Border controls, MCO push money changers into the red


Ragananthini Vethasalam

Border closures and movement restrictions have caused an almost 80% decline in revenue for the money changers. – AFP pic, November 28, 2020.

DWINDLING business since the movement-control order and a sharp decline in turnover have pushed many money changers and remittance companies into the red, said Malaysian Association of Money Services Businesses (MAMSB) president Jajakhan Kader Gani.

“The money changing industry has been severely impacted by the MCO, due to the restrictions on travel – both in terms of foreign tourists visiting Malaysia and Malaysians travelling overseas, as well as Malaysians who were working in Singapore,” Jajakhan told The Malaysian Insight.


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