Malaysian Ringgit rate update

[LiKiSi]

I am heading up to JB tomorrow and some friends told me not to safe in JB because they mark SG cars. It that true?????? So better to change here in SG???? I always thought we'll get a bit more better rates across the border. Can bros please advise thanks

[Lone_Wolf]

Originally Posted by AtlasShrugged

Hari Raya + Election = 'Motivation' Haha

Too many Singaporeans crossing over to live there has raised the cost of living for the locals. One of the residents there complained to me that the wet market now refuses to sell fresh fish to her as the fishmonger can get a higher price selling to the Singaporean makciks who now patronizes the market.

I did a comparison with some relatives living in other parts of Malaysia and the cost of living is easily 40-80% higher in JB than elsewhere in Malaysia.

[AtlasShrugged]

Originally Posted by Lone_Wolf

Too many Singaporeans crossing over to live there has raised the cost of living for the locals. One of the residents there complained to me that the wet market now refuses to sell fresh fish to her as the fishmonger can get a higher price selling to the Singaporean makciks who now patronizes the market.

I did a comparison with some relatives living in other parts of Malaysia and the cost of living is easily 40-80% higher in JB than elsewhere in Malaysia.

Ya. But I think most of the blame should be placed on the locals instead of Singaporeans. They themselves set double standard cos of greed.. The vicious cycle goes on n they themselves get suck in. Rather than look at mirror and say I AM GREEDY, it is easier to push to someone else. Foreigners can always pack and go when place is 'over-priced'.

[Kalv]

Singapore Economy has shrunken by 1.1% in Quarter 2 - worse than expected. Risk of a technical recession has increased. MAS may ease back to a modest and gradual Singapore dollar appreciation. Wishing all a nice Weekend. Cheers.

Singapore/Malaysian Ringgit Exchange Rate Chart: http://www.x-convert.com/chart/SGD-MYR?period=1m

[KatoeyLover69]

Report from ChannelNewsAsia dated 13 July 2012 :-

S'pore money changers run out of Malaysian ringgit

SINGAPORE - Some money changers in Singapore on Friday ran out of Malaysian ringgit notes after the favourable exchange rate sparked strong interest from buyers taking the chance to stretch their dollar by picking up ringgit on the cheap.

The Singapore dollar is trading at one to 2.51 Malaysian ringgit, after hitting a 14-year high against the Malaysian currency this week.

The ringgit is under pressure as Malaysia's general election looms and as investors exit emerging Asian markets for safer assets.

Sim Moh Siong, a currency strategist at Bank of Singapore, said: "I think part of the under-performance could be due to the drop in commodity prices, especially in terms of crude oil and palm oil. That seems to be an overhang on the ringgit."

Currency analysts said the ringgit could weaken further this year, on risks from Malaysia's upcoming general election.

This could push the Singapore dollar to 2.55 versus the ringgit within the year, before moderating to 2.45 by end-2013.

Saktiandi Supaat, who is head of currency research at Maybank, said: "It's a reflection also of how market participants see Malaysian assets and also the tolerance level of Bank Negara in terms of allowing some flexibility in the ringgit.

"The ringgit has fluctuated or reacted more than the Singapore dollar to Eurozone and global risks such as growth issues. The structural issues on Singapore dollar restrict the way it reacts."

Global economic uncertainty has caused investors to pull money out of riskier assets like emerging-Asia currencies as they opt for safe haven assets like the US dollar.

The Singapore dollar has also been attracting these investors.

It has appreciated 2.5 per cent against the Thai baht and Indonesian rupiah this year.

Lee Chen Hoay, an investment analyst at Phillip Futures, said: "Because of the Eurozone crisis, it has increased the risk aversion in the market. And you even see things like Switzerland and Denmark being able to issue bonds at negative yield.

"So that means investors are willing to pay more money to get less, to protect their capital. And Singapore, being the only Southeast Asian currency with triple A, has an increased appeal."

Analysts said that should the Singapore dollar continue strengthening versus the ringgit, Singapore companies with operations in Malaysia could see profits take a hit.

However, Malaysian companies with operations in Singapore may see currency gains as they repatriate profits.
----- KaytoeyNewsNetwork

[KatoeyLover69]

If JB is not safe and is a "dangerous" why S'poreans send their old parents to stay in "Old Folks Homes" in JB ???

Report from The New Paper dated 11 July 2012 :-

More S'poreans heading to Johor nursing homes

For some Singaporeans, growing old means living across the Causeway - in a nursing home in Johor Baru.

Home operators there say about 10 percent of their clients are now Singaporeans and they are getting more enquiries from Singapore families.

Many moved their seniors or disabled relatives up north, citing more affordable care.

Some, like Mr Tan Ah Song, 70, found a better living environment there.

Yet, others, like 85-year-old Madam Minah and 90-year-old Madam Yee, had no choice.

Just who are these Singaporeans living their twilight years in another land?

What are their stories?
----- KatoeyNewsNetwork

[IncredibleHulk]

CK Chinatown and Peoples Park Complex $100 -> RM249.30.
Peoples Park Centre $100 -> RM249.50.

Hulk

[eg5354]

Originally Posted by LiKiSi

I always thought we'll get a bit more better rates across the border. Can bros please advise thanks

Not exactly. Really depends on what currency you are changing. If you talk about changing to rupiah, then it is much better rate to change in indonesia.

However, if you want to change to ringgit, then arcade building at raffles place certainly give the best rate so far. The display exchange rate by JB money changer in town area is always about roughly 4 ringgit lesser than the rate display at arcade building money changers.

Example if JB money changer display rate is rm245 then the exchange rate at arcade building will be about rm249. The majority of JB money changers at most will add rm3 to their display rate e.g. rm245 + rm3 = rm248

There are many money changers at arcade building level 1 & 2, so when there is alot of competition, the customers are the one who benefited the most from the exchange rate as they will try to give the best rate in town to attract customers.

[asdfghjkl]

so where does the MCs in the arcade get their currencies from? interested to be involved in this business.

[adonis]

Sis asdfghjkl, the money changing business in Singapore is dominated by local Indian money changers. Many of them are Indian Muslims. They transfer money using some sort of "hawala" system. They telephone their friends in the money changer business and say exchange this amount of money for this rate, we'll reimburse you the amount later. Their business is based on trust and long term connections. They do courier large sums of money over from Malaysia. One of them wears a money belt under his clothes. The other is his chaperone. This is one of their weak points.

[KatoeyLover69]

Report from The New Straits Times dated 17 July 2012 :-

New Malaysian banknotes now in circulation

SUBANG JAYA: The new Malaysian banknotes went into circulation yesterday and shoppers at Mydin USJ were the first to get their change in the new notes.

Beginning today, other supermarkets would have their cash machines filled with new banknotes, said a Bank Negara Malaysia officer here yesterday.

The officer said the new banknotes would co-circulate with the existing ones, which remained as legal tender.

The public will be able to obtain new banknotes through normal transactions.

The new series come in denominations of RM1, RM5, RM10, RM20 and RM100, while the RM50 note has been issued since December 2007.

The RM20 banknote is reintroduced and polymer substrate is used for the RM1 and RM5 notes.

The officer said all relevant parties had been told to calibrate their machines to accept the new banknotes.

The new banknotes are themed "Distinctively Malaysia", inspired by the country's culture, heritage and nature.

The new banknotes' enhanced security features include shadow image, clear window, watermark portrait with pixel and highlighted numerals, colour shifting security thread, micro lens thread, perfect see-through register and coloured glossy patch.

One of Mydin USJ's early shoppers, Dahlia Zainudin, said the new banknotes were nice to look at and creatively-designed.

Another shopper, Mohammad Azam Ikhsan, said the notes were distinctively Malaysian and unique.
----- KatoeyNewsNetwork


See photo of the new banknotes and read more at :
http://www.nst.com.my/nation/general/new-banknotes-now-in-circulation-1.108582#ixzz20rh7vV2e

[AtlasShrugged]

Originally Posted by adonis

Sis asdfghjkl

I didn't know is a she....

[eg5354]

Originally Posted by KatoeyLover69

Report from The New Straits Times dated 17 July 2012 :-

New Malaysian banknotes now in circulation

SUBANG JAYA: The new Malaysian banknotes went into circulation yesterday and shoppers at Mydin USJ were the first to get their change in the new notes.

Beginning today, other supermarkets would have their cash machines filled with new banknotes, said a Bank Negara Malaysia officer here yesterday.

The officer said the new banknotes would co-circulate with the existing ones, which remained as legal tender.

The public will be able to obtain new banknotes through normal transactions.

The new series come in denominations of RM1, RM5, RM10, RM20 and RM100, while the RM50 note has been issued since December 2007.

The RM20 banknote is reintroduced and polymer substrate is used for the RM1 and RM5 notes.

The officer said all relevant parties had been told to calibrate their machines to accept the new banknotes.

The new banknotes are themed "Distinctively Malaysia", inspired by the country's culture, heritage and nature.

The new banknotes' enhanced security features include shadow image, clear window, watermark portrait with pixel and highlighted numerals, colour shifting security thread, micro lens thread, perfect see-through register and coloured glossy patch.

One of Mydin USJ's early shoppers, Dahlia Zainudin, said the new banknotes were nice to look at and creatively-designed.

Another shopper, Mohammad Azam Ikhsan, said the notes were distinctively Malaysian and unique.
----- KatoeyNewsNetwork


See photo of the new banknotes and read more at :
http://www.nst.com.my/nation/general/new-banknotes-now-in-circulation-1.108582#ixzz20rh7vV2e

Actually I would love to have new bank notes as it is clean.

Just use a microscope and look at a piece of old cash note say maybe one ringgit note. To your horror, you will be shocked to see there are million of bacteria crawling around the note.

Many people said the most dirty cash notes are ren min pi currency. It contain the most bacteria as compare to the other countries notes.

Maybe customer in china after fxxx already never wash hand and pay to the PRC WL.

The bigger notes should be quite clean as handle by less people.

[diputs1269]

Originally Posted by eg5354

Actually I would love to have new bank notes as it is clean.

Just use a microscope and look at a piece of old cash note say maybe one ringgit note. To your horror, you will be shocked to see there are million of bacteria crawling around the note.

Many people said the most dirty cash notes are ren min pi currency. It contain the most bacteria as compare to the other countries notes.

Maybe customer in china after fxxx already never wash hand and pay

Shocking info, must be more careful from now on. Btw JB 249.5 yesterday

[Kalv]

Today, Lunch time at Thomson Plaza: SGD100 = RM247

Lousy - see chart below. High/Expensive Rental - Thomson Area. Cheers.


Singapore/Malaysian Ringgit Exchange Rate Chart: http://www.x-convert.com/chart/SGD-MYR?period=14d