Singapore will be negatively affected by the depreciation of the Malaysian ringgit and the country’s struggling economy due to close economic links between both countries, said Foreign Affairs Minister K Shanmugam yesterday, reported Channel NewsAsia.
“We are the biggest investor in Iskandar Malaysia, so any trouble there is serious issue for us,” he said during a forum organised by the Singapore Press Club called ‘Small state diplomacy: Challenges and opportunity for Singapore’.
This means Malaysia’s currency and economic problems won’t leave Singaporeans unscathed, especially those who purchased property in Johor.
On a positive note, Singaporeans planning to go shopping across the Causeway will have greater spending power given the current favourable exchange rate of one Singapore dollar per 3.01 ringgit.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
