Economy

ECONOMY

Malaysia remains one of the world's largest producers of rubber, palm oil, timber and tin. In recent years, the manufacturing and service (notably the tourism sector) industries have become main contributors to the economy. Exports of electronic products are one of the main contributors of the nation's economic growth. In fact, Malaysia is one of the few Asian countries that has its own car manufacturing industry. The stability of the economy and its political scenario has managed to attract tremendous foreign investment into the country. The country's major trading partners are Japan, the United States, Singapore, the United Kingdom and Germany.


CURRENCY

The Malaysian unit of currency is the Ringgit Malaysia (RM), which is divided into 100 sen. Currency comes in notes of RM1, RM5, RM10, RM50 and RM100. Coins are issued in 1 sen, 5 sen, 10 sen, 20 sen, 50 sen and RM1 denominations. MYR3.7.All currencies brought into and out of the country must be declared by a Travelers Declaration Form, which can be obtained at Malaysia's entry and exit points. Due to government regulations, non-residents are not allowed to bring in and out of the country more than RM1000.00 at any given time, but foreign currencies are not regulated.All commercial banks are authorized foreign exchange dealers. Major hotels, however, are only licensed to buy or accept foreign currencies in the form of notes and travelers' checks. Currency Converter


TIME ZONE

Malaysia is eight hours ahead of GMT (Greenwich Meridian Time), 16 hours ahead of US Pacific Standard Time and 13 hours ahead of Eastern Standard Time. Daylight Saving Time is not applicable to the country.


ELECTRICITY AND VOLTAGE

Malaysia's electric supply is on a 240-volt 50-cycle system. Visitors from countries using different electricity voltage systems are advised to bring their converters and adapters.


WATER

Water is generally safe to be consumed from the tap, though boiling prior to consumption is advisable.