The long-withstanding debate between Singapore and Malaysia always remains within 2 topics, food quality and the currency exchange rate.
Throughout this whole month, we have been seeing a decline in the Malaysian Ringgit against strong currencies such as the USD and the SGD where it exceeded RM3.40 per Singaporean Dollar.
Seeing this as an opportunity, our neighbours who love to come to our country during weekends or school holidays for short trips have started stocking up on the MYR.
According to Lianhe Zaobao who spoke to one of the money changers, City Money Changer said that they werenât able to give the market rate of RM3.40 per SGD but instead offered RM3.37 per SGD. Even though it is still a little less, the rate still attracted many people and by 5pm on 25 May, they had run out of Ringgit.
Another money changer, All Best Remittance Centre which is located in an MRT station had said that there are 10% more customers than usual.
On-ground reporters of Lianhe Zaobao at The Arcade in Raffles Place also got to know that customers looking to exchange the Ringgit had gone up by 10% in the past few days and 20% on Thursday when the Ringgit weakened again.
Deputy Finance Minister Datuk Seri Ahmad Maslan has said that BNM will be looking at how to solve the issue of the weak ringgit, as reported BERNAMA.
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