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LOCAL CURRENCY IN MALAYSIA

Want to know the local currency in Malaysia? The currency used in Malaysia is called Ringgit.

The Malaysian Ringgit is issued and managed by the Bank Negara Malaysia. To find out the current currency exchange rates for Ringgit to other major currencies of the world, click on foreign currency rates.

Malaysian Currency Information
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The currency used in Malaysia is called as the Ringgit. This currency is denoted with the currency sign RM and the ISO 4217 Code for the Malaysian Ringgit is MYR. The Ringgit, is the official currency of the Malaysia . It is divided into 100 smaller units called sen.

The constitution of Malaysia provides that the Malaysia government shall have the power to print the Malaysian Ringgit and sen coins to be used as a legal tender in Malaysia. The Malaysian Ringgit bank notes and Sen coins are both designated as "legal tender" in payment of debts.

The Malaysian Ringgit bill uses the decimal system, consisting of 100 equal units.

The symbol RM, usually written before the numerical amount, is used for the Malaysian Ringgit.

Currently printed bank notes denominations are RM1, RM5, RM10, RM20, RM50, RM100 and the coins are minted in the denominations of 5, 10, 20, 50 sen .

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How Does Balance of Trade and Investment Affect the Value of the Malaysian Ringgit
Financial analysts regularly cite the balance of trade and investment in Malaysia as the most important influence on the value of the Ringgit. The difference between what the Malaysia exports and imports in terms of goods and services to and from other countries can be obtained from a balance of trade statement.

The balance of investment on the other hand represents the difference in exports and imports of capital. If exports from Ringgit exceed imports from other countries, in either the balance of trade or balance of investments, it is called a surplus. The term deficit is used when the imports into Ringgit exceed exports to other countries. The points below go into detail to explain on how the balance of trade and balance of investments affect the Malaysian Ringgit.
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