The current surge in the SGD to MYR exchange rate, with the Singapore dollar consistently hitting above the 3.5 mark against the ringgit, has seen many Singaporeans rushing to get the most out of their exchanges.
The impact? By midday, no less than 10 money changers at The Arcade in Singapore had already run out of the Malaysian currency, reported China Press.
Surge in demand
One money changer mentioned that today’s demand had significantly surpassed that of the previous day, revealing that they had sold about 95% of their ringgit stock by noon.
The surge in demand put money changers in a spot. Director of VS Money Changer noted an instance where a customer exchanged a whopping SGD 3,000 for ringgit.
He also shared the challenge of restocking, as some regular suppliers had stopped providing.
Over at Crante Money Changer in Chinatown, they too felt the crunch, reporting a 20% increase in demand.
The main culprits? Malaysians working in Singapore, followed by local Singaporean families.
One local lady, preferring to remain anonymous, mentioned that she doesn’t usually exchange for ringgit. However, seeing the favorable rate, she decided to swap a hefty SGD 3,000.
It’s evident that the demand for ringgit is ever-present in Singapore, not just linked to tourist seasons. Whether it’s Malaysians working there or local families planning weekend trips across the border, the appetite for ringgit remains strong.
