The History of Malaysia Switched From Dollar To RM in 1975 And What Ringgit Mean
Have you all ever wonder why our currency is called Ringgit and did you know that in 1975, our currency is actually called the Malaysian dollar and why we are using the RM symbol in December 1992, so what makes all these changes.
In the past, the currency of dollar is widely used currency in Penisular Malaysia or Malaya by the Board of Commissioners of Currency for the Straits Settlements in 1897. Where the straights settlements were controlled by the British East India Company which comprise of Penang, Singapore, and Melaka. According to the Monetary Authority of Singapore (MAS) on its Macroeconomic Review, the currency for the straits settlement was using notes and minted silver dollars during that time while Sabah used the currency known as the British North Borner Dollar and Sarawak are under Sarawak Dollar.
7 years later, when Malaya becomes under the occupation of Japan during World War II in 1950, the governing board was renamed to the Board of Commissioners of Currency Malaya and British Borneo. While after another 7 years, Malaya gained independence and established Bank Negara Tanah Melayu in 1959. In 1964, Malaysia has formed and a notice of replacement where Malaysia began to issuing to its own currency beginning December 1966.
The word ringgit was used in 1984 and it means “gerigi” which translated to English as serrations found in the edge of steel. Later on, the word is adapted into the Malay Language which means money and was used unofficially and colloquially to refer to the Malaysian Dollar. And On 28 August 1975, Malaysia Dollar becomes officially Malaysian Ringgit which is known as the Malaysian Currency (Ringgit) Act 1975. Board of Commissioners of Currency Malaya and British Borneo.
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