Local money changers run out of ringgit as singaporeans rush to buy while rm is weak
[h=1]LOCAL MONEY CHANGERS RUN OUT OF RINGGIT AS SINGAPOREANS RUSH TO BUY WHILE RM IS WEAK[/h]
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6 Dec 2014 - 5:01pm
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Several Money Changers in Singapore have reported running out of Ringgit stocks as they were caught off guard by the sudden and sustained weakness of the Malaysian currency this past week.
Consumers who frequently visit Malaysia rushed to take advantage of the low rates by changing large amounts of money, leaving many money changers here with shortages.
The Secretary of the Money Changers Association of Singapore explained that the Ringgit often sees large demand here close to Chinese New Year and they often order more in to deal with the demand.
However, the Ringgit hit a 10-month low against the Singapore dollar on Monday and global sentiments about falling fuel prices have also been expected to hit Malaysia, a oil exporter hard, have caused an unexpected spike in demand now.
Many money changers explained that they had run out of stock before the day was out and they had to turn customers away even though they usually had plenty.
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It was not only money changers who were low. Banks also reported facing ringgit shortages with some bank branches being forced to turn customers away as well.
Other areas impacted by the low RM include an increase in online transfers from Singapore banks to Malaysian banks .
The shortage has also hit more than a few branches as there is also a general shortage from the suppliers of the ringgit to Singapore.
While the shortage was the worst earlier this week, several money changers today have reported having more stock now and being able to exchange large amounts of money.
The Forex closed at RM2.64 to one SingDollar yesterday. The last time the prices were this low was in September last year when the RM was trading at 2.61 to 1 SingDollar.
Related:
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