Queues form at money changers around S'pore

SINGAPORE - Attracted by the good exchange rate between the Singapore dollar and the Malaysian ringgit, queues formed at several money changers around Singapore on Wednesday.

At about 2pm on Wednesday, it was RM2.61 to S$1.

Over at AR Money Exchange in Bishan Junction 8, there were about 20 people in the queue.

The employees were so busy that they did not have time to be interviewed.

Madam Jane Ang sprinted to the money changer as soon as she had lunch. Despite seeing the long queue, she fished out her wallet excitedly and joined in the queue.

She said: "I travel to JB ( Johor Baru) at least once a month to stock up on groceries at home. I rarely go to the local markets as the prices are too expensive here."

The 58-year-old housewife said she spends at least RM260 (S$100) on marketing in JB.

She told The New Paper: "I don't mind queueing, even if it takes a long time, to get the money. It is worth it."

Mr Edwin Cheok, 22, who visits JB at least once a month when he is on leave, was among those who were queueing to buy ringgit.

He will usually change $300 to cover for his expenses there, which includes buying daily necessities and paying for an insurance scheme which he had signed up for there.

'ALL-TIME PEAK'

"It is a waste if I don't change my money now. The rate is at its all-time peak now," said Mr Cheok, a hairdresser.

Money Supply Money Changer at Toa Payoh Central saw a queue of about 10 people on Wednesday morning.

It usually has no queue at this time.

One of the employees, who wanted to be known only as Ms Shin, said many of the customers were elated when they found out about the exchange rate.

She said: "Many of them were very excited, telling me how they would spend their money in JB. I told them that it was definitely good for shopping, now that the rate is at an all-time low."

Secretary of the Money Changers Association Singapore, Mr Mohamad Rafeeq Mohamad Yusoof, said long queues in money changers are expected over the next few days due to the persistent weakening of the Malaysian currency.

Mr Rafeeq said: "Malaysia's economy is not at its steadiest now, and the rate has been hovering at 2.62 since Tuesday.

"It is not likely that it goes any lower but if it does, that would mean good business for money changers here."

natasyai@sph.com.sg

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