Thai baht hits 7-month low, hotel prices fall

The Thai baht against the dollar fell to a 7-month low. And this despite the fact that in 2019 the baht rose by 8.8% against the dollar, which was the best indicator in the Asian region.

At the beginning of 2020, due to the spread of the coronavirus in China, many sectors of the economy of Asian countries are experiencing difficult times. The Thai currency is down a record 4%.

China also bans group tours (including to Thailand) to contain the spread of the virus. The Chinese accounted for 28% of Thailand’s total tourists in 2019.

This year, the Tourism Authority of Thailand predicts the loss of about 2 million tourists from China. To support this sector of the economy, the tourist flow from other countries should be increased, and this can only be done by lowering prices. And low prices for foreigners, including Russian tourists, subject to a further decline in the baht, will be even lower in terms of dollars or euros.

Source: tourprom