Money flows between Australia and Malaysia, not just for trade reasons, but for personal reasons as well. In 2016, around U.S. $132 million was sent from Australia to Malaysia in the form of remittances, and around U.S. $15 million made its way in the opposite direction. In the same year, bilateral trade of goods and services between both countries exceeded U.S. $10 billion.
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Australia adopted the decimalized dollar as its official currency in 1966. Until then, the use of the Australian pound, divided into shillings and pence, was prevalent. Now, the Australian dollar is also used as legal tender in Kiribati, Nauru, Papua New Guinea, Tonga, Tuvalu, and Vanuatu. The country turned to using polymer bank notes in 1988, with the aim of putting a stop to counterfeiting.
The Australian dollar was pegged to the pound sterling from 1966 to 1973, when the peg shifted to the U.S. dollar. It became a free floating currency in December 1983. In April 2016, the Australian dollar’s share of the global forex market turnover was close to 9%, which made it the world’s fifth most commonly traded currency.
|Bank notes||$5, $10, $20, $50, $100|
|Coins||5c, 10c, 25c, 50c, $1, $2|
Malaysia used the Spanish silver dollar until 1837, after which it was replaced by the Indian rupee. It took around three decades for the country to switch back to the Spanish dollar. In 1903, the Straits dollar became legal tender in Malaysia. The Malaysian ringgit, in the form of the Malaysian dollar, became the country’s official currency in 1967.
Other than Malaysia, the use of the ringgit is also found in parts of Indonesia, the Philippines, Thailand, and Ho Chi Minh City, Vietnam.
|Bank notes||RM1, RM5, RM10, RM20, RM50, |
|Coins||1, 5, 10, 20, 50 sen|
Australian Dollar / Malaysian Ringgit Historical Rates
Upon its introduction, the Australian dollar was pegged to the pound sterling at the rate of AU $0.80 = £1. Introduced a year later, the value of the Malaysian ringgit stood at RM 8.57 against the pound sterling. From 1967 to mid 1974, the ringgit typically traded between RN 3 and RN 3.7 against the Australian dollar.
The Malaysian ringgit gradually gained value until mid 1985. In April 1985, the ringgit traded at around RN 1.6 against the Australian dollar. It lost ground in the next few years, getting to over RN 2.4 against the Australian dollar by January 1989. After a period of relative stability until mid 1991, the ringgit stared appreciating in value again. By September 1993, it was trading at RN 1.65 against the Australian dollar.
The AUD/MYR currency pair experienced further volatility because of the Asian financial crisis, and the ringgit was trading at over RN 2.8 by January 1998. Its value dropped to below RN 2 against the Australian dollar by February 2001, but the respite was short-lived.
Since then, the Malaysian ringgit has gradually lost value against the Australian dollar, despite there being periods of slight revival. In August 2018, the ringgit was trading at close to RN 3 against the Australian dollar.
AUD/MYR in the last five years
|AU $1 =|
|1 July, 2013||RN 2.9162|
|1 July, 2014||RN 2.9721|
|1 July, 2015||RN 2.7898|
|1 July, 2016||RN 3.0924|
|1 July, 2017||RN 3.4265|
AUD/MYR in the last five months
|AU $1 =|
|1 March, 2018||RN 2.9668|
|1 April, 2018||RN 2.9543|
|1 May, 2018||RN 3.0123|
|1 June, 2018||RN 2.9910|
|1 July, 2018||RN 3.0197|
What Affects AUD/MYR Rates?
How the AUD/MYR currency pair performs depends on more than both countries’ gross domestic products (GDPs), trade balances, interest rate differentials, investor sentiment, and geopolitical conditions. For instance, the value of the ringgit experienced a drop in value after the 2015-2016 Chinese stock market turbulence as well as the 2016 United States presidential election.
If you wish to transfer money from Australia to Malaysia or from Malaysia to Australia, compare the AUD/MYR exchange rate offered by different overseas money transfer companies. Pay attention to the fees you need to pay as well.