Money changers around the two border crossings with Singapore have seen their business increase by up to 30% after the ringgit came to RM3.23 for S$1 earlier this month.
“During Singapore’s national day on Aug 9, we exchanged more than RM1mil within 24 hours,” he said, adding that he has a few outlets in the city. Asked about claims that some money changers in Singapore had run out of the ringgit since early this month, Mohamed said that many of them didn’t want to hold too much ringgit as they didn’t want to incur losses.
He added that the price war among money changers was not just a problem in Malaysia, but they were also forced to compete with Singaporean money changers who were offering better rates than those in Johor.