Malaysia - Bank And Money

General Information on Malaysian Banknotes
Bank Negara Malaysia is reintroducing the new RM1 note, the sixth denomination issued in the new design Malaysian currency notes series (3rd series). The new RM1 bears the signature of the present Governor, Tan Sri Dato' Sri Dr. Zeti Akhtar Aziz, who assumed office on 1 May 2000. The new RM1 note printed earlier bears the signature of the Immediate Past Governor Tan Sri Dato' Seri Ali Abul Hassan bin Sulaiman. The new RM 1 note will incorporate the latest security features to deter counterfeiting.

The theme of the new series, "Wawasan 2020" reflects Malaysia's economic development and accomplishment towards achieving the status of a fully developed country. The main focus reflected in the background motif is the tourism sector. This is depicted with an illustration of a Malaysian kite, the beach, Mount Kinabalu and the pinnacles of Gunung Api located in Mulu National Park. This motif also reflects some off the popular tourist destinations in the country. As with the other denominations of the same series, the new RM1 note will also bear RM as the currency symbol for the Malaysian Ringgit.

The security features of the RM1 denomination are highlighted in this website as a guide to the public. These features include the security thread with the repeated "BNM RM1" text, three-dimensional watermark portrait, anticopy feature known as "PEAK" and security fibres in the paper. The new RM1 note retains the predominant blue colour of the existing RM1 note design. The intaglio (raised printing) portrait of the First Seri Paduka Baginda Yang di-Pertuan Agong is retained as a dominant feature.

Currency
The local currency is called Ringgit Malaysia (RM). The currency’s RM3.80 peg against the U.S. dollar imposed on Sept 1, 1998 was lifted on July 21, 2005. One ringgit comprises 100 sen.

The currency comes in the form of both notes and coins. Ringgit banknotes are issued in the following denominations RM1, RM2, RM5, RM10, RM50 and RM100 while coins are issued in one sen, five sen, 10 sen, 20 sen, 50 sen and RM1 denominations.

Foreign currency and traveller’s cheques can be converted into Ringgit at banks or authorised moneychangers throughout the country.

Resident travellers are allowed to carry into and out of the country any amount not exceeding RM1,000 per person and also export foreign currency not exceeding the equivalent of RM10,000 per person.

Those who are carrying in excess of these - when entering or leaving the country - are required to obtain permission from the Controller of Foreign Exchange and declare in the Traveller’s Declaration Form the exact amount of Ringgit carried. Approval is usually given within one day of application.

Non-residents are allowed to bring in any amount of foreign currency (including traveller’s cheques). However, declaration in the Disembarkation Card issued by the Immigration Department is required when an amount in excess of US$2,500 is brought into the country.

Non-residents must also obtain permission and declare Ringgit exceeding RM1,000 when leaving or entering the country.