Malaysia Ringgit hits low of 3.17 vs Singapore Sing Dollar – The SGD Singapore dollar hit an all time high against the Malaysian currency on 25th April Monday, due to adjustments made by the MAS (Monetary Authority of Singapore), AND a weakening ringgit, according to economists.
Never before seen in recent queues snaked across Money Changers in Singapore and Malaysia, with many Money changers selling out of Malaysia Ringgit early into the day, and stories of customers who exchanged RM100,000 reported.
The exchange rate was steadily holding at the 3.1683 mark beating the previous high of 3.1650 from five years ago.
MAS recent adjustments, would give Singapore a head start in normalizing its monetary policy, said Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid.
“The MAS has already started tightening its monetary policy by targeting the Singapore dollar NEER (nominal effective exchange rate) for appreciation in its recent monetary policy meeting on April 14,” Mohd Afzanizam
— Free Malaysia Today (@fmtoday) April 25, 2022
Elsewhere, reports of Ringgit being 4.35 versus the US dollar, made its way around social media.
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Read more about Malaysia Ringgit hits low of 3.17 vs Singapore Sing Dollar USD MYR at https://www.freemalaysiatoday.com/category/nation/2022/04/22/at-rm4-30-to-usd-ringgit-at-its-lowest-since-may-2020/