GEORGE TOWN: The Thai baht and Singapore dollar have become the most sought-after foreign currencies for Malaysians since April when the international borders reopened, an indication that most locals are travelling to these two countries.
Besides the two currencies, the Australian dollar, euros and UK sterling pound are also in demand.
Money changer Keyasudeen Mohd Furuskhan said most of his customers who buy the baht want to go on holiday while those who buy the Singapore dollar mainly use it because they want to visit family in Singapore or for education purposes.
He also said that although the ringgit exchange rate was bad now, the outlook for foreign currency exchange, especially those involving European countries, is expected to improve by the end of the year if the Covid-19 situation improves globally.
Another money changer, Sahul Hamed Jagabar Maricar, said most of his customers are keen on the exchange rate from ringgit to currencies such as baht, the Singapore dollar and rupiah.
“This indicates that people have plans to travel overseas,” he said, adding that the money-changing business is also gradually picking up, although it remains a far cry from the pre-pandemic situation.
Asked if people were changing currencies for healthcare travel, Sahul said an Indonesian customer brought 30mil rupiah to be exchanged for RM9,000.
“He told me it was for his treatment at a private hospital here,” he said, adding that transactions involving other foreign currencies were a little slow.
A third-generation owner of a chain of money changers here, Seeni Abdul Kadir, said Malaysia’s foreign exchange trade will improve gradually once medical tourism, especially in Penang, picks up.
“Indonesian citizens, in particular, will become the prime mover of the currency exchange trade once they come here to seek medical treatment,” he said.
He said this would, however, take some time, and expects the situation to be back to normal only next year.
He added that Chinese tourists also liked to seek medical treatment in the country but China’s international borders are still closed.
Muslim Jewellers and Money Changers Association of Penang president Datuk Dr Anvar Hussain Rahumathullah said the foreign exchange trade in Penang has been improving gradually since April.
“But it will take some time for it to return to the way it was before the pandemic,” he said.
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