5 factors that could make this a favourable time for SGD/MYR conversion
5 factors that could make this a favourable time for SGD/MYR conversion
“Start where you are. Use what you have. Do what you can.” – Arthur Ashe
- Favourable trend in SGD/MYR exchange rate
Source: Bloomberg 25 July 2024
The exchange rate stands at 1 SGD to approximately 3.47 MYR as of 25 July 2024. After hitting a record low of 3.57 against SGD in February 2024, MYR has appreciated by 2.8% against SGD. This rate makes it attractive for conversions now instead of later. Travellers, investors, or businesses should take this opportunity to convert SGD to MYR.
- Strengthening ringgit
In the table above, we ranked each currency year to date performance against USD. MYR is ranked No. 2 when compared to major currencies in Asia. USD only strengthened 1.69% against MYR. In comparison, USD strengthened 8.04% against JPY. This makes MYR stronger when compared to JPY.
- Equities outperform
MYR assets such as equities has performed well. Year to date FBMKLCI rose 11.14% as of 25 July 20241.
Malaysia’s economy is estimated to expand by 5.8% in 2Q 2024 according to Statistics Department Malaysia2. This beats even the highest forecast of 5.1% from Bloomberg survey.
- Johor-Singapore Special Economic Zone
JS-SEZ aims to enhance seamless movement of goods between Johor and Singapore. It could replicate the success of China’s Shenzhen, which transformed into a global manufacturing hub through its special economic zone. Closer economic ties and smoother trade can positively impact MYR.
- MYR set to extend gains
MYR is set to strengthen as the Federal Reserve eventually pivots to interest rate cuts. Continued strengthening of MYR will benefit investors in the longer term. Investors should act now and convert to MYR before it gets more expensive!
1Source: Bloomberg as of 25 July 2024.
2Advance Gross Domestic Product Estimates Second Quarter 2024 Source: Ministry of Economy Department of Statistics Malaysia > Release Content.
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Get S$15 cashback per month when you send money from Singapore to Malaysia
For a limited time only: Simply make a fund transfer of at least S$1,000 from your OCBC Singapore (SGD) account to any Malaysia (MYR) account. T&Cs apply.
Get S$15 cashback per month when you send money to any Malaysia (MYR) account
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Sources
1Source: Bloomberg as of 25 July 2024.
2Advance Gross Domestic Product Estimates Second Quarter 2024 Source: Ministry of Economy Department of Statistics Malaysia > Release Content.
SGD to MYR Online Overseas Fund Transfer | Cable fee | Commission fee | Agent fee | Exchange rate |
To OCBC Malaysia Account | Waived | Waived | Waived | View preferential rates |
To non-OCBC Malaysia Account | Waived | Waived | Chargeable, depending on receiving bank | View live rate |
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