Ringgit drop not good for Singapore, says Shanmugam

Singapore

THE sharp drop in the Malaysian ringgit may be good news for Singaporean shoppers but not for Singapore, Law and Foreign Minister K Shanmugam said on Thursday.

While the weakened Malaysian currency is a boon to those going on shopping trips across the Causeway, it will have big implications for Singapore because of its strong economic links with the neighbouring country, he said in his speech at the Singapore Press Club's Eminent Speakers Series.