Foreign Trade

Some nations export only to expand their domestic market or to aid economically depressed sectors within the home economy. Other nations depend on trade for a large part of their national income and to supply goods for domestic consumption. In recent years foreign trade has also been viewed as a means to promote growth within a nation's economy. Developing countries and international organizations have increasingly emphasized such trade.

E-Trading



CURRENCY

Malaysian Ringgit

The ringgit (MYR, but more commonly referred to as RM), unofficially known as the Malaysian dollar, is the official currency of Malaysia. In 1837, Malaysia converted from the use of the Spanish silver dollar to the Indian rupee. This lasted for 30 years until 1867 when the country decided to re-implement the use of the silver dollar. In 1903 Malaysia changed currencies again, this time using the Straits dollar, which was pegged at two shillings to the British pound (GBP). It was not until 1975 that Malaysia officially adopted the ringgit, which is pegged at 3.46 RM to the U.S. dollar.