Entity: MALAYSIAN-RINGGIT
The Malaysian ringgit is the official currency of Malaysia, issued by the Central Bank of Malaysia and divided into 100 cents. The name 'ringgit' means 'jagged' in Malay, referencing the serrated edges of Spanish coins used in the region in the past.
MALAYSIAN-RINGGIT
Etymology
The term 'ringgit' in Malay means 'jagged,' a reference to the serrated edges of Spanish coins that were commonly used in the region in the 16th and 17th centuries.
Definition
The Malaysian ringgit, symbolized as RM, is the official currency of Malaysia, issued by the Central Bank of Malaysia. It is divided into 100 cents (sen) and holds historical significance.
Historical Context
The Malaysian ringgit, formerly known as the Malaysian dollar, has a rich history dating back to the colonial era when Spanish coins were in circulation in the region. The currency has evolved over time to become the modern-day ringgit.
Cultural Significance
The ringgit plays a crucial role in the Malaysian economy and is a symbol of national identity. Its unique etymology and historical ties to Spanish coins add to its cultural significance.
Related Concepts
The ringgit is related to other currencies in Southeast Asia and shares similarities with the monetary systems of neighboring countries. Its history and etymology distinguish it from other currencies in the region.
See Also
A monetary unit of Malaysia, symbolized as RM, with historical ties to Spanish coins and a unique etymology.