The Ringgit Malaysia (RM) has recently depreciated to an all-time low against the Singapore Dollar (SGD) so much that Singaporeans rush to the money changers to benefit from this low exchange rate. This then lead to a major shortage of RM among the Singaporean money changers.
While many think that the RM’s weakness is something bad as the strength of the currency represents the state of the economy in our country, others see an opportunity in the weakening Ringgit.
Johor Menteri Besar (MB) Datuk Onn Hafiz Ghazi said that Ringgit’s depreciation against SGD would bring benefit to small businesses and traders in Johor after two challenging years caused by the Covid-19 pandemic.
“This is because it gives Singaporeans higher purchasing power, encouraging them to visit Johor and spend in the state.”
“However, I think the inflationary and currency depreciation is a temporary problem. Let’s pray it will not go on for a long time,” he told BFM in an interview.
However, netizens were not having it and slammed the MB’s attempt to downplay the issue.
“If Ringgit depreciation is benefitting traders in Johor, why not get the Government to depreciate our currency further to be at the level of Zimbabwe dollar? Let them all reap multi-fold profits and become millionaires. What an imbecile of an MB.” a netizen commented.
Another netizen even made a meme, featuring the first Prime Minister Tunku Abdul Rahman with a caption which reads “Sia-sia aku merdekakan negara ini (Wasted my effort in bringing independence to the country)”.
On 25 April, Bloomberg reported that after hitting a 5-year high last week, the SGD continued its upward trend against the Ringgit by posting an all-time high of 3.1688.
As compared to the US dollar, the Ringgit hit an all-time high at RM4.3468.
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