TIGblogs TIG | TIGblogs GROUP TIGBLOGS LOGIN SIGNUP
Bahamas Blog International
Bahamas Blog International
Bahamas: Minimal impact from the declining U.S. dollar on the Bahamian economy
Related to country: Bahamas

Translations available in: English (original) | French | Spanish | Italian | German | Portuguese | Swedish | Russian | Dutch | Arabic

Minimal impact from from declining U.S. dollar:
By TERENCE MURRELL,Guardian Business Desk -
Nassau, Bahamas:



The declining value of the U.S. dollar against other currencies such as the euro and the loonie, has so far had a minimal impact on Bahamian businesses, many of whom import goods from the U.S., in particular Florida.

"The impact is not being felt as strongly, as most of the importation occurs from the U.S. market, particularly Florida, but it is certainly something we need to watch, particularly as it pertains to purchasing power, an issue which local businesspersons are grappling with," said Philip Simon, Executive Director of the Bahamas Chamber of Commerce. "Essentially the declining U.S. dollar means exporters may be getting less with the same currency," he noted.

The U.S. dollar continued to slip against most major currencies yesterday, as traders awaited for economic reports on the European Union to be released this week. In fact, the dollar has declined as much as 9 percent against the euro, up until the middle of January. It also weakened yesterday against the Swiss franc, the Japanese yen and its other European counterparts. At about 3:14 a.m. yesterday, the dollar traded near 1.4577 against the euro, 1.0953 versus the franc and 106.60 versus the yen.

One benefit of the euro's strength is that tourism destinations like The Bahamas, with a currency which is fixed to the U.S, dollar, are becoming more attractive to the European tourists, specifically as it relates to cost.

"Certainly there are advantages in targeting more aggressively the European tourist, as there are obvious benefits to the European tourist with the currency conversion," said Simon. In addition, a European tourist spending the same as an American would, of course, leave more currency in the economy. There is something to be gained by the Ministry of Tourism if it decides to market more aggressively in the European market. Of course, the currency conversion may also mean that it is becoming more expensive to market and advertise in that market as well," said Simon.

He stressed, however, that The Bahamas remains a viable option for tourists from the U.S., as well as the European market. In his view, the nation is yet to tap into its true potential as a tourism destination in the U.S. market.

"Travel hasn't stopped, although the argument could be made that it may slow down as a result of the economic challenges in the US," he stated. "The irony is that because of those challenges, many U.S. travelers may not be able to afford traveling to Europe and other competing markets, and of course The Bahamas can capitalize on that. We offer unique destinations and attractions, and we will always have the advantage of being close to the U.S.," he pointed out.

February 12, 2008 | 5:45 PM Comments  0 comments

You must be logged in to add tags.


Dennis Dames's Profile


Latest Posts
Meatless Mondays: Do...
Regional integration...
Call for unity as the...
Slow Down: How Our...
The situation in Honduras

Monthly Archive
December 1969
October 2005
November 2005
December 2005
January 2006
February 2006
March 2006
April 2006
May 2006
June 2006
July 2006
August 2006
September 2006
October 2006
November 2006
December 2006
January 2007
February 2007
March 2007
April 2007
May 2007
June 2007
July 2007
August 2007
September 2007
October 2007
November 2007
December 2007
January 2008
February 2008
March 2008
April 2008
May 2008
June 2008
July 2008
August 2008
September 2008
October 2008
November 2008
December 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009

Change Language


Tags Archive
america american bahamas bahamians bush caribbean crime cuba development economic enfusion engagement global health ict4d individualeconomy international investment networkbuiding obama organisationalchange people personaldevelopment political president socialentrepreneurship trade war world

Links
A+ Links Int'l
Bahamas Blog
Bahamas Dames
Bahamas Hotels
Bahamas Search
Bahamian WebRing
Blog Directory
Blogadr
BlogExplosion
Cheap Int'l Calling Cards
Crooks Blog
Dating Network
Free Paid Web Directory
LS Blogs
Politics Blogs
Top 100 Women Websites
Top Web Blogs
Vote For Me


695713 views
Important Disclaimer