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    Currency in Malaysia – Malaysian ringgit MYR

    A practical foreign exchange and currency guide on sending money and travel to Malaysia

    What's in this Malaysia currency guide?

    1. Malaysian ringgit (MYR) Market Info
    2. MYR Latest Rate
    3. MYR Charts

     

     

    Sending Money to Malaysia

    The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make a Transfer or Spend Malaysian ringgit.

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    You can read about the best providers and compare the latest deals for international money transfers to Malaysia in our Send Money to Malaysia guide.

     

     

     

    Malaysian ringgit – Markets & Rates

    The word ringgit is an obsolete term for “jagged” in Malay and was originally used to refer to the serrated edges of silver Spanish dollars which circulated widely in the area during the 16th and 17th century Portuguese colonial era.

    Between 1995 and 1997, the ringgit was trading as a free float currency at around 2.50 to the US dollar, but following the onset of the 1997 East Asian financial crisis, the ringgit witnessed major dips to under 3.80 to the dollar by the end of 1997 as a result of capital flight. During the first half of 1998, the currency fluctuated between 3.80 and 4.40 to the dollar, before Bank Negara Malaysia moved to peg the ringgit to the US dollar in September 1998, maintaining its 3.80 to the dollar value for almost seven years while remaining floated against other currencies. In addition, the ringgit was designated non-tradeable outside of Malaysia in 1998 to stem the flow of money out of the country.

    On 21 July 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 US dollar. The ringgit would experience more acute plunges in its value since mid-2014 following the escalation of the 1Malaysia Development Berhad scandal that raised allegations of political channeling of billions of ringgit to offshore accounts, and uncertainty from the 2015–16 Chinese stock market turbulence and the effects of the 2016 United States presidential election results.

     

    1 MYR = 0.2367 USD
    Sell MYR  →  Buy USD
    MYR to USD at 0.2367 has fallen 1.1% below its 90-day average, range 0.2359-0.2418.
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      1 USD = 4.2245 MYR
     
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    Historic MYR-USD Rates

    MYR/USD wasChangePeriod
    0.2384
    23 Nov 2021
    0.9% 2 Weeks
    0.2407
    08 Sep 2021
    1.8% 90 Days
    0.2456
    07 Dec 2020
    3.8% 1 Year
    0.2260
    08 Dec 2016
    4.6% 5 Years
    0.3174
    10 Dec 2011
    25.6% 10 Years
    0.2632
    12 Dec 2001
    10.2% 20 Years
    MYR/USD change over periods to 07-Dec-2021

     

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