Monday, December 6, 2010

Stretching Your Holiday Dollars Halfway Around the World

Posted By on Mon, Dec 6, 2010 at 10:33 AM

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Need a quick cash infusion for your holiday shopping budget? I recommend a trip to Mongolia.

Wait. A. Second. How is a vacation to the other side of the world going to save you any money? According to this weekend's Wall Street Journal, the best-performing currency against the U.S. dollar in 2010 is the tugrik, which is Mongolia's money unit. Thanks to its strong exports to China, Mongolia has seen its currency rise 16.7 percent against the dollar this year.

Unfortunately, most financial strategists in the country probably haven't even heard of the tugrik, much less traded it. That's why you pretty much have to go to Mongolia, find a bank and do the exchange transaction there in order to benefit from this financial situation. However, if a trip to Mongolia doesn't float your boat, how about Costa Rica or Thailand? The colon and the baht are the second- and third-best performers of 2010, both boasting gains in the double digits.

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