Ringgit Malaysia (RM) has dropped to a new low against the Singapore Dollar (SGD) as of Monday (25 April), at a reported 3.17. As of today (28 April), it is at 3.15.
Since then, Singaporeans have been rushing to buy our local currency while it is at its cheapest, causing a major shortage of Malaysian currency among Singaporean money changers.
Based on a report by Channel News Asia (CNA), long queues could be seen at money changers around Singapore, with customers changing up to SGD $3,000 (RM9,447.82) to SGD $4,000 (RM12,597.09).
It came to a point where some customers had to be turned away as money changers had ran out of Malaysian Ringgit.
“I’ve got no more stock. Just finished today.”
“The holidays are coming, that’s why people buy RM. Hari Raya also is very important,” shared Mr. Ismail, an employee of a Singaporean money changer.
Some money changers in Singapore haven’t had RM in stock since the borders reopened.
“The weekend on Saturday, Sunday, there was a lot of people. They opened the border so people can come in. They relaxed measures so more people want to go,” Mr Nasu of Sirajudin Money Changer explained.
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