Kuwaiti tourists to benefit from plummeting Euro

Some may think that the decline of the Euro to its lowest level against the dollar in 20 years a few days ago, is a purely European-American affair, but in fact citizens and residents in Kuwait are affected by this significant change in the exchange rate, positively or negatively, according to the quality of its connection and the manner of its financial transactions with the European Union countries, reports Al-Qabas daily.

Just as the Euro fell against the dollar, the Euro fell against the Kuwaiti dinar by approximately 15% from its highest level in 2020, similar to the Euro’s decline against the dollar for the same period with a slight rise of the dollar against the dinar. Therefore we can conclude the following

While Kuwaiti tourists or tourists residing in Kuwait and heading to the European Union benefit from the decrease in the Euro, so that their expenses within the European Union become relatively less (a decrease of 15%), the Europeans heading to Kuwait will be affected in the same proportion. It is worth mentioning, according to previous studies, that the number of tourists heading to the European Union from Kuwait may reach 600,000 next year, while the number of tourists from the European Union to Kuwait may not exceed 140,000.

Actually, the number of tourists from Kuwait to the European Union will be four times the number of tourists from the European Union to Kuwait, and therefore it can be concluded that the decrease in the Euro is in the interest of Kuwaiti tourists significantly outweighs the damage caused to tourists heading to Kuwait from the European Union.