Malaysia, a Southeast Asian nation known for its diverse culture and picturesque landscapes, has a dynamic economy reflected in its currency, the Malaysian Ringgit (MYR). This blog focuses on the evolution of the Malaysia Currency, its value compared to the Indian Rupee (INR) and the US Dollar (USD), and why it’s beneficial for travellers to carry USD when travelling to Malaysia.
But before we begin anything, let’s take a quick recap of the evolution of Malaysia’s currency.
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Interesting Fact About the Malaysia Currency
The official currency is the Malaysian Ringgit, abbreviated as MYR and symbolized as RM, which has undergone significant changes since its inception. Here’s a look at its historical evolution:
Early Currency
You might be surprised that various forms of money were used before Malaysia had its currency, including the Spanish dollar, the Indian Rupee, and the Straits dollar. The Straits Settlements, which included parts of modern-day Malaysia, issued the Straits dollar in the later part of the 19th and early 20th centuries.
Introduction of the Malaysian Dollar
Soon after gaining independence from British colonial rule in 1957, Malaysia formed the Malaya and British Borneo Currency Board, issuing the Malayan dollar, used until the establishment of Bank Negara Malaysia in 1967.
Birth of the Ringgit
In the year 1967, Bank Negara Malaysia introduced the Malaysian dollar, which was later renamed the Malaysian Ringgit in 1975. The term “Ringgit” means “jagged” in Malay. The currency code MYR was then officially adopted. Interesting Huh!!
Comparing the Malaysian Ringgit with INR and USD
When travelling to Malaysia, it’s essential to understand the exchange rates and currency values, which are crucial for finalizing the budget. Here’s a comparison of the Malaysian Ringgit with the Indian Rupee (INR) and the US Dollar (USD) as of 28/05/2024:
- 1 Malaysian Ringgit (MYR) = 17.72 Indian Rupees (INR)
- 1 US Dollar (USD) = 4.67 Malaysian Ringgit (MYR)
(Note: Exchange rates fluctuate, so it’s advisable to check the latest rates before any currency exchange.)
Why It’s Better to Carry USD When Traveling to Malaysia
We generally get queries regarding the best currency to carry while travelling. The answer is straightforward: US Dollars. While the Malaysian Ringgit is the local currency, carrying US Dollars can be beneficial for several reasons:
- Widely Accepted: USD is widely accepted globally, making exchanging easier.
- Better Exchange Rates: Exchange rates for USD to MYR are often better than INR to MYR.
- Emergency Use: In emergencies, USD can be used as a backup currency in many countries.
Caution while exchanging Currency
- Exchange Money Wisely: Use official exchange counters or banks to avoid scams.
- Carry Small Denominations: Small denominations of MYR are handy for street food and taxis.
- Notify Your Bank: For Debit or Credit Card Users, do inform your bank about your plans to avoid any issues with your cards.
Hope you all got a glimpse of the Malaysia Currency in this blog.
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