Malaysian Ringgits is the currency used in Malaysia. It is further divided into 100 sen (cents). 1 Ringgits equals 0.24 US dollars. An upper middle class income economy, Malaysia is one of the world’s 13 countries to have recorded an average growth of 7 percent on an annual basis.
The city of Kuala Lumpur and its surrounding areas are one of the fastest growing regions of the country. Although, most of the country’s political offices have been relocated to Putrajaya, the city of Kuala Lumpur still maintains its position as the thriving city in the political scenario of the country. The city of Kuala Lumpur is still the hub of the country’s finance, education, insurance, real estate, business services, wholesale and retail trade. Along with these sectors, restaurants and hotels, transport, storage and communication, utilities, personal services and government services contribute to the 83% percent of the city’s income and the remaining 17% comes from the construction and manufacturing sectors.
With increasing numbers of financial sector companies opening up in Kuala Lumpur, the city is touted to be the global Islamic financial sector hub of the city. Tourism also plays a very significant role in driving the economy of the city. With Kuala Lumpur being world’s 6th most visited city with over 8.9 million tourists every year, the contribution of tourism is immense in driving the economy of the city and the country as a whole. The city is full of clubs, night bars, local markets, plethora of malls and other entertainment and recreational arenas to keep the tourists entertained.