With the Singaporean dollar reaching it’s highest peak against the Malaysian Ringgit since 1981, many have been rushing to cash in on the lucrative exchange rates.
Long queues can be seen outside most money changers these past two days with the MYR falling to it’s lowest against the SGD since 1981, so much so that most money changers have ran out of Malaysian Ringgit by mid afternoon.
Neighbours, Malaysia have ran into recent trouble due to the slump in global oil prices. The fall of the Ringgit will not only affect our neighbours but will likely have an impact on Singapore’s tourism as well as Casino traffic.
However with the Ringgit taking a plunge, many Singaporean shoppers will be taking this opportunity to get some shopping done across the causeway despite the recent 6% hike in GST.