Exchange Rates

Successful tourism destinations arise from an important mix of factors such as price and product competitiveness, good access to transport infrastructure, and factors bestowed by nature. An important factor that can impact on a destination is the value of the country’s own currency and that of the country of potential tourists. Whenever people buy goods or services such as tourism from another country they use the currency of that country to make the transaction. The currency of one country is exchanged for the currency of another in the foreign exchange market. The foreign exchange market consists of millions of buyers and sellers. Dealers from all corners of the world are constantly in touch by phone and/or computer, and by 2010 the daily amount traded in ...