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Malaysian ringgit
Malaysia officially uses the ringgit as the local currency. 1 ringgit is divided into 100 sen. The ringgit is also sometimes refereed to as the Malaysian dollar
Currency regime
Until July 2005, the ringgit was pegged at a rate of 3.80 against the dollar. The ringgit now floats freely, although there is still relatively firm control of the exchange rate. The government introduced tough exchange controls following the 1997 Asian economic crisis, but these have gradually been relaxed.
Commercial rates
As at February 1st 2006, the ringgit was trading around 3.75 against the dollar, 4.53 against the Euro and 6.66 against Sterling.
It is important to note that there is no forward currency market in Malaysia.
Tourist rates
On February 1st 2006 the Malaysian currency was valued at around 6.33 against Sterling. For 1 UK pound you will, therefore, receive around 6.33 ringgit.
Travellers cheques are best taken in US dollars.
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