In August 2022, when the Singapore dollar reached record levels against the Malaysian ringgit, long queues formed at money changers in Raffles Place. The New Paper reported lines at The Arcade while some dealers would not sell ringgit at all. With margins narrow, certain businesses were reluctant to hold the currency in stock.
What distinguishes this queue is the paradox that a more attractive exchange rate increased demand while available cash became harder to find. The rate looked favourable on a screen, but obtaining ringgit at that price still depended on a dealer's inventory and a customer's position in line.