Money changers in Singapore are running out of Malaysian Ringgit (RM) after the Singapore dollar (SGD) hit an all-time high against the Ringgit.
According to a report by The Edge Markets, the Ringgit dropped to its new low against SGD on Monday (25 April) at RM3.1665. The previous high of RM3.1650 was registered on 31 March 2017, according to Bloomberg data.
It was also reported that the weakening Ringgit is due to the uncertainty of how the US Federal Reserve (Fed) will unwind its monetary easing, according to Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid.
Following the news, Singaporean have been rushing to the money changers to convert their money into the Ringgit, causing a major shortage of Malaysian currency among Singaporean money changers.
CNA reported that long queues could be seen at multiple locations in the country, such as The Arcade at Raffles Place and People’s Park Complex on Park Road.
At The Arcade, at least seven money changers had run out of Ringgit notes at 2.30 pm on Monday.
The money changers said they started to see more customers looking to change the Singapore dollar for the Ringgit last week, with even more looking to exchange currencies on Monday (25 April).
Most of them saw the overwhelming queues during lunchtime, with some changing up to SGD3,000 to SGD4,000 for the Ringgit.
“I’ve got no more stock. Just finished today.”
“The holidays are coming, that’s why people buy Ringgit. Hari Raya also is very important,” shared Mr Ismail, an employee of a Singaporean money changer.
Meanwhile, 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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