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Monday, August 15, 2022
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MONEY CHANGERS IN S’PORE RELUCTANT TO SELL RINGGIT BECAUSE IT IS TOO CHEAP

Following the rise of the Singapore dollar against the Malaysian Ringgit, money changers in Singapore have been reluctant to sell the Ringgit as it is becoming cheap.

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The Singapore dollar hit a new record high of S$1 to RM 3.23 on 3 August, prompting celebrations from Singaporeans who visit Malaysia often.

Money changers in Singapore, on the other hand, are none too pleased with the depreciation of the Malaysian Ringgit, which leads to losses for them.

The money changers had bought their Ringgit at a much higher price earlier, and selling it now would result in them not making money from it.

Money changers working on a smaller scale are also having difficulties making profits from selling the Ringgit, as the sale has to be worth millions of dollars before they can see profits of significant value.

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A money changer revealed that they earn between $10 to $10 for every RM100,000 sold (about S$30,947).

Images source: Google Maps (image used for illustration purposes only)

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