It was reported on Wed (17 Apr) that the Singapore dollar had risen to a 17-month high against the Malaysian ringgit, as demand for the ringgit weakened amid concerns the country’s debt may be removed from a key global bond index.

The Singapore dollar (SGD) rose to an intraday high of MYR3.0632 on Wed, the highest since the SGD touched MYR3.0724 on Nov 20, 2017. Year-to-date, the SGD has risen 0.74 per cent against the ringgit, according to Bloomberg.

FTSE Russell, a global index provider, said on Mon (15 Apr) that it could drop Malaysia from the FTSE World Government Bond Index (WGBI) because of concerns about market accessibility and liquidity. Morgan Stanley estimated that Malaysia could see outflows of almost US$8 billion if its bonds are downgraded when FTSE Russell carries out its review in September this year.

“The government needs to address this concern of bond managers and boost their confidence,” Phillip Capital Management SVP Dr Nazri Khan Adam Khan told the media.

FTSE Russell has already placed Malaysia together with China under its full watch list of fixed income markets that will be reviewed for potential changes this Sep.

Good news for Malaysians working or wanting to work in Singapore

With the continual rise of the Singapore dollar against the Malaysian ringgit, it would certainly spell good news to the Malaysians working or wanting to work in Singapore, as they could earn up to three times or more than their counterparts working in Malaysia.

“It’s not just a perception, it’s reality. Even accounting for the Singaporean expenses that I wouldn’t incur in Malaysia such as rent and no home-cooked food, the savings in Singapore are far greater than Malaysia,” Malaysian IT worker Choon Seng said.

Lu Yi, another Malaysian who quickly took up a regional role in Singapore when an opportunity presented to her in 2015, noted that many Malaysians who work in Singapore would usually have a higher spending power.

“Most of the friends I know are trying to save as much as they could, so they can buy a property back in Malaysia. Also, I have known friends who do not travel budget ever since they earn in SGD,” she said.

Nasuha Gunawan, who works as a serving staff at a coffee outlet in Singapore, said, “My take home pay is S$1,600 and with overtime it can go up to S$1,900. If I were to do similar work in JB, the pay is only RM1,300.”

Factory storekeeper M. Mohindran added he could earn up to S$2,500 monthly with overtime. Both Gunawan and Mohindran ride motorcycles to work to beat the congestion as they live in Johor.

Even the President of Johor South SME Association Teh Kee Sin commented, “I’ve a Malaysian friend working as an accountant there (Singapore) earning S$8,000 a month (RM22,400). He was only drawing a salary of RM6,000 here (in Malaysia).”

Last year, a Johor politician complained that too many Malaysians are flooding into Singapore to work (‘Rep: Too many Malaysians working in Singapore‘, Aug 2018).

He claimed that the high number of Malaysians working in Singapore will create problems for Johor if left unchecked by the authorities. He remarked that the weakened ringgit since 2016 was one of the major factors that had driven Malaysians to find employment in Singapore.

“The number of Malaysians shuttling between Johor and Singapore for work every day had once been recorded to reach 400,000,” he added.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
You May Also Like

【冠状病毒19】第26例死亡病例 73岁本地老翁病逝

根据卫生部文告,一名在今年3月9日确诊的73岁新加坡公民,与病魔对抗逾三个月,不幸在12日病逝。 该名老翁也是来自裕廊战备军人协会俱乐部(SAFRA)歌唱班新春晚宴感染群。属第161例病例。 卫生部也指老翁有高脂血症、高血压和慢性肾脏疾病的病史。当局已联系死者家属以提供协助。

樟宜机场第五搭客大厦项目暂缓两年

受到冠状病毒19疫情冲击,我国樟宜机场第五搭客大厦(T5)项目也随之暂缓两年,交通部长许文远也表示,将观察冠病疫情的发展,进行调整。 基础建设统筹部长兼交通部长许文远今日(16日)向媒体透露,第五搭客大厦的设计和格局也会进行调整,将相关安全措施考虑在内。 许文远也指出,航空业是目前受到疫情影响最严重的领域之一,尽管他对亚太地区的航空业有信心,相信今后将有能力回弹,但也坦言,航空业的恢复如今确实是个未知数。 针对疫情,他认为,在未找到疫苗前,疫情都有可能反弹,均对航空业和旅游业未来都产生影响。 “基于这些巨大的不确定性,我们正在进行一轮关于航空业的深入研究,以评估后冠病时代航空业的前景。我们认为几个月内应该很难得到答案,这可能需要几年时间,所以我们决定暂缓该项目。”

Pasar Glamour to raise funds for pandemic-affected freelancers in Singapore performing arts industry

The livelihoods across many industries have suffered due to the COVID-19 pandemic…

Member of People’s Voice Party calls ruling Government a “money-driven” one for increasing fines for parking offences

People’s Voice’s Shadow Cabinet Member Kok Ming Cheang took to his Facebook…