MYR to PKR Currency Converter - Malaysian Ringgit To Pakistan Rupee

MYR to PKR

The official currency of  Malaysia is ‘’Malaysian Ringgit’’. Previously the official currency of Malaysia was named Malaysian Dollar. However, in 1967 it was changed officially into Malaysian Ringgit. Bank Negara Malaysia, which is the central bank of Malaysia, issues the Ringgit.

The symbol of the currency is ‘’RM” or ‘’MYR”. ‘’RM’’ is used locally whereas ‘’MYR’’ is mostly used internationally. In August 1975, Ringgit and Sen were officially adopted as official names. In 2012, the first polymer banknotes were introduced. The currency code for trade exchange portals is ISO 4217.

In 1946, the Ringgit was confirmed as the official monetary unit of Malaysia. It happened when the colonial currency (Straits Settlement Dollar) created in the mid 19th century was replaced.

The Ringgit today

In 1997, after the East Asian financial crisis, the Malaysian national bank decided to peg the Ringgit to the US Dollar. In this way, the exchange rate was maintained at 3.80 USD. During this particular time period, the Ringgit also became non-tradeable outside Malaysia. However, it was de-pegged in 2005.

The notes

The official banknotes have the face of first Malaysian prime minister Tunku Abdul Rehman. It also features the Malaysian national flower "red Hibiscus rosa-Sinensis".

MYR and PKR

The PKR is the official currency of Pakistan. Ringgit, as mentioned earlier, is the official currency of Malaysia. If you compare the popularity ratio of both the currencies, you will find out that the Malaysian Ringgit is far more popular than the Pakistani Rupee. The Malaysian Ringgit is considered as one of the most popular currencies which is used for exchange purposes. The Malaysian Ringgit has though faced a severe decrease in its value due to the country’s economic crisis.

However, Pakistani currency has always faced poor economic conditions. Pakistan being the developing country, is struggling very hard to deal with its economic crisis. Therefore, the Pakistani Rupee, as compared to the Malaysian Ringgit, is not very popular in terms of being used for exchange purposes.

One of the main reasons for the popularity of the Ringgit is Malaysia’s stable economic and political situations. It is among one the developed countries in the world. Hence its currency has excellent value in terms of the exchange rate. 

Pakistan is still on its path to becoming a developed country. 29.5% of the Pakistani people live below the line of poverty. That makes up around 55 million people. It has been very challenging for the government of Pakistan to stabilize its economy and make its currency one of the favorites for trading purposes.

At the time of independence in 1947, Pakistan did not have any banking system. Somehow they managed to develop a banking system soon after independence. At the initial stage, only 2 notes and few coins were introduced by the government. After handling the severe crisis, the banking system managed to introduce more notes and coins, which is very appreciable. 

The State Bank of Pakistan is the bank that has the authority to deal with the currency in Pakistan. They introduced the notes of  1, 2, 5, 10, 20, 50, 100, 500, 1000, and 5000. However, now, 1, 2, and 5 Rupee notes are not being used. Nevertheless, the Pakistani Rupee has seen a little bit of progression in its value. The Pakistani Rupee has managed to come under the list of top 30 global economies. 

On the other hand, the Malaysian currency has also faced some severe crisis. The Malaysian currency was also once regarded as the non-traded currency due to its severe economic crisis. However, it has gained its stability after that.

Pakistan and Malaysia have shared a very peaceful trading and diplomatic relationship. The cultural and trading pact between Pakistan and Malaysia has allowed a vast amount of export and import of different goods between the countries. In January 2008, Pakistan and Malayasia signed a free trade agreement called the Malaysia-Pakistan Economic Partnership Agreement (MPCEPA).

In the given scenario, the current exchange rate of MYR to PKR is that 1 MYR is almost equal to 60.331574 Pakistani Rupees. However, the difference between both currencies is increasing. Which means that PKR is losing its value as compared to MYR.