MYR: meaning, definitions and examples
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MYR
[ ˈmɪr ]
currency unit
MYR stands for the Malaysian Ringgit, which is the official currency of Malaysia. It is subdivided into 100 sen. The MYR is often represented by the symbol 'RM' and is used for all types of transactions within the country.
Synonyms
Malaysian Ringgit
Examples of usage
- I exchanged my dollars for MYR before my trip to Malaysia.
- The price of the hotel is 200 MYR per night.
- The MYR has seen fluctuations in value due to economic changes.
- You can find MYR in all major banks throughout Kuala Lumpur.
Etymology
The term 'Ringgit' comes from the Malay word for 'jagged' or ' serrated', which referred to the manner in which old Spanish dollars were minted, producing an irregular edge. The MYR was introduced in 1975, replacing the Malaya and British Borneo dollar. Once its country and its currency underwent significant changes, the MYR became a symbol of Malaysia's economic development. With globalization and the rise of Malaysian trade, the MYR started to show its significance on the international Exchange Market. In its early years, the MYR had a fixed exchange rate to the US dollar, but it underwent various changes and now operates on a floating exchange rate system, reflective of Malaysia's economic landscape.