Malaysia’s economic woes could harm Singapore

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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.

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