RINGGIT Meaning and
Definition
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The term "ringgit" refers to the official currency of Malaysia. The ringgit is represented by the currency symbol RM and the currency code MYR. It is subdivided into 100 sen. The word "ringgit" itself is a Malay term that means "jagged" or "irregular edge," referring to the jagged edges that were once used on Spanish silver coins that were commonly imported and used in Malaysia during colonial times.
The ringgit is regulated and issued by the Central Bank of Malaysia, known as Bank Negara Malaysia. The bank plays a crucial role in maintaining the stability and value of the currency in the Malaysian economy. The current series of banknotes in circulation includes denominations of 1, 5, 10, 20, 50, and 100 ringgit, while coins come in several denominations, including 5, 10, 20, and 50 sen.
The ringgit has undergone changes and fluctuations in value over time, affected by various economic factors such as inflation, interest rates, and foreign exchange rates. Its value is influenced by both domestic and international factors, making it subject to fluctuations in the global financial market.
Moreover, the ringgit is widely used for various financial transactions within Malaysia. It is accepted as legal tender for goods and services, as well as for domestic and international investments. The ringgit's stability and value are crucial for the functioning of the Malaysian economy and the country's international economic relations.
Common Misspellings for RINGGIT
Etymology of RINGGIT
The word "ringgit" is derived from the Malay language. It comes from the old Malay term "riggit", which means "jagged" or "irregular edges". The term initially referred to the serrated edges of Spanish silver coins that were widely circulated in the region during the Spanish colonial period. Over time, "ringgit" evolved to become the official currency name in Malaysia and Singapore.
Similar spelling words for RINGGIT
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