The “Appreciation of Ringgit Malaysia” seminar is expect to be held between 20th to 21st December 2010 addressed the appreciation of ringgit effect on exports in Malaysia. Specifically, it will bring together a dynamic group of economists, futurists, academicians and students from public as well as private sector and government to look into the future and explore ideas about the “appreciation” of currency or exchange rate in ways that might challenge Malaysia. This executive summary provides an overview of the judgments, insights and implications for the seminar.
This seminar aimed at promoting the monetary value of ringgit Malaysia by providing experts and academicians from within our country concerned an opportunity to share knowledge and experiences and to review challenges of the ringgit appreciation in Malaysia, and to have in-depth discussions on the role and prospects of this issue. In particular, by exchanging views and sharing the most updated information on exchange rate, it aimed at strengthening against most of the world’s major currencies and thereby contributing to the nation’s ambition to be a high-income economy. The seminar is also intended to provide an opportunity for the Malaysian citizens to understand the status and the challenges of the appreciation of ringgit on exports.
This seminar would be of great interest especially to economists, financial analyst, international businessman, universities’ students, academicians and other communities as well.
Mission and Vision Statements
To increase knowledge about currencies.
To anticipate currency devaluation or appreciation and impacts on business world.
To understand the exchange or conversion cycles for local and foreign currencies.
Educate the society on the importance of appreciation in ringgit.
To encourage the society to look at the development of managing money and wealth.
To promote an understanding on how major organizations such as the IMF are influenced by monetary transactions.
To provide a better understanding on exchange rate in our country.
Educate the society on the impact of appreciation and devaluation of ringgit on exports and imports.
The ” Appreciation of Ringgit Malaysia” event organising members include the following groups:
What will be members’ role(s) in the proposed event?
He as the director will be the primary decision-maker in our event plans. His responsibilities are to manage all his other group members – ensure the member are carrying out their responsibilities in their respective roles, consult lecturer for advice and suggestion as well as to maintain order in our group.
Preparing letters and log reports meetings are the responsibilities. This also includes tallying with the leaders of promotion, decoration and designing and treasurer in the purpose of recording the details in every respective role. Not forgetting, they also help in preparing letters, typing out drafts of event proposal and report, booking for the event’s venue and drop down selected ideas in every meeting.
This division will be in charge of the financial of the event, accounts, budget limitation and allocations. The primary task is creating a budget cost of the materials and applications with its pricing, original cost and etc. They also need to plan for fund raising, in charge of sponsorship matters and do help in publicity and promotion tasks.
Design & Technical Info
The main task is to design the fonts, background, slogan, and event’s image as well as compressing the contents of our event’s massage besides estimating the precise size of the flyers, booklet and etc. They also help the leader in their decision making and present finalize ideas of design to the rest of members.
Publicity and Promotion
Promotion tasks are divided among the members in the same division and responsible in planning the promotion strategy to publicize our event, with the team title “Appreciation of Malaysian Ringgit” efficiently. Plus, they also collaborate with the leader about the decoration and designing and also design and technical info members to discuss on how to widen our publicity range within and outside the campus.
For the exhibition, we will prepare a storyboard, drama or video for audience to enjoy seeing the facts and figures about the economy in Malaysia, especially from the aspect of worldwide money currency. Through the storyboard, drama or video, we will inform audience about Ringgit Malaysia, the important of stabilizing our money currency and the relation between Ringgit Malaysia and country’s export. We will be persuaded audience to support our Malaysia product through the storyboard, drama or video too.
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By using the method of drawing, we will show the story about how the Ringgit Malaysia can be strengthen and what its effect on our export in our country. When there is an appreciation in RM, product of Malaysia will increase the price and will reduce the local raw material cost. In addition, this will help to increase our nation’s export and income. So, we will use some industries and other countries as an example to make the story more interesting. Beside, through the video, we will show some picture and explain what causes the RM to appreciate or depreciate. Factors that causing a nation’s currency to appreciate or depreciate include:
Relative product prices
Inflation rate differences
Secondly, we will exhibit the information of Ringgit Malaysia appreciation by doing the introduction to intro the Malaysian’s currency. The “ringgit” is the official currency in Malaysia which is often known as the Malaysian dollar. The Malaysian dollar or ringgit is subdivided into 100 sens, which are known as cents in foreign markets. For the example, The Ringgit Malaysia (RM) is one of Asia’s best performing currencies, which in 2010 has appreciated by 6% against the US dollar, 19% against the euro and 16% against the British pound. There were several factors that contributed to the stellar performance of the ringgit. Amongst them are Malaysia’s better than expected economic recovery, the central bank’s monetary tightening policies, the New Economic Model (NEM), and speculation on revaluation of China’s Yuan, coupled with speculative funds inflow into Malaysia’s financial system. The currency’s strength isn’t likely to affect exporters, as Europe’s sovereign debt crisis may increase capital flows to Asia, and inter-Asia trade is expected to keep Malaysia’s exports at healthy growth levels. Malaysia’s exports to Europe make up some 10% of its total exports.
Thirdly, we will exhibit the information about our seminar and the comparison advantages and disadvantages.
The Pros and Cons of Stronger Ringgit
Encourages the import of capital goods, which contribute to the innovation and automation of industries in the country.
Improves the living standards of the people by increasing their purchasing power through cheaper imports and lower inflationary pressure.
A stronger ringgit could pose challenges to the exporters of this export-dependent Malaysia, such as palm oil companies.
The stronger ringgit usually trims the refinery margins as crude palm oil feedstock for refined products is priced in the currency. Any wild swings in the ringgit hurt refiners:
For every 100 basis point appreciation in the ringgit, refining margins fall by US$2-US$4 a tonne. For example, if the ringgit keeps strengthening, where previously you would collect 3.2 for every US dollar you earn, now you get only 3.1.
Information is very important in seminar to develop awareness about the theme of the seminar among audience. We will prepare accurate information in exhibition from Internet, survey, book, journal, and even Malaysia economic annual report. Advantages and disadvantages will clearly state in the exhibition and the information should be in bilingual, such as Malay and English. We will also consider on international students as audience too.
Furthermore, the factors that cause Ringgit Malaysia to appreciate will be exhibit in the exhibition. We will collect the information from latest news or from others resources. All the information about the factors will be state clearly in the exhibition.
Besides that, the comparison of the currency and different types of graph about the Ringgit Malaysia and exports of the products will be well prepared in the exhibition too. The information that we are prepared is due to these current years. The comparison of the currency within others country will be shown too. The countries that we will be compare such as US or China. The graph such as comparison of currency with others country, comparison of exports products, comparison of the latest years for currency will be shown too. For the exports of the products, we will be deciding to put example for palm oil or furniture. There are many types of graph will be shown during the exhibition. These aspects also consider as important information for audience to understand our main theme. Also, we will be taking the information through Internet, survey, book, journal and economic annual report. Committees in the exhibition are responsible to deliver a clear message to audience. Good interpretations will really helps the audience to understand the theme that we intend to deliver for them.
Lastly, through the teamwork among the committee and the accurate and clear information in the exhibition, we will successfully organize the seminar and message will be well delivered for the audience.
Potential speakers to be invite
Prof. Dr. Mohd. Nazari Bin Ismail
Department of Business Strategy Policy
Faculty of Business and Accountancy
Associate Prof. Dr. Fatimah Binti Kari
Department of Economics
Faculty of Economics and Admistration
Dato’ Mukhriz Bin Tun Dr. Mahathir
Minister of International Trade and Industry Malaysia.
Promotional and Publicity Strategies
Using social network as a main promotional tool to provide seminar information to promote and educate the targeted audiences regarding our topics of exhibition and seminar.
Reporters will be invited to the seminar and before the seminar conduct to promote the seminar in aim to target public audiences.
Interview session between the speakers and reporters will be conduct after / before the seminar.
Booth will be open before the week of seminar and exhibition to capture the attendance of MMU students and lecturers toward our seminar and exhibition.
Members on duty will introduce to the public regarding the seminar and exhibition.
Selling Souvenirs (key chain, T-Shirt, and etc)
Changing the computer background wallpaper to the seminar and exhibition wallpaper to promote the exhibition and seminar. (to be confirm later)
Co-operation with lecturers
Cooperate and encourage FBL lecturers to post an announcement regarding our exhibition and seminars. Lecturers may encourage students to attend and take as class attendance.
SAPS point will be provide to those who attend the seminars.
Invite higher education institutions
Invite STPM students, or higher education institutions in Melaka to the exhibition and seminar.
Secondary Schools in Melaka
Invite Vendors to participate on the exhibition and seminar to selling their products. Part of the profit are encourage donate to the event.
Due to Christmas is around the corner, we have planned to sell goody packs in our campus. Our goody pack includes sweet and chocolate. We can promote it through distribute flyers, so that all students will know goody pack is available for sale here. We may sell RM4-5 per one goody pack which price is reasonable and affordable for all students.
We may sell the couple T-shirts. The couple T-shirts and the goody packs will be a good match for the students. They may wear it to celebrate for the Christmas and the sweets and chocolates will be the presents for their partners.
We are planning to raise fund in the restaurant or café by providing the services there. We can be the part time waiters or waitresses. The earning we get will be the funds for the projects. We will also try to ask the owner to contribute the earning for one particular day to be our funds.
We have planned to sell fruits such as guava, papaya, and watermelon inside or outside the campus. Believe that, there are many students are like to eat fruit in such a torrid weather. So we may sell Rm1.50-2.00, which is affordable for them.
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