Before the Covid-19 pandemic descended on us, news of the Malaysian Ringgit (MYR) falling against the Singapore Dollar (SGD) would send throngs of people crowding at money changers islandwide.
But now that travels across the Causeway are on hold, we can’t see such familiar scenes anymore — which is sad as the MYR has recently fallen to an 8-month low.
With S$1 now equivalent to RM3.10, we can only dream about the shopping hauls we’d have if we could travel to Malaysia.
According to BERITAmediacorp, the MYR fell to its lowest value against the SGD on Tuesday (20 Apr).
This is apparently the lowest drop in 8 months, with the last one in Jul 2020, when 1 SGD was valued at 3.09 MYR.
Unfortunately, since we’re unable to cross the Causeway to spend like kings and queens, many are mourning the missed opportunity.
While a significant currency drop typically warrants a quick shopping trip to Malaysia, current circumstances sadly don’t allow it.
And netizens are lamenting that fact in BERITAmediacorp’s Facebook comments section.
One mentioned how there would be no point converting SGD to MYR, when we can’t enter Malaysia to spend the money due to Covid-19 restrictions.
The sentiment was echoed across the board, though some tried to see the silver lining behind the development.
As the SGD is now stronger against the MYR, Malaysian workers in Singapore will likely be able to send more money back home.
Despite pointing out the pointlessness of the new values for Singaporeans, the netizen above is grateful on behalf of Malaysian workers here who are working hard to feed their families.
A bank official whom BERITAmediacorp spoke to, however, noted that the current value may not persist for very long.
In fact, he predicts that the Ringgit might strengthen in the second, third, and fourth quarters of the year. He estimates that it may close somewhere between 3.05 to 3.08 by end-2021.
Therefore, currency investors or those who’d like to convert their money should do so now, albeit in small amounts first. After all, the Covid-19 situation can be quite volatile.
With border reopening talks on the horizon, who knows just how soon we’ll get to revive our Causeway trips again.
When the time finally comes, you’d be glad that you had your Ringgit bills ready for your Malaysian shopping spree.
Till then, it doesn’t hurt to have some Ringgits in store. Who wouldn’t like the feeling of having a thick wad of money, right?
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Featured image adapted from Google Maps and Google Maps.
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