IN the light of the remarkable 3.50 exchange rate that the Singapore dollar (SGD) achieved on October 24th compared to the Malaysian ringgit, money changers in Singapore have been receiving a flurry of customers.
China Press reported that no less than 10 money changers at The Arcade in Singapore had already run out of the Malaysian currency.
Additionally, money changers found themselves in a difficult situation due to the increase in demand. An incident took place where a customer exchanged an astounding SGD 3,000 for ringgit was reported by the director of VS Money Exchanger.
The director brought to light the difficulty of replenishing since some of his usual suppliers had ceased to exist.
Moreover, despite experiencing a 20 percent surge in demand, Crante Money Changer in Chinatown also felt the pinch.
Thus, the question of “Who is to blame?” emerges. Primarily there are local Singaporean families, and then there are Malaysians who work in Singapore.
Meanwhile, Malaysian banks have been noticeably affected by the recent increase in the currency exchange rate, which definitely attracted the attention of many.
Reports from Sin Chew Daily indicate that individuals have been facing formidable queues, with nearly 2,000 people lining up to exchange their SGD for MYR.