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Check out our Malaysian Ringgit exchange rates

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History of the Malaysian Ringgit

The Malaysian ringgit, also known as MYR or RM, was established in 1975 as the official currency in Malaysia after a series of monetary changes that the country went through. Malaysia had gone from the use of the Spanish dollar to the Indian rupee and then back to the Spanish dollar again within a thirty year span. After that, the country began to use the Straits dollar in 1903 because it was pegged to the British pound. Then they eventually changed to the ringgit. It is often called the Malaysian dollar, though that term is not official. The issuing of the Malaysian ringgit occurs in the Bank Negara Malaysia. Each Ringgit is comprised of 100 sen, which can be composed from coins valued at 1, 5, 10, 20, and 50 sen. Some of these coins went through a make-over in 1989 as an attempt to modernize the look of the money.

Historical British Pound Sterling to Malaysian Ringgit Conversion Rates

When the Malaysian ringgit originally came into circulation, it maintained a conversion rate with the British pound of .117 GBP to MYP. Since the currency was pegged with the British pound prior to the creation of the ringgit, as the pound decreased in value at the time of the transition, many people found that their old Malaysian money to only be worth 85 cents to the Ringgit. The value of the Ringgit has increased slightly in comparison to the British pound over time as the currency has to a floating system when compared to other currencies. The country has recently pegged to the US dollar at a rate of .26 USD to MYR, which it maintained from 1998 to 2005. This created a certain level of stability for the Malaysian ringgit, though there was never too much fluctuation to begin with.

Convert GBP to MYR - Recent Currency Exchange Rates

Over the last ten years, the currency exchange rate between the British pound sterling and the Malaysian ringgit hasn't fluctuated much at all. Rates remained consistent around .14 GBP to MYR from 1999 until 2008, with a recent minimum hitting at .137 in April 2005. In 2008, the currency did begin to experience a jump in value, going up to .02 GBP to MYR in 2009. Those numbers do seem to be heading back down to those prior to 2008, but they are not expected to drop much further than that. The success of the Malaysian ringgit will greatly depend on how the world economy continues to fair in the future.

Today's Malaysian Ringgit exchange rates

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Currently we are only accepting payments in Pounds Sterling from UK residents.