Ringgit Malaysia's Surge: A New Era for Tourism

Indonesia Becomes Favorite Tourist Destination

The Malaysian ringgit has strengthened to its highest level in five years against the US dollar, making Indonesia a favorite tourist destination for Malaysians. The surge in the ringgit's value has led to an increase in money changer activities, with many Malaysians exchanging their currency to take advantage of the favorable exchange rate.

Impact on Money Changer Activities

The strengthening of the ringgit has resulted in a significant increase in money changer activities, with many Malaysians rushing to exchange their currency. According to the President of the Malaysian Association of Money Services Business, Jajakhan Kader Gani, the number of customers has remained at around 70% of the usual busy period, exceeding expectations.

Foreign Currency Exchange Rates

The ringgit has gained around 20% in value compared to its previous position, making it an attractive time for Malaysians to travel abroad. The Japanese yen has become the most sought-after foreign currency, followed by the Chinese yuan and the Indonesian rupiah. Demand for the rupiah remains strong, while interest in the Thai baht has slowed down due to flooding in southern Thailand and geopolitical concerns.

Tourism and Travel

Most currency exchange transactions are driven by travel needs, with many Malaysians taking advantage of the strong ringgit to plan their trips. The strengthening of the ringgit has made it an ideal time for Malaysians to travel, especially to destinations that use the US dollar as their base currency.