Ringgit

From MalaysiaExpat

Malaysia's currency is called the "ringgit", abbreviated RM or MYR, or sometimes written with a $. The ringgit is divided into 100 sen.

Older Malayians will frequently use the word "dollar" to refer to ringgit; they are not talking about US dollars. If a 60-year-old Chinese man asks you to pay "three dollars" for the soup he just served you, he means RM3.

Notes come in RM1 (blue), RM2 (purple), RM5 (green), RM10 (red), RM50 (greenish blue), and RM100 (gray) denominations. Coins come in 1, 5, 10, 20, and 50 sen. The RM1 coin was withdrawn from circulation in 2005 due to high incidence of counterfeiting. RM2 notes are quite rare. RM5 notes are mostly the Australian plastic type. ATMs most commonly dispense RM50 notes, with some also offering RM10 and RM100.

The exchange rate is a managed float, currently hovering at around US$0.29 (US$1 = RM3.40).