It was only a few weeks ago that foreign exchange markets were doing a flourishing trade and the AUD$ was up around Rp9,000 but, along came the global economic meltdown and all hell broke loose. Foreign exchange rates slumped. It is indeed a worry for those travellers who booked their holiday six months ago or more feeling confident that could go to Bali, chill out and enjoy a lot of shopping. If you are flush with cash then this may be true but a majority of tourists visiting the island are basically budget travellers out for a good and cheap holiday. Now, instead of being flash-with-the-cash and liberal in shopping it has become a matter of economising and playing it safe whilst on holidays. That is only one aspect of travelling not only to Bali but also globally.
Airfares are sure to rise even though the price of oil has dropped. This in turn means that taxi prices will rise and so will the prices for guided tours. I have seen it happen so many times previously when the JSX (Indonesian Stock Exchange) had the shakes big-time. A classic example was during the Asian Economic Crisis (Krismon). There are, however, a lot of benefits and a downside as this article explains, things are not all doom and gloom on the island of Bali.
I would be interested to know what your reaction to this economic crisis is and have you had to adjust your travel plans financially or otherwise.
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I think we will be looking at bali a lot closer now as a holiday destination manly due to the weak aust dollar and the new direct flights out of adelaide due to start soon. I think bali will probably fair ok.
Terry.
Barrie, in our case we (retired) have just cancelled/deferred a 9 week trip to Jordon and Europe in ‘09 because we (&other friends), did not want to take a lump sum of money out of super while the stock market is down. Instead we will return to our beloved Bali & Java which we have visited yearly now for some time. While the exchange rate is certainly down, $1AUS will go much further in Bali then it does here!
Best, Greg.