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The Malaysian ringgit is the currency of Malaysia, which may be subdivided into 100 sen/cents. The word ringgit is an obsolete term for jagged in Malay, the Malaysian language, which originally referred to the serrated edges of silver Spanish dollars which circulated widely in the 16th and 17th century.
At the height of the Asian Financial Crisis in 1998, the Prime Minister Mahathir famously pegged the ringgit to the US dollar. At the time it was viewed as a controversial move, but went on to be credited for helping to stabilise the economy.
Malaysia has had one of the best economic records in Asia since it gained independence, with its GDP growing at an average of 6.5% per annum for for nearly 50 years. The economy has traditionally been fuelled by its natural resources, but is expanding in the sectors of science, tourism, commerce.
The end of the peg to the US dollar immediately ended in 2005 after China's announcement to end the renminbi peg to the US dollar. Malaysia now allows the ringgit to operate in a managed float against several major currencies. However, currently the Ringgit faces a high amount of exchange rate volatility. The Malaysian government are in talk about changing the currency, or going cashless, in order to combat corruption.
Malaysia is a country in Southeast Asia. It is made up of thirteen states and three federal territories, separated by the South China Sea into two similarly sized regions, Peninsular Malaysia and Malaysian Borneo. Kuala Lumpur is the national capital.
Malaysia’s national drink is teh tarik - meaning pulled tea, which is tea that is thrown across a distance of about 3 feet, from one cup to another, with no spillages. The idea is to let it cool down for customers, but it has become a Malaysian art form!
The Malaysian Ringgit is the official currency of Malaysia. The ISO 4127 currency code for the Malaysian Ringgit is MYR.