MAS tightens monetary policy to fight inflation on Friday.
They will re-centre the mid-point of the Singapore dollar nominal effective
rate. In layman’s terms, MAS will allow Singapore Dollar to appreciate. The
main goal would be to make imports cheaper and hopefully stop the rising
prices of goods and services.
To most of us, this may not mean much. However, one positive impact would be
that you would enjoy a ‘cheaper’ holiday this coming November/December. As a
result of the tightening, 10 currencies are close to an all-time low against
SGD for 2022.
AUSTRALIAN DOLLAR (AUD)
Who is going down under?
Earlier this year, AUD was stronger than SGD at 0.98. It has since dropped to
a low of 1.13. This means it is now 15% cheaper to get a house in Australia. If you had bought a house earlier this
BRITISH POUND STERLING (GBP)
The low for the year was 1 SGD to 0.63 GBP. Today, we are 1 SGD to 0.65 GBP.
This is still stronger than the 0.55 recorded earlier for the year. It would
be 15% cheaper to head to Manchester to watch the
wonderboy Haaland in action at the English Premier League.
CANADIAN DOLLAR (CAD)
You would have thought that CAD would follow USD and show strength against
SGD. On the contrary, it has weakened from 0.91 to 0.97, making it 7% cheaper
to travel to take a hike at Rocky Mountain or marvel at Niagara falls.
CHINESE YUAN (CNY)
While travel restrictions is still in place, the fall of CNY from 4.63 to a
low of 5.04 means it is worth a second look.
At 9% cheaper, China would be a good place to visit.
Alternatively, you can always head to AliExpress for some cheaper goods.
We are close to the low for EUR at 1 SGD to 0.72 EUR. Great for those planning
a treat to experience winter in Europe. At 13% cheaper, it is worth it to head
there for the Gucci, LV and Hermes.
INDONESIA RUPIAH (IDR)
The Rupiah enjoys a see-saw ride with SGD. It hovers up and down between 10400
t0 10800. The current price of 1 SGD to 10834 IDR is near the year’s low. It
is now 3% cheaper to head to Indonesia today.
JAPANESE YEN (JPY)
With the opening up of Japan effectively from Oct 11, it would mean that more
people will be planning a trip there. Japan is the country that the majority
would love to visit for holidays.
The Japanese Yen hit a low of 1 SGD to 104.32 on Oct 14 after the announcement
from MAS. Compared to 82 for this year’s low, it is almost 27% cheaper
to travel to Japan today!
KOREAN WON (KRW)
Korean Won has breached 1000 and is now at an all-time high of 1009.59 in over
The year low was 863, making it 26% cheaper to travel to Korea
LAOTIAN KIP (LAK)
Planning a trip off the beaten track?
LAOS is a good destination to consider. It has fallen from 7512 to 11803. This
is 57% cheaper to travel there today!
MALAYSIA RINGGIT (MYR)
Back in May, the Ringgit had a spike to 3.30. Today, we are just a touch away
at 3.29. Compared with 3.07 in March 2022, it is 7% cheaper to head across the causeway today.
NEW ZEALAND DOLLARS (NZD)
When we often talk about Australian Dollars, we always check on NZD as they
tend to move in tandem. From 1 low of 1.03 a year ago, NZD is now 1.26 against
SGD. This is a whopping 22% cheaper for those looking to get to Middle Earth and have a Lord of the Rings
PHILIPPINE PESO (PHP)
If you are heading to the Philippines, good news!
From a low of 36.47, it is now at 41.32. It is now
13 % cheaper to travel to the Philippines today.
SOUTH AFRICA RAND (RAND)
If you ever wish to head on a safari, this is the best time to do so!
The Rand has weakened from 10.79 to 12.86. It is now
19% cheaper to head to Madagascar
TAIWAN DOLLARS (TWD)
Taiwan is another country that is opening up its doors to travellers.
A year ago, Taiwan dollars were at 20.19. Today 1 SGD will get you 22.39. This
means it is now close to 11% cheaper to visit the night markets
THAI BAHT (THB)
The land of smiles has always been a popular holiday destination.
From a low of 23.85 in Feb, it is now at a year-high of 26.8. This means it is
now 12% cheaper to go to Bangkok for shopping.