The Tourism Council of Thailand (TCT) said that the strong Thai baht is proving to be the biggest obstacle in trying to lure tourists to the country. The Council has now lowered its projection of over 40 million foreign visitors this year down to 39.7 million.
According to the president of the Council, the surging Baht is the main reason for the decline. “It’s frightening to see the baht so close to 30 to a dollar. It’s the key reason for arrivals and receipts growth being lower than expected,” he warned.
The country’s significant current account surplus is being blamed for the strengthening of the currency and Somchai Amornthum from Krungthai Asset Management (KTAM) says that although the surplus is less than it was last year, it could still strengthen the Baht, albeit at a slower rate.
Amornthum said: “The baht could break past the 30 per dollar band at some stage next year, but the degree of currency appreciation is not expected to be too strong.”
As per KTAM’s prediction, the Baht will be at 31 to the Dollar by the end of the year, and 30 by the end of next year. It has outperformed every other Asian currency this year with its strength hurting exporters and the tourism industry.
The Bank of Thailand is limited in what measures it can introduce, with the policy interest rate already low, and Somchai says any further policy easing would have limited effect.
Amsterdam authorities have announced a series of measures aimed at curbing excessive tourism and preserving the city's livability for both residents and visitors
Marine biologists have discovered over 100 species of marine creatures new to science in the Pacific Ocean off the coast of New Zealand. According to the Ocean Census project, a team from the National Institute of Water and Atmosphere (NIWA) of New Zealand collected about 1,800 samples of living organisms at depths of up to 4,800 meters during an expedition to the Bounty Trough off the east coast of the South Island
A meeting chaired by Deputy Prime Minister of the Russian Federation Dmitry Chernyshenko was held today to discuss the organization of the fourth "Travel!" forum, which will take place from June 12 to 16, 2024 at VDNKh
The Ministry of Economic Development's press service has announced the results of the BRICS tourism contact group meeting. It was attended by both the permanent member countries of the association and the newcomers - Egypt, the UAE, and Ethiopia
The Gzhel Porcelain Factory has emerged victorious in the "Golden Ring Tourist Souvenir" interregional competition, according to the press service of the Ministry of Culture and Tourism of the Moscow Region
