Despite full flights, Pattaya’s long-term visitors say the strong baht is eroding charm and value, with many suspecting currency ‘manipulation’ from beach bars to banking boards. (Photo by Jetsada Homklin) PATTAYA, Thailand – While Thai authorities continue to spotlight strong international arrival numbers, a different picture is unfolding among long-term visitors in Pattaya. It’s not the crowds, crime, or even the cost of beachside beer that has them concerned — it’s the strength of the Thai baht, which many feel is quietly squeezing their spending power and shortening their stays. Retirees who once transferred money monthly are now watching their remittances shrink. A few months ago, a thousand U.S. dollars could fetch over 35,000 baht. Today, it barely reaches 32,000. That 10% dip isn’t just academic — for some, it’s the difference between a relaxed retirement and a budgeted routine. Many believe the baht is being artificially supported, noting how it remains resilient despite global headwinds that, by logic, should have sent it sliding. This quiet currency frustration is playing out in small but telling ways. Some long-timers say they’ve stopped eating out as often, switched to cheaper accommodation, or cut their stays from months to mere weeks. A few joke that the exchange rate “barely covers a couple of beers” — and only if those beers are from 7-Eleven rather than a neon-lit bar with entertainment attached. Online forums and bar-side chats now double as currency think tanks, where theories of behind-the-scenes bank intervention are exchanged as often as travel tips. In these circles, the phrase “mystery baht” has caught on — a nod to the currency’s stubborn refusal to weaken, no matter how grim the headlines. Some see it as tradition: Thailand, they say, has always been skilled at “keeping the foreign visitors paying just enough to stay, but never quite enough to thrive.” Beyond the sarcasm lies a more serious shift in sentiment. Many visitors are starting to wonder if their loyalty is being taken for granted. Some admit they’re looking elsewhere — Vietnam, Cambodia, even parts of Southern Europe — where the perceived value is higher and the exchange rates more forgiving. The thought is spreading that if the baht were to return to 36 or even 38 to the dollar, planes to Thailand would once again be full of value-seekers, not just tourists on a week-long package tour. For now, Pattaya’s hotels remain full and its nightlife buzzing. But beneath the surface, there’s a subtle erosion in the kind of long-term loyalty that built the city’s reputation over decades. The food is still great. The sunsets still golden. But as one local businessman summarized it: “It’s not the women or their smiles anymore — it’s the exchange rate that decides whether I stay or go.”