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On Monday morning (May 23) the Singapore dollar reached an all-time high against the Malaysian ringgit, at SGD1 = RM3.1964. Later in the day, the rate eased to RM3.2056.

The head of FX analysis at MonFX, Mr Simon Harvey, told CNA that the all-time high rate is “largely due to strength in the Singapore dollar, as preferred by MAS officials,” adding that “the technicalities of Singapore’s monetary policy that created this all-time high.”

Since late last month, the Singdollar has been rising against the ringgit, which has caused a spate of buyers eager to purchase Malaysian currency.

CNA added that there will be room for the ringgit, however, to “play catch up” in the next six months to a year, said Mr Sim Moh Siong, a currency strategist at the Bank of Singapore.

“By then, the rate hike by the Malaysia central bank will move into higher gear,” he said.

Responses to the CNA report have been mixed, with one netizen saying, “This is how to overcome inflation. Work here spend there.”

Another netizen seemed to agree, writing, “Time to dine and play up north. Help our neighbours.”

However, many netizens commented on how much prices have risen in Malaysia, specifically in Johor Bahru, except for the price of fuel.

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Some netizens asked if this is the reason Malaysia announced it would stop importing chicken to Singapore beginning from June 1.

(ICYMI, it’s not. The government announced that the ban is in order to secure supplies for Malaysians.)

 

/TISG

Singapore dollar hits record high against ringgit at 3.16, attracting Malaysians to work in Singapore