Friday, March 31, 2023

M’sians are purchasing Pound and Yen after the currencies reportedly tumbled

Social NewsM'sians are purchasing Pound and Yen after the currencies reportedly tumbled

As the Ringgit continues to stumble against the US Dollar, some other major currencies had suffered the same fate as the Ringgit. Meanwhile, some Malaysians are quick to seize the opportunity to purchase other currencies for their overseas trip or to save up for their children’s education fees.

Speaking to The Star, YT Tan who works as a construction developer, said he is considering buying more British pounds after observing current rates.

“I made some exchanges earlier this year to pay for my son’s final year of education in the United Kingdom, but seeing how the rates are currently more favourable, I may consider purchasing more British pounds.”

“This would mainly be towards financing the family’s trip to my son’s graduation ceremony there next year. The amount exchanged, however, won’t be as much when compared to the education fees,” he said.

Elite Teoh, a Malaysian student currently in Cardiff, said his family is considering purchasing more pounds given the current exchange rates.

“Prior to travelling there earlier this month, my family and I exchanged the pound at about RM5.30.”

“Seeing that it is currently hovering between 5 and 5.1, we may want to capitalise on this,” he said, adding that his family in Malaysia would continue buying up more pound if the exchanges if rates were satisfactory.

On the other hand, the demand for the yen is strong as it depreciates against the greenback.

According to Evan Wong, he went to eight different money changers here to source for the yen but many were already out of the currency.

“Seeing that Japan had recently announced the reopening of its borders beginning Oct 11, I decided to quickly exchange the currencies for a trip both later this year and next year,” he said, adding that he has kept track of the exchange rates since the country announced plans to lift its travel ban earlier this year.

Meanwhile, money changer outlets in Klang Valley said that they have been running low on both pound and yen since early this week.

Money changer Nadia Nabila said it was a hectic Monday for her as lines were long after the pound was reportedly depreciating.

“We sold out almost every note of the pound sterling, where we only have a five-pound note currently left,” she said.

Another money changer, Malik Maju Sdn Bhd chief executive officer Thamemul Anzari Dastigeer said his outlet received several enquiries on Monday evening.

“The calls kept coming in, with some also instantly making the decision to exchange for the pound at our outlet upon seeing the rates,” he said.

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