'Lepak a bit,' PPP chairman Derrick Sim jokingly tells Malaysia PM Anwar Ibrahim as ringgit strengthens

Singapore politician Derrick Sim thinks Malaysian prime minister Anwar Ibrahim is one of the best the latter country has seen in a "long, long time".

But the People's Power Party (PPP) chairman has a "very small request" for the 78-year-old.

"Maybe you lepak (chill) a bit," he joked in a recent Facebook post. "No need to work so hard lah."

His post came after the ringgit strengthened against the Singapore dollar over the holiday period, going from a 3.18 exchange rate on Dec 11 to 3.15 on Jan 4, the day of his post.

"If too strong, later Singaporeans come in — only order roti canai kosong (plain) and go back liao," he continued. "Many of us are still very budget-conscious.

"Take it easy, PM. Slow and steady wins the race."

Since Sim's post, the exchange rate has returned to 3.18 as of Jan 10.

Sim took a more serious tone in his comments, sharing that foreign investment into Malaysia had grown a "whopping" 47 per cent in 2025.

"This decade is very much Malaysia’s to lose," he continued. "Large global corporations are quietly but decisively shifting their supply chains en masse out of China, and Malaysia has emerged as a natural sweet spot. 

"It is not as costly as Singapore, yet more stable and institutionally reliable than Vietnam. Add to that a well-established semiconductor ecosystem, and Malaysia becomes a highly compelling destination."

He noted that this didn't mean that Malaysia would definitely continue to flourish but that the country had been "making the right moves" recently.

"So don’t be surprised if the ringgit continues to strengthen against the Singapore dollar, potentially moving into the 3.0X range, or even crossing the psychological threshold below three within the next 18 months," he added.

"At the same time, the Monetary Authority of Singapore (MAS) is easing monetary policy, which adds further downward pressure on the Singapore dollar. With both forces at play, the ringgit is likely to strengthen further against the Singapore dollar.

"Just as a reminder, as recently as September last year, the exchange rate was still hovering around 3.3 to 1."

He pointed to Singapore's own exchange rate against the Pound Sterling as an example of such economic growth historically. While the latter was thrice as strong as the Singapore dollar in the 1990s, the current exchange rate stands at 1.73.

"Exchange rates are not static. When fundamentals shift, so do currencies," Sim concluded.

A Facebook user commented: "No worries. However much the exchange rate is, Singaporeans will still drive in Malaysia to pump petrol."

"Please pump Ron 97 and not subsidised petrol when you cross into Malaysia," another commented along the same vein.

Another commenter reminisced about the 1960s and 1970s when the exchange rate was 1:1 and policemen in Singapore wore shorts.

"[Malaysians] who earn in Singapore dollars are also not happy with it," a commenter shared about the flipside.

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drimac@asiaone.com