MYR Meaning and
Definition
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MYR is the three-letter currency code used to represent the Malaysian Ringgit. The Malaysian Ringgit (MYR) is the official currency of Malaysia, a Southeast Asian country located in the region of Asia known as the Malay Peninsula.
The MYR is issued and regulated by the Central Bank of Malaysia, also known as Bank Negara Malaysia. It is commonly abbreviated as RM, which stands for "Ringgit Malaysia" in the local language. The MYR is subdivided into 100 sen, which are the smaller units of the currency.
The Ringgit is widely used as legal tender in Malaysia for various financial transactions, including the purchase of goods and services. It is also accepted in some border towns in southern Thailand and regions of the Malaysian states of Sabah and Sarawak.
The value of the MYR is determined by market forces of supply and demand. The Central Bank of Malaysia plays a vital role in maintaining stability and controlling inflationary pressures by implementing monetary policies.
The MYR has seen fluctuations in its exchange rate against other major currencies over the years. It is actively traded in foreign exchange markets and can be converted into other currencies at authorized banks and money changers.
Common Misspellings for MYR
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