Pity the Russian Tourists

[jacko]

I just saw on TV that Russia has put it's interest rates up to 9.5%. A worrying figure as it suggests high inflation.

At 0.5% for the rest of us!

[Gonzo]

Actually no, dropped it after second year to pursue a more scientific orientation.

Saying that I don't do too badly, my subsequent travels refreshed my knowledge.

All Geography taught me back in 1966 was Oz was full of sheep! I do know Austria and Australia are different places now.

It's good to hear that you pursued a scientific career. which allowed you to find good jobs in the oil industry. It's good to know that you know the difference between Austria and Australia, two countries close to my heart. Like I mentioned before, I went to school in Vienna, where amongst other boring things, they taught me all about Serbia and Siberia. Most Russians here would come from the European part of Russia, like Moscow and St. Petersburg. Siberia starts East of the Ural Mountains in North Asia and is sparsely populated. Maybe you and I should catch the Trans Siberian train one day and have a look at the place.Most of the Russian oil and gas comes from there, which might be of interest to you.

[jacko]

Maybe you and I should catch the Trans Siberian train one day and have a look at the place.Most of the Russian oil and gas comes from there, which might be of interest to you.

A train ride sounds pleasant enough although previously Siberia was well down my list of places to visit, like Pakistan and Darwin.

[Shilo]

Inflation is rampant in Russia, and the collapsing value of the rouble has triggered panic-buying and food-hoarding among ordinary Russians.

Food prices in Russia will have shot up by 25% over 2014 as Russian's confidence in the country's future starts to evaporate, according to the Association of Retail Companies (ACORT).

Read more: http://www.businessinsider.com/price-inflation-in-russia-as-people-hoard-food-cash-2014-12#ixzz3LbwKdhXJ

[midlifecrisis]

And the more oil prices drop, the harder it is for Russia and its citizens. The harder it becomes, the more Putin flexes his military muscles and blames America. WTF do nations think will happen when their economy is based on only one thing? It will always be boom or bust.

[atlas2]

It's good to hear that you pursued a scientific career. which allowed you to find good jobs in the oil industry. It's good to know that you know the difference between Austria and Australia, two countries close to my heart. Like I mentioned before, I went to school in Vienna, where amongst other boring things, they taught me all about Serbia and Siberia. Most Russians here would come from the European part of Russia, like Moscow and St. Petersburg. Siberia starts East of the Ural Mountains in North Asia and is sparsely populated. Maybe you and I should catch the Trans Siberian train one day and have a look at the place.Most of the Russian oil and gas comes from there, which might be of interest to you.

 

Took my son for his first ski trip to Austria…. He was 3 then………On the flight home he complained to me that he hadn't seen any Ostriches…..

Edited December 12, 2014 by atlas2

[midlifecrisis]

 

Took my son for his first ski trip to Austria…. He was 3 then………On the flight home he complained to me that he hadn't seen any Ostriches…..

[nkped]

 

Took my son for his first ski trip to Austria…. He was 3 then………On the flight home he complained to me that he hadn't seen any Ostriches…..

I hadn't heard a pun that bad since before my dad passed and that was 36 years ago.

[atlas2]

I hadn't heard a pun that bad since before my dad passed and that was 36 years ago.

 

He was stoically disappointed as I remember ………His other great misconception was as a 4yr old…..after enquiring whether there were sharks in a Hampstead pond?………(To which I'd replied they live in the sea)……He said, "You get grapes in the sea" I turned the car radio down and asked him to repeat what he'd just said……"You get grapes in the sea." His tone was flat and certain…...

 

It took me a few moments before I twigged...

 

"Do you mean currents Joe?"

 

Patiently he replied…..."Yes ……Currants"

Edited December 13, 2014 by atlas2

[nkped]

 

He was stoically disappointed as I remember ………His other great misconception was as a 4yr old…..after enquiring whether there were sharks in a Hampstead pond?………(To which I'd replied they live in the sea)……He said, "You get grapes in the sea" I turned the car radio down and asked him to repeat what he'd just said……"You get grapes in the sea." His tone was flat and certain…...

 

It took me a few moments before I twigged...

 

"Do you mean currents Joe?"

 

Patiently he replied…..."Yes ……Currants"

That one doesn't work quite as well due to the drift in our common language but I get the idea. My father would deliver truly horrible puns with a completely straight face and after a few seconds my brother and I would both groan once the nickel dropped. We were jealous because neither of us inherited the talent.

Edited December 13, 2014 by nkped

[chris2004]

And the more oil prices drop, the harder it is for Russia and its citizens. The harder it becomes, the more Putin flexes his military muscles and blames America. WTF do nations think will happen when their economy is based on only one thing? It will always be boom or bust.

 

Sounds like the UK

[Shilo]

The bad economic news coming out of Russia just got a LOT worst...

 

Last Thursday they raised interest rates from 8% to 10.5% in hopes that it would attract foreign investments into it's bond markets and strengthen the ruble. It didn't work...the ruble dropped another 10% against the dollar on Monday.

 

So overnight the Russian Central Bank raised the interest rate again to 17%, the result:

 

The rouble opened 8% stronger on Tuesday briefly falling below 60 roubles to the dollar after Russia's central bank raised rates by 650 basis points to 17% at 1am.

However, in a worrying sign for the Bank of Russia, the currency remains volatile quickly erasing most of the morning's gains and snapping back to over 63 roubles to the dollar at the time of writing (just over 1% above Monday's close).

Read more: http://www.businessinsider.com/rouble-strengthens-after-russian-central-bank-hikes-rates-2014-12#ixzz3M3GPECRl

Why does it matter? IMHO the Russian's currently make up about 30% of the tourists at any time of the year and 50% of the condo sales. Again, that is just my personal wild guess. Pick any % you want but I think everyone would have to agree that if the Russian dog is suffering then the Pattaya tail is going to feel the pain.

[jacko]

When the Russians arrive in Pattaya, are they loaded up with USD, or mostly bringing their sadly declining rouble with them?

They will be desperately trying to change their roubles into property surely, even at inflated relative prices.

 

I still see what appears to be a lot of them making a home shopping in Homeworks and Homepro.

[InternationalTraveler]

Russian Ruble has definitely gone tits up....i was working in Russia in October and the exchange was around 64 to the £ now i see it is 114 and has lost more than 20 roubles in one day...do you feel sorry ??? They can say goodby to all those deposits they paid for on condos...maybe there will be some fire sales after all.

[short]

Was told by a Pattaya bar manager that the currency exchange booths in Thailand will no longer accept Rubles due to its volatility.

 

 

 

 

Another bar manager, Da, ejected a Russian that was harassing the staff. Apparently the Russian decided that since he didn't have any money, he would forcefully take what he wanted.

[Evil Penevil]

The TT booth on 2nd Road between sois 8 and 9 was accepting rubles last night. Russians with rubles were in line ahead and behind me. I have no idea what the exchange rate was for rubles, but it was 32.87 to the dollar.

 

Evil

Edited December 17, 2014 by Evil Penevil

[jacko]

The TT booth on 2nd Road between sois 8 and 9 was accepting rubles last night. Russians with rubles were in line ahead and behind me. I have no idea what the exchange rate was for rubles, but it was 32.87 to the dollar.

 

Evil

You have to worry for them. If the booths did stop accepting their currency, many could be stranded here without funds.

Many may cancel if they thought they could not exchange their money, and are they still selling USD/Euros in Moscow.

 

The Russian rouble was not on the list for currency exchange when I was sat in the Bangkok Bank yesterday,

It is on their internet list.

It is still on the SCB internet page at 0.34 baht, used to be parity.

[midlifecrisis]

I just looked it up -

 

32.99 baht to the dollar

 

0.47 baht to the ruble

 

ouch

[Sailfast]

Kind of funny that the Ruble is about to tank and no one outside of Russia seems to care or think it will effect other major economies...at least not here in the US media that I have read or seen.

 

One minute you are waxing your Bentley with caviar, the next...

[Shilo]

Many of us remember what happened to Thailand in 1997 but if your interested in where this ruble story might be headed take a goggle "Russian ruble 1998".

 

In some ways Russia is better off today then it was back in 1998 after years of benefiting from strong oil prices. But that ship has turned.

[Sailfast]

I keep thinking back to those funny US Direct TV adverts about the Russian dude and all his excesses, like the tiny giraffe and the guy doing his workout for him.

 

 

Edited December 17, 2014 by Sailfast

[BigDUSA]

http://www.bangkokpost.com/business/tourism/450522/russians-give-pattaya-a-big-miss

 

Interesting article from the Bangkok Post.

[MM]

http://www.bangkokpost.com/business/tourism/450522/russians-give-pattaya-a-big-miss

 

Interesting article from the Bangkok Post.

 

That's good news!

[Shilo]

With numbers like these... Pattaya should be looking to get tourists (any tourists) from anywhere:

 

Top 10 source markets for Association of Thai Travel Agents’ January to October at Suvarnabhumi Airport

 

[atlas2]

Expect a hike in European gas prices.. If he can?

 

Might the price of Russian hookers deflate.. ? There's a gorgeous one sitting next to me at a Teprasit car wash??