Rethinking A National Monetary Identity: Does Malaysia Need A Fitter Ringgit Symbol?

EasyChair Preprint 5745

Abstract

The currency symbol is one of the essential currency design elements in designing a banknote. For the past decade country such as India, Turkey and Russia have started to form their currency symbol and applied it in their monetary system instead of using abbreviations, whilst Malaysia subsequently 29 years of transitioning from the Malayan dollar sign to RM in its banknotes, yet to create its own. Although the RM was officially announced as Malaysia’s currency symbol by Bank Negara Malaysia in 1992, it is debatable that the RM is not a symbol perceived by many but simply an abbreviation for Ringgit Malaysia. This research is to understand whether there is a need for establishing a ringgit symbol to be part of Malaysia’s monetary and national identity. Using visual analysis and secondary data, it is concluded that a suitable currency symbol is needed for the ringgit in representing Malaysia not only as a player in the world financial stage but also as a nation that is blessed with unique cultures and identity. By forming a currency symbol for the ringgit and instil our local vision and philosophy, we can carry a true and distinct identity of the ringgit and for Malaysia as a country in the financial world.

Keyphrases: Currency symbol, Ringgit Malaysia, national identity

@booklet{EasyChair:5745,
  author    = {Mohammad Aaris Amirza and Mohamed Razeef Abdul Razak},
  title     = {Rethinking A National Monetary Identity: Does Malaysia Need A Fitter Ringgit Symbol?},
  howpublished = {EasyChair Preprint 5745},
  year      = {EasyChair, 2021}}