The currency used in Malaysia is the Malaysian ringgit, abbreviated as MYR. The ringgit is subdivided into 100 sen. It has been the official currency since the decimalization of the Malayan dollar in 1975. The Bank Negara Malaysia, the country’s central bank, is responsible for issuing currency and managing monetary policy. The ringgit's value fluctuates in response to economic factors such as trade balances, inflation, and global market conditions. The Malaysian ringgit is crucial for domestic transactions and international trade, and it reflects the overall economic health of Malaysia.