Strong baht sends Thais to the skies
Now that the Thai baht has risen to its highest level against the dollar in 13 years, Thailand’s tourism and export industries are facing tougher times in an already difficult economic climate. But for Thais looking to travel overseas, the timing couldn't be better.
According to a report in today’s Nation, outbound tourism is expected to soar 13 percent this year due to the strong baht, which has gained over 10 percent against the U.S. dollar and the euro this year. Charoen Wangananont, president of the Thai Travel Agents Association, was quoted by the daily paper as saying that 5.3 million to 5.4 million Thais were expected to go abroad this year -- half a million more than last year.
The baht has gained 0.8 percent this month and hit a 13-year high of 29.81 against the U.S. dollar on October 8, though Business Week reports that the baht declined this morning on speculation the government will unveil measures to slow the fund inflows that have made the currency the best performer in Asia outside Japan this year.
