Malaysian Ringgit is the basic unit of currency of Malaysia. The currency ISO code of Malaysian Ringgit is MYR.
Malaysian Ringgit has a floating exchange rate regime against a currency basket since 2005. The central bank of Malaysia announced on September 2, 1998, that for an unspecified period, the Ringgit would be pegged to the US dollar at MYR 3.80 per USD in order to curb the devaluation. At the beginning of 1998, a control of the exchanges and capitals was instituted in order to limit the flow of capitals in the short term.
On July 21, 2005, Malaysia abandoned its currency parity with the US dollar. Malaysia adopted a managed floating rate, based on undisclosed currency basket.