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Pattaya business leaders bemoan strong baht


Rimmer

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Pattaya business leaders bemoan strong baht

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PATTAYA:--The strong baht is taking its toll on Pattaya tourism as fewer foreign tourists come to Thailand and more Thais flex their spending power overseas instead of on the Eastern Seaboard.

 

Ekasit Ngampichet, president of the Pattaya Business & Tourism Association, July 1 blamed the beefy baht – which appreciated more than 5 percent against the U.S. dollar in the first half – on the decline in Chinese tour groups.

 

Ekasit said the strong currency has also made it cheaper for Thais to travel overseas so many domestic tourists who might come to Pattaya are instead heading aboard.

 

The baht has been Asia’s best performing currency in 2019, supported mainly by the opposing monetary policies of the Thai and American central banks.

 

The Bank of Thailand hiked its benchmark policy rate in December and has remained neutral throughout the year. The U.S. Federal Reserve, meanwhile, is leaning toward cutting interest rates, which is pushing down the dollar.

 

Read more: https://www.pattayamail.com/news/pattaya-business-leaders-bemoan-strong-baht-258746

-- PATTAYA MAIL 2019-07-05—

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7 minutes ago, Rimmer said:

Pattaya business leaders bemoan strong baht

They are not alone. Pretty much every farang I know here is unhappy about it also. Thais aren't the only ones looking at overseas travel, as for those with foreign income, other places are becoming more attractive to them too.

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Ekasit said hoteliers need to reduce room rates to offset the rise in the baht and create more interesting tour packages.

But he warned that long-term room-rate cuts will damage the industry and suggested the government should step in with subsidies.

interesting😱😱

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2 minutes ago, carstenp said:

interesting😱😱

Surprising they now want subsidies because when the baht was weak and they were making a killing none of them came with a plan to share their profits by paying more taxes.

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The baht has strength yes BUT the currencies being compared with are weak .  GBP Brexit USD trade wars and some comments about the President. AUD issues with economy? .. So it is OK to say a strong baht while forgetting the decline of others .....  

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The Thai Baht is on fire....and the BOT is suggesting that they don’t know how to cool it down.

a result of prior manipulation which they strongly deny?

its not looking good for anyone. 
Tourists Long stay Farangs or exports, but but but some are enjoying those new Ferrari’s and long vacations overseas? 

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I have watched some of my Thai friends bemoan the fact that they could not go to Chumporn nor Chiang Mai for a holiday, too expensive for thai, over the last 4 years... Mmmmm ?

Now they can take their families to Japan, Hong Kong and UK.

Somehow I don't think they saved the money to go on holiday.

No none of them won any jackpot either. So.....

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Importers are very happy with cheap dollar! Everywhere is too much goods from aboard and thai products are in Competition with foreign products hardly ! 

Just a bit looking to 7 /11 or big C  or Tesco Lotus and other and find too much unnecessary good coming with cheap dollar 

wait and see future 🤔

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There's  a lot of funny business going on.  First, the baht's value can be dictated. Why, cheap dollars for the elite which means they can buy more in the US, like property etc. Unlike Thailand, foreigners can own land and homes in the US, and yes, even rent them out.  The savings on the dollar, should have a trickle down effect, but from where I sit, prices are just rising. So, how long can this last, and is Thailand facing a financial downfall.  Stay tuned...

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