Malaysia
Euros and pounds selling like hotcakes
People at a money changer at the Mid Valley Megamall in Kuala Lumpur yesterday. Money changers are reporting brisk business for pounds and euros. u00e2u20acu201d Picture by Azneal Ishak

PETALING JAYA, June 28 — Money changers around the Klang Valley ran out of euros and pound sterling yesterday as Malaysians made a beeline for the two currencies which fell after the United Kingdom voted to leave the European Union.

 Some wanted to take advantage of the weaker currencies as they planned to go on holidays to the UK and Europe while others wanted to invest for sale later.

Money changer, Mahfouz Alam, 35, said a long line had formed in front of his shop at 10am when he opened for business.

"I did not expect to see so many people rushing to buy euros and pounds. They were asking for large amounts and I had to limit the amount I sold per person. 

"By 11.30am, I was out of pounds and only had about 1,500 euros left. I told many customers to come back tomorrow as my supply will not be replenished today,” he said.

Another money changer, who only wanted to be known as Amir, said a customer had asked for £20,000 leaving him with only £5,000.

"My boss told me to tell him to place a 10 per cent deposit while we got him the cash. We do not usually get a request for such a large amount. It was a shock for us," he said.

Noor Hasnah Hashim, who works at a money changer in Petaling Jaya said pounds were selling like hotcakes yesterday.

"I am expecting another large crowd tomorrow morning and I think we will need more than £40,000 for the day,” she said.

Meanwhile, engineer Tham Wai Keong, 58, said he could not buy £10,000 pounds to use on his impending visit to see his daughter in Manchester.

"I didn’t expect Malaysians to go on a pound buying spree,” he said.

Public relations manager Inez Chin said she joined the queue at a money changer only to be told an hour later that pounds were not available.

"This was the third money changer I visited today. Either they were all out of pounds or they did not have the amount I wanted.

"Many are taking advantage of Brexit and the fall of the pound to invest in the currency. I was advised to buy now and sell it when the value appreciates,” she added.

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