Abbreviated as RM, Penang being a part of the Malaysian country has the same currency known as Ringgit. It is further divided into 100 sen (cents). 1 Ringgits equals 0.24 US dollars. The flourishing economy of the state of Penang is termed as the "Silicon Valley of the East" and is the third-largest economy in the Malaysian country. The state also has the highest per capita income in all of Malaysia.