The Malaysian Ringgit is the official currency of Malaysia and its currecny code is MYR. It is subdivided into 100 sen (cents). The Ringgit is issued by the Bank Negara Malaysia.The word "ringgit" means "jagged" in Malay, and was originally used to refer to the serrated edges of silver Spanish dollars which were circulating in British Malaya during colonial times. The ringgit was officially introduced on June 19, 1967, replacing the Malaya and British Borneo dollar at a rate of two ringgit to one dollar.Since its introduction, the value of the ringgit has been on a steady decline against major currencies such as the US dollar and Euro. In 1997, during the Asian financial crisis, its value fell sharply against these currencies but recovered somewhat in subsequent years.
