Malaysia’s economic woes could harm Singapore

Romesh NavaratnarajahAugust 28, 2015

 

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

POST COMMENT

You may also like these articles

Ringgit drops to new low against the Sing dollar

The Malaysian ringgit has dropped to a new record low against the Singapore dollar, and is now trading at 3.0049 ringgit per S$1 shortly after the markets opened on Monday, according to Bloomberg dat

Continue ReadingAugust 24, 2015

GuocoLand names new CEO

Property developer GuocoLand has internally appointed Choong Yee How, 59, as its new CEO and President with effect from 1 September, revealed the company in a recent SGX filing. It is confident tha

Continue ReadingAugust 25, 2015

GuocoLand posts revenue and profit drop

Property developer GuocoLand saw revenue plunge 48 percent to $254.7 million in the fourth quarter ended 30 June 2015, from $492.89 million during the same period last year. “The drop in revenue

Continue ReadingAugust 27, 2015