 | -- |
1 RETIK | $0.09550 | $0.0005552 | -- |
5 RETIK | $0.4775 | $0.002776 | -- |
10 RETIK | $0.9550 | $0.005552 | -- |
50 RETIK | $4.78 | $0.02776 | -- |
100 RETIK | $9.55 | $0.05552 | -- |
500 RETIK | $47.75 | $0.2776 | -- |
1000 RETIK | $95.5 | $0.5552 | -- |
Today vs. 1 year ago
Amount | 13:56 today | 1 year ago | 1Y change |
---|---|---|---|
0.5 RETIK | $0.04775 | $0.0002776 | -- |
1 RETIK | $0.09550 | $0.0005552 | -- |
5 RETIK | $0.4775 | $0.002776 | -- |
10 RETIK | $0.9550 | $0.005552 | -- |
50 RETIK | $4.78 | $0.02776 | -- |
100 RETIK | $9.55 | $0.05552 | -- |
500 RETIK | $47.75 | $0.2776 | -- |
1000 RETIK | $95.5 | $0.5552 | -- |
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