MVA said $100 cost 3,484.67 in rubles in March, up by 1,109.07 compared to last year’s rate.
The sharp drop in the value of their currency made it more expensive for Russian tourists to travel to the islands.
“A big shift in exchange rate affecting travel to the Northern Marianas was the drop of the Russian ruble. The ruble lost 32 percent of its buying power in the CNMI compared to last March, making it over $4,000 more expensive per person to buy the same type of service to the CNMI as a year ago,” the MVA said in its Tourism Today report and noted a 30 percent drop on Russian arrivals rate thus far.
The Korean won was also devalued by a third causing a sharp decline in arrivals from South Korea.
For the fifth straight month in March, the Korean arrival rate posted a double-digit decline — 23 percent.
“The Korean economy, with contracting domestic demand and worsening employment conditions, continues in its recessionary phase. Although the won strengthened against the U.S. dollar to finish the month at 1,412.5, Korean purchasing power is still much lower than last year,” the report added.
South Korea is the CNMI’s second major market after Japan.
The CNMI continues to explore Russia and China as potential major tourism markets.
The inclusion of the two countries to the yet to be implemented Guam-CNMI visa waiver program continues to be on top of the commonwealth’s s agenda despite the U.S. Department of Homeland Security’s rejection of the proposal due to security concerns.
The value of the Chinese yuan slightly dropped in March and took its toll on Chinese tourists’ purchasing power to travel overseas.
“China continues its downward trend with a 13 percent drop in arrivals [March] to 1,955,” MVA reported.
