Malaysia, a land of diverse attractions, is currently offering an added allure to tourists thanks to its weakened currency, the ringgit. This depreciation has increased tourists’ spending power, making Malaysia an even more enticing destination for travellers.
Let’s delve into why the ringgit is weak, what this means for tourists, and how you can make the most of this opportunity.
Why is the Ringgit Weak?
The ringgit’s depreciation can be attributed to several factors, including weaker exports due to sluggish demand from China, Malaysia’s wide interest rate gap with the US, and years of equity capital outflows and political turmoil. These factors have dented sentiment and contributed to the ringgit’s decline against major currencies.
The Malaysian ringgit has depreciated more than 7% in the past year against the Indian rupee, highlighting the significant impact of the currency’s weakness on travel affordability for tourists from countries with stronger currencies.
The Bargain for Travelers
Southeast Asia has long been known for its affordability, and Malaysia is no exception. The current weak ringgit makes it an even more attractive destination for travellers looking for a budget-friendly vacation. From bustling Kuala Lumpur to serene island getaways, Malaysia offers a wide range of attractions to suit every traveller’s taste.
Best Time to Visit
December to February is the ideal time to visit Malaysia’s west coast peninsular for beach vacations, offering the perfect escape to destinations like Langkawi and Penang. The weather is pleasant, making it ideal for outdoor activities and exploring the beauty of Malaysia’s coastline.
Tourist Boom Expected
Despite the challenges posed by the pandemic, Malaysia is poised to see a surge in tourist arrivals. Bank Negara Malaysia Governor Abdul Rasheed Ghaffour predicts that tourist numbers this year may surpass the pre-pandemic level of 26 million. The country’s steady stream of tourists throughout the year indicates a strong appeal to travellers seeking diverse experiences.
Currency Exchange Tips
If you’re planning to visit Malaysia, consider buying ringgit before you travel to lock in the current exchange rate. However, be mindful of commissions and fees on foreign exchange services. It’s advisable to shop around for the best deal to maximize your savings.
Booking in Advance
Booking your travel arrangements in advance can also help you secure a good rate. Whether it’s flights, accommodations, or tours, booking early can help you take advantage of favourable exchange rates and ensure a smooth travel experience.
Conclusion
Malaysia’s weakened ringgit presents a unique opportunity for travellers to explore this diverse and culturally rich destination without breaking the bank.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
