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Thursday, August 20, 2015

Singaporeans filing in to spend here

Bloomberg reports favourable exchange rate overcomes other factors, including the higher crime rate.
spore-shopping
PETALING JAYA: The current economic crisis engulfing Malaysia may have seen global investors fleeing, but more and more Singaporeans on the other hand are filing in and heading for Malaysian restaurants, big-box retailers, shopping centres and vacation spots, Bloomberg reports.
The Singapore dollar closed at a record 2.9246 per ringgit on Wednesday, up 11 per cent in 2015 alone.
Although both currencies have weakened against the US Dollar, Malaysia, Asia’s worst performer, has done worse, falling about 15% this year.
The FTSE Bursa Malaysia KLCI Index has suffered the sharpest decline in Asia and sovereign bond risk has jumped to a four-year high since July 3, the day Wall Street Journal exposed the now infamous US$700 million ‘donation’ to beleaguered Prime Minister Najib Razak.
“More than anything in the world, Singaporeans love bargains and sales and food,” Annalise Cheong was quoted as saying. “It is really a good time to be shopping and eating in Malaysia.”
While other industries are hurting from it, the weak ringgit is a boon for tourism.
“Second half, tourism should do better compared to the first half of this year,” said Barclays Singapore’s Rahul Bajoria. “You might see more tourists coming in from China, from India as the ringgit becomes more competitive.”
Yet, safety is a concern, Bloomberg notes, due to the higher crime rate in Malaysia as compared to Singapore, which the US State Department’s Bureau of Diplomatic Security rates as among the lowest in the world.
Despite this, Singaporeans will still come, drawn by the favourable exchange rate.

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