Casinos supporting Malaysian Ringgit Currency

The Malaysian ringgit was initially a silver-based currency that derived from the Spanish dollars that were widely used during the height of Portuguese colonialism. In fact, the very word "ringgit" means "jagged" in Malay and is referring to the rough edges of Spanish silver dollars. Like most decimal-based dollar currencies, it is split into 100 sen or "cents".

The Malaysian ringgit started as the Malaysian dollar when it was introduced in 1967 and was supposed to trade consistently on par with the Malaya and Borneo dollar that it was replacing. This set its original value at 8.57 dollars to 1 British pound sterling, but within 6 months the Malaysian dollar had already started to drop in value with the Malaya and Borneo dollar staying put. Malaysia entered into an international agreement with Singapore and Brunei so that the three countries could help prop one another up and keep their dollars trading at par.

Eventually, Malaysia felt they would be better off standing on their own and withdrew from the Interchangeability Agreement. To further separate themselves from Singapore and Brunei, they changed the name of their currency from the Malaysian dollar to the Malaysian ringgit.

The ringgit lost a significant amount of its value in 2001 and has been slowly working to regain it ever since.


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