“Shrinkggit” — Strong Singdollar doubled job applications from Malaysia

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Stronger SG dollars are among the key motivating factors. Some have even called the ringgit the “shrinkggit” due to its seeming freefall

SINGAPORE: In Singapore news, the strong Singapore dollar is causing job applications to double, a Malaysian daily reported recently. The Singdollar has grown against the ringgit since the pandemic began. on March 15 as saying that the number of applications received from Malaysian applicants from December 2023 to January 2024 is two times the number of applications they received from December 2022 to January 2023.

Increased income opportunities due to the stronger Singapore dollar are among the key motivating factors,” she said. BT also noted that among the 1.86 million Malaysians who lived overseas in 2020, the vast majority lived in Singapore. These individuals worked in Singapore, married to a Singaporean, or simply lived there.On Feb 21, the ringgit reached an all-time low against the Singapore dollar, falling to MYR 3.5725 to SGD 1. The exchange rate was MYR 3.56 to SGD 1 the previous day. However, the ringgit has rallied since then and is now at MYR 3.526 to SGD 1.

 

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