Malaysian Ringgit
a.k.a. MYR
Malaysia's currency, an emerging-market favourite closely tied to oil, palm oil and the Chinese economy.
The Malaysian ringgit (MYR) is Malaysia's money. After the 1997 Asian financial crisis, Malaysia slammed the door: it pegged the ringgit at 3.80 to the US dollar and restricted capital flows, holding the peg until 2005. Today it floats, but the central bank still keeps a firm hand on it.
Because Malaysia exports oil, gas and palm oil and trades heavily with China, the ringgit tends to sag when commodity prices or Chinese growth wobble. Much of its offshore trading has historically happened through non-deliverable forwards.
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