Ringgit out of stock at some money changers
Published on Jul 13, 2012
MONEY CHANGERS are scrambling to cope with the surge in demand for the ringgit as the Singapore dollar strengthened against the Malaysian currency.
The Singdollar rose to a 14-year high of RM2.51 two days ago, its highest level since the Asian financial crisis in 1998. It closed at RM2.5074 yesterday.
Of the 20 money changers The Straits Times spoke to, 11 said their stock of ringgit had been wiped out by the early afternoon. 'We started off with RM10,000 at the start of the day, but that was sold out within an hour,' said Mr Shaik Alaudin, 40, a staff member at Cecil Money Changer, located in Cecil Street, where the rate was S$1 to RM2.50. A second order of RM100,000 was sold out by 2pm.
Ms Shalini Pichai, 25, owner of Timecity Money Changer in Hong Leong Building where the rate was S$1 to RM2.50, said she sold close to RM1 million yesterday - roughly three times more than usual.
Mr Jalal Udin, 53, who owns AR Money Exchange at Junction 8, said he had anticipated the strong demand. 'I brought in RM200,000 at the start of the day, much more than the RM50,000 to RM60,000 I usually bring in, because of the good rate.' The rate at his shop was S$1 to RM2.495.
Mr Kenny Lim, 47, who works in the security industry, is a frequent traveller to Malaysia and usually exchanges $200 to $300 for each of his visits. But yesterday, he exchanged $1,000, saying that he wanted to take advantage of the good rate.
Exchanging $1,000 for ringgit now yields RM100 more, compared to when the rate was roughly S$1 to RM2.40.